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Report
Hydrogen IC Engines Market by State (Gas and Liquid), Application (Transportation and Power Generation), Power Rating (Low, Medium, and High), Blending (Mix Blend and Pure Hydrogen) and Region - Global Forecast to 2035
Market Report I 2024-06-07 I 201 Pages I MarketsandMarkets
The global hydrogen IC engines market is estimated to grow from USD 12 million in 2024 to USD 327 million by 2035; it is expected to record a CAGR of 34.7% during the forecast period. Hydrogen internal combustion engines (ICEs) are gaining traction as a potential alternative to traditional fossil-fuel engines and even to battery electric vehicles (EVs), driving the demand for hydrogen IC engines infrastructure.
"Liquid": The fastest growing segment of the Hydrogen IC Engines market, by state "
Based on state, the hydrogen IC engines market has been segmented into gas and liquid. The liquid segment is expected to be the fastest-growing segment during the forecast period. Recent advancements in the production and storage of liquid hydrogen are significantly enhancing its viability as a fuel option for internal combustion engines (IC engines). These improvements span several key areas, including cost reductions, increased efficiency, and technological innovations, making hydrogen a more practical and attractive alternative to traditional fossil fuels.
"By power rating, the medium segment is expected to be the fastest growing segment during the forecast period."
Based on power rating, the hydrogen IC engines market is segmented into low, medium and high. The medium segment is expected to be the fastest-growing segment of the hydrogen IC engines market during the forecast period. Industries such as shipping, heavy-duty transport, and stationary power generation are looking for sustainable alternatives to diesel and natural gas engines. Hydrogen ICEs provide a feasible option due to their similar operational characteristics.
"Asia Pacific" is expected to be the largest region in the Hydrogen IC Engines market."
Asia pacific is expected to be the largest region in the hydrogen IC engines market during the forecast period. The rapid economic growth and urbanization in the Asia-Pacific region are boosting the demand for clean and efficient transportation solutions, creating a substantial market opportunity for hydrogen IC engines. Governments in the Asia Pacific region are increasingly implementing policies and providing incentives to promote the adoption of hydrogen technology. Countries like Japan and South Korea have set ambitious hydrogen roadmaps, offering subsidies and tax incentives for hydrogen-powered vehicles and infrastructure development.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
By Region: North America- 20%, Europe- 25%, Asia Pacific- 30%, ROW-25%
Note: Others include sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The hydrogen IC engines market is dominated by a few major players that have a wide regional presence. The leading players in the hydrogen IC engines market are Wartsila (Finland), GARRETT MOTION INC. (Switzerland), BeHydro (Belgium), DEUTZ AG (Germany), MAN Energy Solutions (Germany). The major strategy adopted by the players includes new product launches, contracts, agreements, partnerships, joint ventures, acquisitions, and investments & expansions.
Research Coverage:
The report defines, describes, and forecasts the global hydrogen IC engines Market based on state, power rating, application, blending and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the hydrogen IC engines market.
Key Benefits of Buying the Report
- Government initiatives at the national and international levels amplify the impact of investment on the hydrogen IC engines market. Robust policy frameworks, often accompanied by financial incentives, subsidies, and regulatory support, encourage widespread adoption of hydrogen IC engines. Factors such as high initial cost and lack of infrastructure restrain the growth of the market. The growing energy transition towards renewable energy sources and rapid urbanization are expected to present lucrative opportunities for the players operating in the hydrogen IC engines.
- Product Development/ Innovation: The hydrogen IC engines market is witnessing significant product development and innovation, driven by the growing demand for environmentally friendly, safe and sustainable products. Companies are investing in developing advanced hydrogen IC engines technologies for various applications.
- Market Development: DEUTZ AG and RheinEnergie AG have partnered to initiate a pilot project focused on generating power using a stationary hydrogen engine. The objective is to utilize this engine to drive a generator capable of producing 170 kilovolt-amperes of electricity. The trial will take place at RheinEnergie's cogeneration plant in Cologne-Niehl, where RheinEnergie is responsible for sourcing the hydrogen and ensuring its supply. Initially, the two partners plan to invest a combined total of approximately USD 1.54 million in the trial operation at the Niehl facility.
- Market Diversification: Wartsila has entered into a partnership with energy firms EPV Energy and Vaasan Sahko to develop a hydrogen engine power plant. This collaboration presents a significant opportunity to explore Power-to-X-to-Power solutions. Extensive research will be conducted on various future fuels and engine technologies to expedite progress towards a cleaner environment. Additionally, both hydrogen production and storage capacities can be expanded in the future.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, like include Wartsila (Finland), GARRETT MOTION INC. (Switzerland), BeHydro (Belgium), DEUTZ AG (Germany), MAN Energy Solutions (Germany), among others in the hydrogen IC engines market.
