Hydrogen Fueling Station Market Size to Hit USD 2.66 Billion by 2029 | Industry Analysis Update 2023

Hydrogen Fueling Station Market to Grow Substantially; Rising Awareness of Carbon Emissions to Bolster Market Growth: Fortune Business Insights™

India, Pune, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The global Hydrogen Fueling Station Market size was valued at USD 0.35 billion in 2021 and touched USD 0.54 billion in 2022. The market is expected to reach USD 2.66 billion by 2029, exhibiting a CAGR of 25.6% during the forecast period. Rising demand for alternative fuel sources and increasing awareness of carbon emissions may boost industry growth. Fortune Business Insights™ presents this information in its report titled “Hydrogen Fueling Station Market, 2022-2029.”

Industry Developments

HTEC granted Nel Hydrogen a purchase order for one H2 Station (hydrogen fueling station). The fueling station shall be utilized to power light-duty fuel cell-equipped electric vehicles in Quebec, Canada.

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Report Highlights:

Report CoverageDetails
Forecast Period2022-2029
Forecast Period 2022 to 2029 CAGR25.6%
2029 Value ProjectionUSD 2.66 Billion
Base Year2021
Market Size in 2022USD 0.54 Billion
Historical Data for20218-2020
No. of Pages154
Segments CoveredFuel Type, By End-User, Application and Region
Growth DriversStrong Demand for Hydrogen-Powered Automotive Vehicles to Elevate Industry Growth
Small Stations to Dominate Owing to Exponentially Increasing Hydrogen-powered Light and Passenger Vehicles

Drivers and Restraints

Strong Demand for Hydrogen-Powered Automotive Vehicles to Elevate Industry Growth

Hydrogen is an extensively used industrial gas that is available in several compositions. The rising demand for a hydrogen-powered automotive vehicle is expected to surge hydrogen fueling station adoption. Furthermore, the rising adoption of electric vehicles is expected to enhance the adoption of hydrogen fuel. The substance is used extensively in fuel-cell powered electric vehicles, enhancing its demand from electric vehicle manufacturers. Moreover, the increasing demand for hydrogen fuel from the trucking industry is expected to facilitate sales. These factors may drive the hydrogen fueling station market growth.

However, substantial setup costs for fueling stations may hamper the market’s progress.

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COVID-19 Pandemic

Reduced FCEV Sales Impeded the Industry’s Growth

This market was negatively affected during the COVID-19 pandemic due to reduced Fuel Cell Electric Vehicles (FCEV) sales. Rapidly increasing COVID-19 infections led to restrictions on transport & travel and declining automotive sales. Furthermore, restrictions on manufacturing created severe supply chain disruptions, thereby declining industry growth. Moreover, industrial automation and reduced capacities enabled manufacturers to balance costs and commence production. Also, COVID-19 relaxations allowed companies to boost their sales, thereby inciting industry growth. 


Small Stations to Dominate Owing to Exponentially Increasing Hydrogen-powered Light and Passenger Vehicles

By type, the market is segmented into small station, medium station, and large station.

The small station segment is expected to dominate the market attributable to exponentially increasing hydrogen-powered light and passenger vehicles. Furthermore, increasing initiatives for transforming public transportation fleets are expected to facilitate segmental growth.

Regionally, the market is clubbed into North America, Europe, Asia Pacific, and the rest and the world.

Report Coverage

The report provides a detailed analysis of the top segments and latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and strategies undertaken by the market's key players.

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Regional Insights

Launch of Enormous Hydrogen Fuel Cell Vehicle Targets to Foster Market Progress in Asia Pacific

Asia Pacific is expected to dominate the hydrogen fueling station market share due to the launch of enormous hydrogen fuel cell vehicle targets in Japan, South Korea, and China to complete roadmaps for hydrogen fueling facilities’ establishment. The market in Asia Pacific stood at USD 0.22 billion in 2021 and is expected to grow positively in the coming years. These factors may incite industry growth in the region.

In North America, there is presence of several companies, tax benefit policies, and increasing research & development costs. Furthermore, the rising construction of novel fueling stations is expected to elevate the industry’s progress. For example, the Canadian Hydrogen and Fuel Cell Association (CHFCA) and the Australian Hydrogen Council (AHC) signed a Memorandum of Understanding (MOU) for the placement of fuel cells and zero-emission hydrogen.

In Europe, there are implementation of carbon reduction regulations by the European Union, bus fleet decarbonization, and national renewable targets. Further, significant investments by regional organizations may propel industry growth. For example, OrangeGas inaugurated its maiden fueling station in Amsterdam in March 2021. These factors may propel market growth in the region.

Competitive Landscape

Key Players Announce Novel Stations to Gain Huge Reach

The prominent companies operating in the market announce novel hydrogen fueling stations to expand their market reach. For example, FirstElement Fuel, Inc. announced its novel fueling station in Sunnyvale, California, in February 2021. The fueling station’s capacity is 16,000 kg and contains 5 nozzles and 4 fueling positions. This strategy may allow novel stations to gain a huge market reach. Furthermore, major players devise partnerships, acquisitions, mergers, expansions, and sign contracts to enhance the setup of fueling stations and elevate their market position.

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List of Key Players Profiled in the Report

  • Air Liquide (France)
  • Ballard Power Systems (Canada)
  • FirstElement Fuel, Inc. (U.S.)
  • Air Products (U.S.)
  • Hydrogenics (Canada)
  • Praxair, Inc. (U.S.)
  • Nel Hydrogen (Norway)
  • Linde Engineering (Ireland)
  • FuelCell Energy (U.S.)
  • Nuvera Fuel Cells, LLC (U.S.)

Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Emerging Trends
    • Latest Technological Developments
      • Compressor Technology
    • Regulatory Landscape
    • Porters Five Forces Analysis
  • Qualitative Analysis – Impact of COVID-19
    • Impact of COVID-19 on the Hydrogen Fueling Station Market
    • Steps Taken by the Government to Overcome the Impact
    • Key Developments in the Industry in Response to COVID-19
    • Potential Opportunities and Challenges due to COVID-19 Outbreak
  • General Station Configuration, By Type
    • Small Station
    • Medium Station
    • Large Station
  • Hydrogen Fueling Station Cost Analysis (Average CAPEX, by Type)
    • Station Cost
    • Compressor Cost
  • Global Hydrogen Fueling Station Market Analysis (Units, USD Billion), Insights and Forecast, 2018-2029
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Type
      • Small Station (Less than 1 t/d of H2)
        • Low Pressure (350 bar)
        • High Pressure (700 bar)
      • Medium Station (1-4 t/d of H2)
        • Low Pressure (350 bar)
        • High Pressure (700 bar)
      • Large Station (More than 4 t/d of H2)
        • Low Pressure (350 bar)
        • High Pressure (700 bar)
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Rest of the World

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