Hydrogen Fueling Station Market Size to Worth USD 1.49 BN by 2032

The global hydrogen fueling station market size is predicted to be worth around USD 1,495.16 million by 2032 and it is expanding at a CAGR of 17% from 2023 to 2032, according to a new study by Precedence Research.

Ottawa, June 26, 2023 (GLOBE NEWSWIRE) -- The hydrogen fueling station market size was valued at USD 311.05 million in 2022. The inclination of customers toward environment-friendly automobiles and the growing requirement for improved vehicle performance is expected to boost the hydrogen fueling stations market growth. In December 2022, the U.S. Department of Energy (DOE) planned to allocate $750 million for lowering the cost of hydrogen technologies for heavy-truck fuel cells. This amount also included plans for decreasing the cost of hydrogen storage and delivery.

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An electric vehicle is often compared to a hydrogen vehicle. A hydrogen vehicle can travel up to 600 km with its tank full whereas an electric vehicle (EV) can travel up to a maximum of 400 to 500 kilometers. According to the U.S. Department of Transportation, Level 1 chargers needed about 40 to 50 hours to fully charge a battery electric vehicle (BEV) and approximately 5 to 6 hours to completely charge a plug-in hybrid electric vehicle (PHEV). A hydrogen tank of the fuel cell vehicle can be filled within a few minutes. The high efficiency and reliability of FCEVs over BEVs act as a supporting factor for the hydrogen fueling stations market growth.

The expanding travel & tourism industry, high spending capacity, and lucrative holiday destinations are majorly responsible for the high demand for fuel-cell vehicles. As per the Australian Bureau of Statistics, the average equivalised disposable household income accounted for $1,124 per week in FY 2019-20. The average equivalised disposable household income for FY 2017–18 was $1,094 per week. With rising income levels, more people can afford fuel-cell vehicles.

Due to the limited count of hydrogen fueling infrastructure providers, the bargaining power of buyers is relatively less as compared to the bargaining power of suppliers in the hydrogen fueling stations market. With considerable demand for electric vehicles, the threat of substitutes is moderate in the global hydrogen fueling stations market as of now.

The global hydrogen fueling stations market report includes a detailed analysis of leading continents for a better understanding of the current scenario. Also, our global hydrogen fueling stations market research report offers prominent insights regarding the latest industry developments and advises future strategies that can be implemented at a global level. Our report includes some of the remarkable influencing factors such as drivers, restraints, opportunities, and challenges. The hydrogen fueling stations market report also includes ecosystem analysis, value chain analysis, and vendor landscape.

Report Highlights

  • By station size, the global hydrogen fueling stations market is segmented into small stations, mid-size stations, and large stations. The mid-size stations segment is expected to hold a high market share during the forecast period. The mid-size stations segment held the largest market share in 2022.
  • By supply type, the global hydrogen fueling stations market is divided into on-site and off-site. The on-site segment is anticipated to dominate the market during the study period. The on-site segment had the highest revenue share in 2022.
  • By pressure, the global hydrogen fueling stations market is divided into low pressure and high pressure. The high pressure segment is predicted to hold a significant market share during the forecast period. The high pressure segment held the highest market share in 2022.
  • By station type, the global hydrogen fueling stations market is divided into mobile hydrogen stations and fixed hydrogen stations. The fixed hydrogen stations segment is expected to dominate the market during the study period. The fixed hydrogen stations segment had the highest revenue share in 2022.
  • By Region, the hydrogen fueling stations market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa, and Latin America. North American region held the highest share of the global hydrogen fueling stations market in 2022. Asia Pacific region is predicted to grow with the highest compounded annual growth rate (CAGR) during the forecast period till 2032.

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Scope of this report

Market Size in 2030USD 1.09 Billion
CAGR17% from 2023 to 2032
Small Station Segment Share78% in 2022
Mid-Sized Station Segment Share15% in 2022
Large Station Segment Share7% in 2022
Key PlayersAIR LIQUIDE, Beijing PERIC Hydrogen Technologies Co., Air Products and Chemicals, Inc., Hydrogen Refueling Solutions, Linde Engineering, McPhy Energy S.A., Chart Industries, Nel Hydrogen, Powertech Labs Inc., Praxair, Inc., and Others

Regional Snapshots

The North American region is among the most lucrative markets for hydrogen fueling stations. In November 2022, the Canadian Government announced an investment of CAD$5.0 million for hydrogen stations across the country. $3 million are allocated to HTEC for installing 3 hydrogen refueling stations in British Columbia.