1 INTRODUCTION 25
1.1 STUDY OBJECTIVES 25
1.2 MARKET DEFINITION 25
1.2.1 INCLUSIONS AND EXCLUSIONS 26
1.3 STUDY SCOPE 26
1.3.1 MARKETS COVERED 26
FIGURE 1 HYDROGEN IC ENGINES MARKET SEGMENTATION 26
1.3.2 REGIONAL SCOPE 27
FIGURE 2 HYDROGEN IC ENGINES MARKET SEGMENTATION, BY REGION 27
1.3.3 YEARS CONSIDERED 27
FIGURE 3 STUDY PERIOD CONSIDERED 27
1.4 CURRENCY CONSIDERED 28
1.5 RESEARCH LIMITATIONS 28
1.6 STAKEHOLDERS 28
1.7 RECESSION IMPACT 29
2 RESEARCH METHODOLOGY 30
2.1 RESEARCH APPROACH 30
FIGURE 4 HYDROGEN IC ENGINES MARKET: RESEARCH DESIGN 31
2.2 PRIMARY AND SECONDARY RESEARCH 31
2.2.1 SECONDARY DATA 31
2.2.1.1 List of key secondary sources 32
TABLE 1 LIST OF KEY SECONDARY SOURCES 32
2.2.1.2 Key data from secondary sources 32
FIGURE 5 KEY DATA FROM SECONDARY SOURCES 32
2.2.2 PRIMARY DATA 33
2.2.2.1 List of primary interview participants 33
TABLE 2 LIST OF PRIMARY INTERVIEW PARTICIPANTS 33
2.2.2.2 Key data from primary sources 33
FIGURE 6 KEY DATA FROM PRIMARY SOURCES 33
2.2.2.3 Breakdown of primaries 34
FIGURE 7 BREAKDOWN OF PRIMARY SOURCES, BY COMPANY TYPE, DESIGNATION, AND REGION 34
2.3 MARKET SIZE ESTIMATION METHODOLOGY 35
2.3.1 BOTTOM-UP APPROACH 35
FIGURE 8 HYDROGEN IC ENGINES MARKET: BOTTOM-UP APPROACH 35
2.3.2 TOP-DOWN APPROACH 35
FIGURE 9 HYDROGEN IC ENGINES MARKET: TOP-DOWN APPROACH 36
2.3.3 DEMAND-SIDE ANALYSIS 36
FIGURE 10 METRICS CONSIDERED TO ANALYZE AND ASSESS DEMAND FOR HYDROGEN IC ENGINES 36
2.3.3.1 Assumptions for demand-side analysis 37
2.3.3.2 Calculations for demand-side analysis 37
2.3.4 SUPPLY-SIDE ANALYSIS 37
FIGURE 11 KEY METRICS CONSIDERED TO ASSESS SUPPLY OF HYDROGEN IC ENGINES 37
2.3.4.1 Assumptions for supply-side analysis 37
2.3.4.2 Calculations for supply-side analysis 38
2.4 FORECAST 38
2.5 DATA TRIANGULATION 38
FIGURE 12 DATA TRIANGULATION 39
2.6 RISK ASSESSMENT 39
2.7 RECESSION IMPACT 39
3 EXECUTIVE SUMMARY 40
TABLE 3 HYDROGEN IC ENGINES MARKET SNAPSHOT 40
FIGURE 13 EUROPE ACCOUNTED FOR LARGEST SHARE OF HYDROGEN IC ENGINES MARKET IN 2023 41
FIGURE 14 LOW RATING HYDROGEN IC ENGINES TO DOMINATE MARKET THROUGH 2035 42
FIGURE 15 LIQUID HYDROGEN IC ENGINES TO ACCOUNT FOR SIGNIFICANT SHARE OF MARKET THROUGH 2035 42
FIGURE 16 TRANSPORTATION APPLICATION TO DOMINATE HYDROGEN IC ENGINES MARKET THROUGH 2035 43
4 PREMIUM INSIGHTS 44
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HYDROGEN IC ENGINES MARKET 44
FIGURE 17 INVESTMENT IN HYDROGEN INFRASTRUCTURE TO DRIVE MARKET DURING FORECAST PERIOD 44
4.2 HYDROGEN IC ENGINES MARKET, BY REGION 45
FIGURE 18 NORTH AMERICA TO RECORD HIGHEST CAGR DURING FORECAST PERIOD 45
4.3 HYDROGEN IC ENGINES MARKET, BY STATE 45
FIGURE 19 LIQUID SEGMENT DOMINATED MARKET IN 2023 45
4.4 HYDROGEN IC ENGINES MARKET, BY POWER RATING 46
FIGURE 20 LOW POWER RATING WAS LARGEST SEGMENT IN 2023 46
4.5 HYDROGEN IC ENGINES MARKET, BY APPLICATION 46
