Düsseldorf, January 19, 2024 – The market for hydrogen combustion engines will reach new heights in the coming years. This was the finding of American market research institute Market Insights Reports in a study published in October 2023. The company puts the market value at USD 35 billion in 2023 and USD 89 billion by 2029, with an average annual growth rate of 9.88 percent over this period.
Looking at the individual continents, the study found that North America will enjoy a particularly large slice of the hydrogen combustion engines market in the years ahead, partly as a result of substantial investment in research and development. The European market could see similar development due to the guidelines of the EU Parliament. The USA and China have also set themselves CO2 emission reduction targets. According to the study, this increases the expansion opportunities for those active in the individual regions. The team from Market Insights Reports lists some of the main suppliers in the field of hydrogen combustion engines, including influential German manufacturers like Robert Bosch GmbH and BMW AG.
“Promoting alternative drive technologies is an urgent societal concern against the backdrop of the climate crisis,” says Gottfried Schüll, patent attorney and partner at Cohausz & Florack. “It is therefore pleasing to see the field of hydrogen technologies progressing and the market in motion.”
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