WASHINGTON, June 13, 2023 (GLOBE NEWSWIRE) -- Global Hydrogen Fueling Station Market is valued at USD 315.9 Million in 2022 and is projected to reach a value of USD 903.6 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 16.2% over the forecast period 2023-2030.
The Hydrogen Fueling Station market is still relatively new, it is growing and has the potential to completely transform the transportation sector. The market is being driven by an increase in the demand for zero-emission automobiles, developments in hydrogen fuel cell technology, and investments in infrastructure. The market's expansion is being hampered by a number of factors, including high costs, a lack of infrastructure, security issues, and competition from other alternative fuels. The market for hydrogen fueling stations is expected to grow over the next few years as governments and private businesses continue to invest in the infrastructure and technology required to support it.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Hydrogen Fueling Station, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the Hydrogen Fueling Station market growth over the forecast period. The primary driving aspect is that, unlike current power generation techniques, which are hazardous to the environment, fuel cells do not emit toxic gases or pollution. The depletion of natural resources, carbon emissions, and growing fossil fuel prices are also encouraging the development of alternate power generation and transportation methods. As a result, continual efforts have been undertaken by the public and private sectors to reduce carbon emissions and spend less on fuel. Strict government rules governing CO2 and SO2 emissions are predicted to stimulate the growth of the hydrogen filling station business internationally.
The sector has greater potential as a result of technological advancements and the addition of several new features to these devices, which expanded fuel cell utilization. Due to a number of factors, including the rising use of fuel cells in power backup systems and fuel cell vehicles, among many others, the market for hydrogen filling stations is anticipated to grow. The cost of fuel cells has decreased as a result of the development of new fuel cell types such the solid oxide fuel cell (SOFC), polymer exchange membrane fuel cell (PEMFC), molten carbonate fuel cell (MCFC), phosphoric acid fuel cell (PAFC), and others.
Market Dynamics
Growing demand of fuel cell vehicles
Due to the rising concerns about the impact of traditional gasoline-powered cars on the environment are on the rise, which may increase the demand for hydrogen fueling stations. Customers that care about the environment may prefer hydrogen fuel cell vehicles because they produce no pollution.
Top Players in the Global Hydrogen Fueling Station Market
- Air Liquide S.A. (France)
- Ballard Power Systems (Canada)
- FirstElement Fuel Inc. (U.S.)
- Air Products & Chemicals Inc. (U.S.)
- Hydrogenics (Canada)
- Praxair Inc. (U.S.)
- Nel Hydrogen (Norway)
- Linde Engineering (Ireland)
- FuelCell Energy (U.S.)
- Nuvera Fuel Cells LLC (U.S.)
- Hydrogen Refueling Station (France)
- Humble Hydrogen (India)
- H2 Mobility (Germany)
- Nano SUN Ltd. (UK)
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Top Trends in Global Hydrogen Fueling Station Market
- One trend that Vantage Market Research (VMR) expects to see in the Hydrogen Fueling Station industry is the rising trend in the use of green hydrogen, which is created from renewable energy resources sources and has the potential to cut carbon emissions.
- Another trend that VMR predicts will continue in the Hydrogen Fueling Station industry is the increased investments in the hydrogen fueling stations market. This is being done to boost the manufacturing potential of the market.
Top Report Findings
- Based on Supply Type, the on-site segment dominates the market. This is due to the increase in investments in green hydrogen projects and preference for using zero-carbon fuel to power fuel cell vehicles are credited by the industry with the growth of the on-site segment.
- Based on Solution, components segment dominates the market. This is due to the fact that components are an essential part of the infrastructure for hydrogen fueling stations. Compression-based hydrogen supply and storage that is simple and affordable should help the components market flourish.
- In terms of Region, the Asia Pacific region held the most significant market share in 2021 and is expected to be the most gainful market during the forecast period. This is due to the increased demand for zero-emission vehicles, especially in countries like Japan and South Korea where air pollution is a serious problem.
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Global Hydrogen Fueling Station Market Competitive Landscape is fragmented and Key Players Hold Significant Share
The report also found that the largest players in the Hydrogen Fueling Station market are technology providers such as Air Liquide (France), Ballard Power Systems (Canada), FirstElement Fuel Inc. (U.S.), Air Products & Chemicals Inc. (U.S.), Hydrogenics (Canada), Praxair Inc. (U.S.), Nel Hydrogen (Norway), Linde Engineering (Ireland), FuelCell Energy (U.S.), Nuvera Fuel Cells LLC (U.S.), Hydrogen Refueling Station (France), Humble Hydrogen (India), H2 Mobility (Germany), Nano SUN Ltd. (UK).
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Hydrogen Fueling Station Market Forecast Report (2023-2030).
Global Hydrogen Fueling Station Market Segmentation
By Station Size
- Small Stations
- Mid-sized Stations
- Large Stations
By Supply Type
- Gas
- Liquid
- Electrolysis
- Steam Methane Reforming (SMR)
By Pressure
- High Pressure
- Low Pressure
By Station Type
- Fixed Hydrogen Stations
- Mobile Hydrogen Stations
By Solution
- Engineering, Procurement and Construction (EPC)
- Components
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 315.9 Million |
| Revenue Forecast by 2030 | USD 903.6 Million |
| CAGR | 16.2% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Air Liquide, Ballard Power Systems, FirstElement Fuel Inc., Air Products & Chemicals Inc., Hydrogenics, Praxair Inc., Nel Hydrogen, Linde Engineering, FuelCell Energy, Nuvera Fuel Cells LLC, Hydrogen Refueling Station, Humble Hydrogen, H2 Mobility, Nano SUN Ltd. |
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