FIGURE 21 TRANSPORTATION APPLICATION ACCOUNTED FOR LION'S SHARE IN 2023 46
4.6 ASIA PACIFIC: HYDROGEN IC ENGINES MARKET, BY STATE & APPLICATION 47
FIGURE 22 LIQUID AND TRANSPORTATION ACCOUNTED FOR LARGEST SEGMENTAL SHARES IN 2023 47
5 MARKET OVERVIEW 48
5.1 INTRODUCTION 48
5.2 MARKET DYNAMICS 48
FIGURE 23 HYDROGEN IC ENGINES MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 48
5.2.1 DRIVERS 49
5.2.1.1 Potential for long range and fast refueling 49
5.2.1.2 Growing Investments and government policies 49
FIGURE 24 POTENTIAL DEMAND AND PRODUCTION TARGETS FOR LOW-EMISSION HYDROGEN, BY SECTOR, 2030 (METRIC TON) 50
5.2.2 RESTRAINTS 50
5.2.2.1 Safety concerns regarding flammability 50
5.2.3 OPPORTUNITIES 50
5.2.3.1 Continuous technological advancements 50
5.2.3.2 Growing consumer interest 51
5.2.4 CHALLENGES 51
5.2.4.1 Competition from electric and fuel cell vehicles 51
5.2.4.2 Challenge in storing and distributing hydrogen safely and efficiently 51
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS' BUSINESSES 52
FIGURE 25 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS' BUSINESSES 52
5.4 PRICING ANALYSIS (QUALITATIVE) 52
5.5 SUPPLY CHAIN ANALYSIS 53
FIGURE 26 HYDROGEN IC ENGINES MARKET: SUPPLY CHAIN ANALYSIS 53
5.5.1 MANUFACTURERS 53
5.5.2 DISTRIBUTORS 53
5.5.3 END USERS 54
5.6 ECOSYSTEM 54
TABLE 4 COMPANIES AND THEIR ROLES IN HYDROGEN IC ENGINES MARKET ECOSYSTEM 54
FIGURE 27 ECOSYSTEM ANALYSIS 55
5.7 TECHNOLOGY ANALYSIS 55
5.7.1 KEY TECHNOLOGIES 55
5.7.1.1 Fuel cell stack 55
5.7.1.2 Hydrogen management 56
5.7.1.3 Power electronics 56
5.7.2 COMPLEMENTARY TECHNOLOGIES 56
5.7.2.1 Renewable energy sources 56
5.7.2.2 Electrolyzers 57
5.7.2.3 Battery storage 57
5.7.3 ADJACENT TECHNOLOGIES 58
5.7.3.1 Solid-state hydrogen storage 58
5.7.3.2 High-temperature superconductors 58
5.7.3.3 Ammonia engines 58
5.8 CASE STUDY ANALYSIS 59
5.8.1 EVOLUTION OF HYDROGEN TECHNOLOGY IN HEAVY-DUTY TRANSPORTATION 59
5.8.2 TUPY PARTNERED WITH AVL AND WESTPORT IN QUEST FOR ZERO-EMISSION SOLUTIONS 59
5.8.3 HYDROGEN-POWERED MINE TRUCK FOR ANGLO AMERICAN MINE 60
5.9 PATENT ANALYSIS 60
FIGURE 28 HYDROGEN IC ENGINES MARKET: INNOVATIONS AND PATENT REGISTRATIONS, 2013-2023 61
5.9.1 LIST OF KEY PATENTS 62
TABLE 5 HYDROGEN IC ENGINES MARKET: INNOVATIONS AND PATENT REGISTRATIONS, 2019-2023 62
5.10 TRADE ANALYSIS 63
5.10.1 EXPORT SCENARIO 63
TABLE 6 EXPORT DATA FOR HS CODE 280410, BY COUNTRY, 2021-2023 (USD THOUSAND) 63
FIGURE 29 EXPORT DATA FOR HS CODE 280410 FOR TOP FIVE COUNTRIES, 2021-2023 (USD THOUSAND) 63
5.10.2 IMPORT SCENARIO 64
TABLE 7 IMPORT DATA FOR HS CODE 280410, BY COUNTRY, 2021-2023 (USD THOUSAND) 64
FIGURE 30 IMPORT DATA FOR HS CODE 280410 FOR TOP FIVE COUNTRIES, 2021-2023 (USD THOUSAND) 64
5.11 KEY CONFERENCES AND EVENTS 65
TABLE 8 HYDROGEN IC ENGINES MARKET: LIST OF KEY CONFERENCES AND EVENTS, 2023-2024 65
5.12 REGULATORY LANDSCAPE 66
5.12.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 66
