水素ICエンジン市場 : 2035年までの世界予測

Hydrogen IC Engines Market - Global Forecast To 2035

水素ICエンジン市場 : 状態 (気体と液体)、用途 (輸送と発電)、出力定格 (低、中、高)、混合 (ミックスブレンドと純水素)、 地域 - 2035年までの世界予測
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
出版年月2024年6月
ページ数201
図表数183
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

世界の水素 IC エンジン市場は2024年の 1,200 万米ドルから 2035 年までに 3 億 2,700 万米ドルに達し、予測期間中にCAGR 34.7%で成長すると予測されています。

MarketsandMarkets(マーケッツアンドマーケッツ)「水素ICエンジン市場 : 状態 (気体と液体)、用途 (輸送と発電)、出力定格 (低、中、高)、混合(ミックスブレンドと純水素)、 地域 – 2035年までの世界予測 – 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」は世界の水素 IC エンジン(水素内燃機関エンジン/水素エンジン)市場を調査し、主要セグメント毎の分析・予測結果を提供します。

主な調査対象セグメント

  • 用途
    • 輸送
    • 発電
  • 混合
    • ミックスブレンド
    • 純水素
  • 状態
    • 気体
    • 液体
  • 出力定格
    • 低出力
    • 中出力
    • 高出力
  • 地域
    • 北米
    • 欧州
    • アジア太平洋地域
    • その他の地域(RoW)

Report Overview

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.

水素ICエンジン市場 : 2035年までの世界予測

“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.

水素ICエンジン市場 : 2035年までの世界予測 ecosystem

“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%

水素ICエンジン市場 : 2035年までの世界予測 region

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 Wärtsilä (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: Wärtsilä has entered into a partnership with energy firms EPV Energy and Vaasan Sähkö 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 Wärtsilä (Finland), GARRETT MOTION INC. (Switzerland), BeHydro (Belgium), DEUTZ AG (Germany), MAN Energy Solutions (Germany), among others in the hydrogen IC engines market.

Table of Contents

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

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

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

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    WÄRTSILÄ         127

TABLE 52           WÄRTSILÄ: BUSINESS OVERVIEW           127

FIGURE 50         WÄRTSILÄ: COMPANY SNAPSHOT         128

TABLE 53           WÄRTSILÄ: PRODUCTS/SOLUTIONS/SERVICES OFFERED              129

TABLE 54           WÄRTSILÄ: PRODUCT LAUNCHES         129

TABLE 55           WÄRTSILÄ: 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