$1 million are provided to the University of British Columbia for installing 1 hydrogen refueling station in Vancouver, British Columbia. $1 million are offered to Carlsun Energy Solutions Inc. for building 1 hydrogen station in Ontario.

In 2020, there were around 1,300 fuel cell electric vehicles in Europe. It is projected that the count of fuel cell electric vehicles in Europe can exceed 4 million units by 2030. The Asian region is expected to be a significant region for fuel cell electric vehicles.

Various African countries are in the developing stage and are not as developed as the nations in the West. The development of hydrogen fueling stations in the African region is anticipated to take place at a comparatively slow pace. By the 30th of May 2022, the Kanto region in Japan had the highest count of hydrogen fueling stations for fuel cell electric vehicles. As of April 2022, China completed the construction of more than 250 hydrogen refueling stations, which accounted for around 40% of the global count.

In June 2019, Saudi Aramco and Air Products opened the 1st hydrogen fueling station in the country at Air Products’ new Technology Center in the Dhahran Techno Valley Science Park. The Middle East hydrogen fueling stations market is expected to grow at a gradual rate in the coming years.

Market Dynamics

Market Driver: Growing Emission Concern in Various Countries

Since 2012, the US Environmental Protection Agency (EPA) has set standards to limit greenhouse gas (GHG) emissions from light-duty vehicles such as cars, SUVs, and pickup trucks. The European Green Deal involves respective policy initiatives that aim to reach the ultimate goal of climate neutrality by 2050. By 2060, Saudi Arabia has decided to cut its carbon emissions to net zero.

Market Restraint: Low Adaptability in Developing Countries

Fuel cell electric vehicles (FCEVs) are manufactured at low production volume and are available for approximately $49,000 to $66,000. Many countries in Asia, as well as Africa region, are in the developing stage. In the APAC region, nations such as Nepal, Myanmar, and Sri Lanka are among the developing nations. Over 70% of the least developed countries are located in Africa. Democratic Republic of the Congo, Burundi, Somalia, Malawi, Niger, Liberia, and Mozambique are some of the least developed countries. The people in these nations find it really difficult to afford expensive fuel-cell electric vehicles. The Democratic Republic of the Congo is among the 5 poorest countries in the world. In 2022, approximately 62% of Congolese, about 60 million people, survived on less than $2.15 per day. Poor buying capacity in the countries mentioned impacts the sales of FCEVs. Thus, a lesser count of FCEVs decreases the scope for hydrogen fueling stations notably.

Key Developments in the Marketplace:

  • In November 2021, the Japanese government decided to help the construction of small-scale hydrogen fueling stations across the country. This decision aimed at encouraging the use of hydrogen-based fuel cell vehicles (FCV). It requires around $3.5 million (¥400 million) for building one hydrogen station. The government of Japan has planned to increase the count of hydrogen fueling stations to 1,000 by 2030. The government is also working to raise the count of fuel cell vehicles to 800,000 in 2030.

  • In March 2021, Ma Yongsheng, the President of China Petroleum & Chemical Corporation announced that Sinopec would enhance the hydrogen infrastructure by building 1,000 new hydrogen refueling stations by 2026. The China Hydrogen Energy Alliance estimates that China's annual hydrogen requirement will reach to 60 million tons by 2050.

Market Segmentation

By Station Size

  • Small Stations
  • Mid-Size Stations
  • Large Stations

By Supply Type

  • Off-Site
    • Liquid
    • Gas
  • On-Site
    • Steam Methane Reforming (SMR)
    • Electrolysis

By Pressure

  • High Pressure
  • Low Pressure

By Station Type

  • Fixed Hydrogen Stations
  • Mobile Hydrogen Stations

By Solution

  • Engineering Procurement and Construction (EPC)
  • Components
    • Compressors
    • Dispensers
    • Dispensing Chiller Systems
    • Hydraulic Power Units and Controls
    • Hydrogen Inlets
    • Storage Units
    • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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