TABLE 9 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 66
TABLE 10 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 67
TABLE 11 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 67
TABLE 12 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 68
5.12.2 REGULATORY FRAMEWORK 69
TABLE 13 HYDROGEN IC ENGINES MARKET: REGULATIONS 69
5.13 PORTER'S FIVE FORCES ANALYSIS 69
FIGURE 31 HYDROGEN IC ENGINES MARKET: PORTER'S FIVE FORCES ANALYSIS 70
TABLE 14 HYDROGEN IC ENGINES MARKET: PORTER'S FIVE FORCES ANALYSIS 70
5.13.1 THREAT OF SUBSTITUTES 71
5.13.2 BARGAINING POWER OF SUPPLIERS 71
5.13.3 BARGAINING POWER OF BUYERS 71
5.13.4 THREAT OF NEW ENTRANTS 71
5.13.5 INTENSITY OF COMPETITIVE RIVALRY 71
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5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 72
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 72
FIGURE 32 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION 72
TABLE 15 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION 72
5.14.2 BUYING CRITERIA 73
FIGURE 33 KEY BUYING CRITERIA, BY POWER RATING 73
TABLE 16 KEY BUYING CRITERIA, BY POWER RATING 73
5.15 INVESTMENT AND FUNDING SCENARIO 74
FIGURE 34 INVESTMENT AND FUNDING SCENARIO (USD MILLION) 74
6 HYDROGEN IC ENGINES MARKET, BY BLENDING 75
6.1 INTRODUCTION 75
6.2 MIX BLEND 75
6.3 PURE HYDROGEN 76
7 HYDROGEN IC ENGINES MARKET, BY STATE 77
7.1 INTRODUCTION 78
FIGURE 35 HYDROGEN IC ENGINES MARKET SHARE, BY STATE, 2023 78
TABLE 17 HYDROGEN IC ENGINES MARKET, BY STATE, 2023-2035 (USD MILLION) 78
7.2 GAS 78
7.2.1 INCREASE IN HYDROGEN REFUELING STATIONS DESIGNED FOR GASEOUS HYDROGEN TO ENCOURAGE ADOPTION 78
TABLE 18 GASEOUS HYDROGEN IC ENGINES MARKET, BY REGION, 2023-2035 (USD MILLION) 79
7.3 LIQUID 79
7.3.1 ADVANCES IN CRYOGENIC TECHNOLOGY IMPROVED FEASIBILITY OF STORING LIQUID HYDROGEN SAFELY AND EFFICIENTLY 79
TABLE 19 LIQUID HYDROGEN IC ENGINES MARKET, BY REGION, 2023-2035 (USD MILLION) 80
8 HYDROGEN IC ENGINES MARKET, BY POWER RATING 81
8.1 INTRODUCTION 82
FIGURE 36 HYDROGEN IC ENGINES MARKET SHARE, BY POWER RATING, 2023 82
TABLE 20 HYDROGEN IC ENGINES MARKET, BY POWER RATING, 2023-2035 (USD MILLION) 83
8.2 LOW 83
8.2.1 SMOOTH POWER DELIVERY, WELL-SUITED FOR LOW-POWER APPLICATIONS 83
TABLE 21 LOW-POWER HYDROGEN IC ENGINES MARKET, BY REGION, 2023-2035 (USD MILLION) 84
8.3 MEDIUM 84
8.3.1 INVESTMENTS IN HYDROGEN INFRASTRUCTURE DEVELOPMENT AND INITIATIVES TOWARD BUILDING EXTENSIVE NETWORK 84
TABLE 22 MEDIUM-POWER HYDROGEN IC ENGINES MARKET, BY REGION, 2023-2035 (USD MILLION) 85
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8.4 HIGH 85
8.4.1 INVESTMENT BY PROMINENT ENGINE MANUFACTURERS AND ENERGY COMPANIES 85
TABLE 23 HIGH-POWER HYDROGEN IC ENGINES MARKET, BY REGION, 2023-2035 (USD MILLION) 86
9 HYDROGEN IC ENGINES MARKET, BY APPLICATION 87
9.1 INTRODUCTION 88
