BAKU, Azerbaijan, May 7
By Sadraddin Aghjayev - Trend:
The size of the hydrogen aircraft market can reach $174 billion by 2040, Trend reports referring to Avia Solutions Group (Aviasg) on May 7.
According to the source, factors related to the use of hydrogen as aviation fuel will drive the growth of the global hydrogen aircraft market for many years.
Besides, the use of hydrogen is expected to gain popularity in several industries, speeding up the advancements of fuel cells and storage systems, as well as encouraging quicker development of necessary infrastructure.
"The volume of this market in 2030 will reach $27.68 billion, and by 2040 - $174.02 billion," said Aviasg.
Airbus is currently the main player in the industry, already working on bringing a hydrogen-powered aircraft to the market.
"The company has unveiled three modified aircraft models that will run on hydrogen and has already committed to commission the first aircraft by 2035," Aviasg said.
Furthermore, the commissioning of hydrogen aviation will require the creation of new infrastructure for the transportation and storage of hydrogen at airports.
Since hydrogen can be extracted from water, airports could generate their own hydrogen fuel, reducing the need to transport it, as well as eliminating related emissions and possible transportation safety hazards, added Aviasg.
Avia Solutions Group is a Cypriot global aerospace business group with almost 100 offices and production stations worldwide. Avia Solutions Group is headquartered in Limassol (Cyprus) and employs a majority of its employees in Vilnius (Lithuania). The Group also has a representative office in Moscow (Russia).
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