FIGURE 37 HYDROGEN IC ENGINES MARKET SHARE, BY APPLICATION, 2023 88
TABLE 24 HYDROGEN IC ENGINES MARKET, BY APPLICATION, 2023-2035 (USD MILLION) 88
9.2 TRANSPORTATION 89
9.2.1 ENVIRONMENTAL REGULATIONS ADVOCATING FOR CLEANER TRANSPORTATION SOLUTIONS 89
TABLE 25 HYDROGEN IC ENGINES MARKET IN TRANSPORTATION, BY REGION, 2023-2035 (USD MILLION) 89
9.3 POWER GENERATION 90
9.3.1 KEY DRIVERS IN POWER GENERATION: GRID BALANCING AND PEAK POWER DEMANDS 90
TABLE 26 HYDROGEN IC ENGINES MARKET IN POWER GENERATION, BY REGION, 2023-2035 (USD MILLION) 90
10 HYDROGEN IC ENGINES MARKET, BY REGION 91
10.1 INTRODUCTION 92
FIGURE 38 HYDROGEN IC ENGINES MARKET IN NORTH AMERICA TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 92
FIGURE 39 HYDROGEN IC ENGINES MARKET SHARE, BY REGION, 2023 93
TABLE 27 HYDROGEN IC ENGINES MARKET, BY REGION, 2023-2035 (USD MILLION) 93
10.2 ASIA PACIFIC 93
FIGURE 40 ASIA PACIFIC: REGIONAL SNAPSHOT, 2023 94
10.2.1 ASIA PACIFIC: RECESSION IMPACT 94
TABLE 28 ASIA PACIFIC: HYDROGEN IC ENGINES MARKET, BY STATE, 2023-2035 (USD MILLION) 95
TABLE 29 ASIA PACIFIC: HYDROGEN IC ENGINES MARKET, BY POWER RATING, 2023-2035 (USD MILLION) 95
TABLE 30 ASIA PACIFIC: HYDROGEN IC ENGINES MARKET, BY APPLICATION, 2023-2035 (USD MILLION) 95
10.2.2 CHINA 95
10.2.2.1 Largest market for evs; focus on innovations in HICE 95
10.2.3 INDIA 96
10.2.3.1 Oems working toward goals set by National Green Hydrogen Mission 96
10.2.4 JAPAN 96
10.2.4.1 Policies mandating plans supporting non-fossil fuel-powered vehicles, with focus on trucks and passenger cars 96
10.2.5 REST OF ASIA PACIFIC 97
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10.3 EUROPE 97
FIGURE 41 EUROPE: REGIONAL SNAPSHOT, 2023 98
10.3.1 EUROPE: RECESSION IMPACT 98
TABLE 31 EUROPE: HYDROGEN IC ENGINES MARKET, BY STATE, 2023-2035 (USD MILLION) 99
TABLE 32 EUROPE: HYDROGEN IC ENGINES MARKET, BY POWER RATING, 2023-2035 (USD MILLION) 99
TABLE 33 EUROPE: HYDROGEN IC ENGINES MARKET, BY APPLICATION, 2023-2035 (USD MILLION) 99
10.3.2 GERMANY 99
10.3.2.1 Rapid refueling advantage of hydrogen IC engine trucks 99
10.3.3 UK 100
10.3.3.1 HICE vehicles to reshape UK maritime landscape 100
10.3.4 NORWAY 100
10.3.4.1 Norway's commitment to green mobility aligning with global shifts 100
10.3.5 FRANCE 101
10.3.5.1 France's strategic move toward affordable hydrogen cars 101
10.3.6 ITALY 101
10.3.6.1 Increase in public awareness and acceptance of hydrogen as clean and sustainable energy source 101
10.3.7 REST OF EUROPE 102
10.4 NORTH AMERICA 102
10.4.1 NORTH AMERICA: RECESSION IMPACT 102
TABLE 34 NORTH AMERICA: HYDROGEN IC ENGINES MARKET, BY STATE, 2023-2035 (USD MILLION) 103
TABLE 35 NORTH AMERICA: HYDROGEN IC ENGINES MARKET, BY POWER RATING, 2023-2035 (USD MILLION) 103
TABLE 36 NORTH AMERICA: HYDROGEN IC ENGINES MARKET, BY APPLICATION, 2023-2035 (USD MILLION) 103
10.4.2 US 103
10.4.2.1 Addressing concerns about emissions in heavy-duty transportation with regulations 103
10.4.3 CANADA 104
10.4.3.1 Potential for scalable hydrogen production methods 104
10.5 REST OF THE WORLD (ROW) 104
10.5.1 ROW: RECESSION IMPACT 105
TABLE 37 ROW: HYDROGEN IC ENGINES MARKET, BY STATE, 2023-2035 (USD MILLION) 105
TABLE 38 ROW: HYDROGEN IC ENGINES MARKET, BY POWER RATING, 2023-2035 (USD MILLION) 105
TABLE 39 ROW: HYDROGEN IC ENGINES MARKET, BY APPLICATION, 2023-2035 (USD MILLION) 105
10.5.2 SOUTH AMERICA 106
10.5.2.1 Potential for easy recycling and reuse of components in hydrogen IC engines 106
10.5.3 MIDDLE EAST & AFRICA 106
10.5.3.1 Projects and initiatives aligning with vision for hydrogen export 106
11 COMPETITIVE LANDSCAPE 107
11.1 OVERVIEW 107
11.2 STRATEGIES ADOPTED BY KEY PLAYERS 107
TABLE 40 HYDROGEN IC ENGINE MARKET: OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, 2019-2024 107
11.3 INDUSTRY CONCENTRATION, 2023 109
FIGURE 42 INDUSTRY CONCENTRATION OF PLAYERS IN HYDROGEN IC ENGINE MARKET, 2023 109
11.4 MARKET EVALUATION FRAMEWORK 109
TABLE 41 MARKET EVALUATION FRAMEWORK, 2019-2023 110
11.5 SEGMENTAL REVENUE ANALYSIS OF TOP MARKET PLAYERS 111
FIGURE 43 HYDROGEN IC ENGINE MARKET: SEGMENTAL REVENUE ANALYSIS, 2019-2023 (USD MILLION) 111
11.6 COMPANY VALUATION AND FINANCIAL METRICS 111
FIGURE 44 COMPANY VALUATION, 2024 (USD MILLION) 111
FIGURE 45 EV/EBITDA, 2024 112
11.7 BRAND/PRODUCT COMPARISON 112
FIGURE 46 BRAND/PRODUCT COMPARISON 112
11.8 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 113
11.8.1 STARS 113
11.8.2 EMERGING LEADERS 113
11.8.3 PERVASIVE PLAYERS 113
11.8.4 PARTICIPANTS 113
FIGURE 47 HYDROGEN IC ENGINE MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS) 2023 114
11.8.5 COMPANY FOOTPRINT, KEY PLAYERS, 2023 115
11.8.5.1 Company footprint 115
FIGURE 48 HYDROGEN IC ENGINE: PRODUCT FOOTPRINT, 2023 115
FIGURE 49 HYDROGEN IC ENGINE: MARKET FOOTPRINT, 2023 116
11.8.5.2 Regional footprint 117
TABLE 42 HYDROGEN IC ENGINE MARKET: REGIONAL FOOTPRINT, 2023 117
11.8.5.3 State footprint 118
TABLE 43 HYDROGEN IC ENGINE MARKET: STATE FOOTPRINT, 2023 118
11.8.5.4 Application footprint 119
TABLE 44 HYDROGEN IC ENGINE MARKET: APPLICATION FOOTPRINT, 2023 119
11.8.5.5 Power rating footprint 120
TABLE 45 HYDROGEN IC ENGINE MARKET: POWER RATING FOOTPRINT, 2023 120
11.9 COMPETITIVE BENCHMARKING: KEY PLAYERS, 2023 121
11.9.1 LIST OF KEY PLAYERS 121
TABLE 46 HYDROGEN IC ENGINE MARKET: KEY PLAYERS, 2023 121
11.9.2 COMPETITIVE BENCHMARKING OF KEY PLAYERS 121
TABLE 47 HYDROGEN IC ENGINE: KEY PLAYERS, 2023 121
11.10 COMPETITIVE SCENARIOS AND TRENDS 122
11.10.1 PRODUCT LAUNCHES 122
TABLE 48 HYDROGEN IC ENGINE MARKET: PRODUCT LAUNCHES, JANUARY 2019-MARCH 2024 122
11.10.2 DEALS 123
TABLE 49 HYDROGEN IC ENGINE MARKET: DEALS, JANUARY 2019-MARCH 2024 123
11.10.3 OTHER DEVELOPMENTS 125
TABLE 50 HYDROGEN IC ENGINE MARKET: EXPANSIONS, JANUARY 2019-MARCH 2024 125
TABLE 51 HYDROGEN IC ENGINE MARKET: OTHERS, JANUARY 2019-MARCH 2024 126
12 COMPANY PROFILES 127
12.1 KEY PLAYERS 127
(Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
12.1.1 WARTSILA 127
TABLE 52 WARTSILA: BUSINESS OVERVIEW 127
FIGURE 50 WARTSILA: COMPANY SNAPSHOT 128
TABLE 53 WARTSILA: PRODUCTS/SOLUTIONS/SERVICES OFFERED 129
TABLE 54 WARTSILA: PRODUCT LAUNCHES 129
TABLE 55 WARTSILA: DEALS 130
12.1.2 GARRETT MOTION INC. 132
TABLE 56 GARRETT MOTION INC.: BUSINESS OVERVIEW 132
FIGURE 51 GARRETT MOTION INC.: COMPANY SNAPSHOT 133
TABLE 57 GARRETT MOTION INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 134
TABLE 58 GARRETT MOTION INC.: PRODUCT LAUNCHES 134
12.1.3 BEHYDRO 136
TABLE 59 BEHYRDO: BUSINESS OVERVIEW 136
TABLE 60 BEHYRDO: PRODUCTS SOLUTIONS/SERVICES OFFERED 136
TABLE 61 BEHYRDO: PRODUCT LAUNCHES 138
12.1.4 DEUTZ AG 140
TABLE 62 DEUTZ AG: BUSINESS OVERVIEW 140
FIGURE 52 DEUTZ AG: COMPANY SNAPSHOT 141
TABLE 63 DEUTZ AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED 142
TABLE 64 DEUTZ AG: PRODUCT LAUNCHES 142
TABLE 65 DEUTZ AG: DEALS 143
TABLE 66 DEUTZ AG: OTHERS 144
12.1.5 MAN ENERGY SOLUTIONS 145
TABLE 67 MAN ENERGY SOLUTIONS: BUSINESS OVERVIEW 145
TABLE 68 MAN ENERGY SOLUTIONS: PRODUCTS/SERVICES/SOLUTIONS OFFERED 145
TABLE 69 MAN ENERGY SOLUTIONS: PRODUCT LAUNCHES 146
TABLE 70 MAN ENERGY SOLUTIONS: DEALS 146
12.1.6 CUMMINS INC. 148
TABLE 71 CUMMINS INC.: BUSINESS OVERVIEW 148
FIGURE 53 CUMMINS INC.: COMPANY SNAPSHOT 149
TABLE 72 CUMMINS INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 150
TABLE 73 CUMMINS INC.: PRODUCT LAUNCHES 151
TABLE 74 CUMMINS INC.: DEALS 152
TABLE 75 CUMMINS INC.: EXPANSIONS 155
TABLE 76 CUMMINS INC.: OTHERS 155
12.1.7 KAWASAKI HEAVY INDUSTRIES, LTD. 156
TABLE 77 KAWASAKI HEAVY INDUSTRIES, LTD.: BUSINESS OVERVIEW 156
FIGURE 54 KAWASAKI HEAVY INDUSTRIES, LTD.: COMPANY SNAPSHOT 157
TABLE 78 KAWASAKI HEAVY INDUSTRIES, LTD.: PRODUCTS/SOLUTIONS/
SERVICES OFFERED 158
TABLE 79 KAWASAKI HEAVY INDUSTRIES, LTD.: PRODUCT LAUNCHES 159
TABLE 80 KAWASAKI HEAVY INDUSTRIES, LTD.: DEALS 160
TABLE 81 KAWASAKI HEAVY INDUSTRIES, LTD.: OTHERS 160
12.1.8 TOYOTA MOTOR CORPORATION 161
TABLE 82 TOYOTA MOTOR CORPORATION: BUSINESS OVERVIEW 161
FIGURE 55 TOYOTA MOTOR CORPORATION: COMPANY SNAPSHOT 162
TABLE 83 TOYOTA MOTOR CORPORATION: PRODUCTS/SOLUTIONS/
SERVICES OFFERED 162
TABLE 84 TOYOTA MOTOR CORPORATION: DEALS 163
12.1.9 MAZDA MOTOR CORPORATION 164
TABLE 85 MAZDA MOTOR CORPORATION: BUSINESS OVERVIEW 164
FIGURE 56 MAZDA MOTOR CORPORATION: COMPANY SNAPSHOT 165
TABLE 86 MAZDA MOTOR CORPORATION: PRODUCTS/SOLUTIONS/
SERVICES OFFERED 165
12.1.10 RELIANCE INDUSTRIES LIMITED 166
TABLE 87 RELIANCE INDUSTRIES LIMITED: BUSINESS OVERVIEW 166
FIGURE 57 RELIANCE INDUSTRIES LIMITED: COMPANY SNAPSHOT 167
TABLE 88 RELIANCE INDUSTRIES LIMITED: PRODUCTS/SOLUTIONS/
SERVICES OFFERED 167
TABLE 89 RELIANCE INDUSTRIES LIMITED: PRODUCT LAUNCHES 168
12.1.11 AVL 169
TABLE 90 AVL: BUSINESS OVERVIEW 169
TABLE 91 AVL: PRODUCTS/SOLUTIONS/SERVICES OFFERED 169
TABLE 92 AVL: PRODUCT LAUNCHES 170
TABLE 93 AVL: DEALS 170
12.1.12 AB VOLVO PENTA 172
TABLE 94 AB VOLVO PENTA: BUSINESS OVERVIEW 172
TABLE 95 AB VOLVO PENTA: PRODUCTS/SOLUTIONS/SERVICES OFFERED 172
TABLE 96 AB VOLVO PENTA: DEALS 173
12.1.13 FAW JIEFANG AUTOMOTIVE CO.,LTD 174
TABLE 97 FAW JIEFANG AUTOMOTIVE CO., LTD: BUSINESS OVERVIEW 174
TABLE 98 FAW JIEFANG AUTOMOTIVE CO., LTD: PRODUCTS/SOLUTIONS/SERVICES OFFERED 174
12.1.14 KOHLER ENERGY 175
TABLE 99 KOHLER ENERGY: BUSINESS OVERVIEW 175
TABLE 100 KOHLER ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED 175
TABLE 101 KOHLER ENERGY: PRODUCT LAUNCHES 176
12.1.15 J C BAMFORD EXCAVATORS LTD 177
TABLE 102 J C BAMFORD EXCAVATORS LTD: BUSINESS OVERVIEW 177
TABLE 103 J C BAMFORD EXCAVATORS LTD: PRODUCTS SOLUTIONS/SERVICES OFFERED 177
TABLE 104 J C BAMFORD EXCAVATORS LTD: OTHERS 178
12.2 OTHER PLAYERS (PRODUCT UNDER DEVELOPMENT) 179
12.2.1 LIEBHERR GROUP 179
TABLE 105 LIEBHERR GROUP: BUSINESS OVERVIEW 179
TABLE 106 LIEBHERR GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED 179
TABLE 107 LIEBHERR GROUP: PRODUCT LAUNCHES 180
12.2.2 ROBERT BOSCH GMBH 181
TABLE 108 ROBERT BOSCH GMBH: BUSINESS OVERVIEW 181
TABLE 109 ROBERT BOSCH GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED 181
TABLE 110 ROBERT BOSCH GMBH: PRODUCT LAUNCHES 182
12.2.3 YANMAR HOLDINGS CO., LTD. 183
TABLE 111 YANMAR HOLDINGS CO., LTD.: BUSINESS OVERVIEW 183
TABLE 112 YANMAR HOLDINGS CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 183
TABLE 113 YANMAR HOLDINGS CO., LTD.: PRODUCT LAUNCHES 184
12.2.4 KEYOU GMBH 185
TABLE 114 KEYOU GMBH: BUSINESS OVERVIEW 185
TABLE 115 KEYOU GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED 185
TABLE 116 KEYOU GMBH: PRODUCT LAUNCHES 186
TABLE 117 KEYOU GMBH: DEALS 187
12.2.5 MITSUBISHI HEAVY INDUSTRIES, LTD. 188
TABLE 118 MITSUBISHI HEAVY INDUSTRIES, LTD.: BUSINESS OVERVIEW 188
FIGURE 58 MITSUBISHI HEAVY INDUSTRIES, LTD.: COMPANY SNAPSHOT 189
TABLE 119 MITSUBISHI HEAVY INDUSTRIES, LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 190
TABLE 120 MITSUBISHI HEAVY INDUSTRIES, LTD.: PRODUCT LAUNCHES 191
12.2.6 ROLLS-ROYCE PLC 193
TABLE 121 ROLLS-ROYCE PLC: BUSINESS OVERVIEW 193
FIGURE 59 ROLLS-ROYCE PLC: COMPANY SNAPSHOT 194
TABLE 122 ROLLS-ROYCE PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 194
TABLE 123 ROLLS-ROYCE PLC: PRODUCT LAUNCHES 195
TABLE 124 ROLLS-ROYCE PLC: DEALS 195
*Details on Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
13 APPENDIX 197
13.1 INSIGHTS OF INDUSTRY EXPERTS 197
13.2 DISCUSSION GUIDE 198
13.3 KNOWLEDGESTORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL 202
13.4 RELATED REPORTS 204
13.5 AUTHOR DETAILS 205
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