Selbyville, Delaware, June 04, 2023 (GLOBE NEWSWIRE) --
Hydrogen Refueling Station Market is expected to cross a valuation of USD 25.5 billion by 2032, according to the latest research report by Global Market Insights Inc.
The increasing demand for clean and sustainable transportation solutions is a major factor driving the industry growth. With the world's attention shifting toward reducing carbon emissions and combating climate change, hydrogen fuel cell vehicles (FCV) have emerged as a promising alternative to conventional internal combustion engine vehicles. Major automakers are investing heavily in R&D to establish the prominence of FCVs. This factor, along with government initiatives, supportive policies, and investments from major automotive and energy companies will favor the market development in coming years.
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Higher storage capacity to help large station segment grow
The hydrogen refueling large station market segment will grow substantially by 2032. Large stations, characterized by their higher hydrogen storage and dispensing capacities, are crucial in meeting the increasing demand for hydrogen fuel cell vehicles (FCVs) and supporting the transition towards a sustainable transportation ecosystem. These stations cater to fleet operators, public transportation systems, and heavy-duty vehicles, offering a scalable solution for fueling multiple vehicles efficiently. With governments focusing on decarbonizing commercial transport sectors, the large station segment is expected to witness substantial investments.
Easy accessibility of fixed stations
The fixed hydrogen refueling station market segment will record notable growth through 2032. These stations are typically located at strategic locations such as urban areas, highways, and residential communities, aiming to cater to personal vehicles and smaller fleets. The fixed station segment plays a crucial role in promoting the adoption of hydrogen fuel cell vehicles (FCVs) among the general public by providing a reliable and easily accessible refueling infrastructure. Convenience and easy accessibility of fixed stations will boost the segment share.
Introduction of hydrogen powered passenger vehicles
The industry size from the passenger vehicles segment will expand during the 2023-2032, on account of growing emphasis on reducing greenhouse gas emissions and achieving sustainable transportation. Hydrogen fuel cell vehicles (FCVs) have gained traction as a viable alternative to conventional internal combustion engine vehicles.
The focus on establishing an extensive network of refueling stations in urban areas, residential communities, and along major travel routes is ensuring convenient access to hydrogen fuel for FCV owners. Wider acceptance of sustainable mobility solutions, in consort with government support through incentives, infrastructure investments, and favorable policies will generate revenues for the market.
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Collaborations between government & private entities in Europe
Europe hydrogen refueling station market will register a robust CAGR between 2023 and 2032, as the region has been at the forefront of adopting clean and sustainable technologies, including hydrogen FCVs. European countries are actively investing in the development of hydrogen infrastructure, setting ambitious targets, and implementing supportive policies. The collaborations between government entities, energy companies, and automotive manufacturers are fostering the development of a robust hydrogen ecosystem. The expanding network of refueling stations across urban areas, highways, and strategic locations are propelling the regional market size.
Hydrogen Refueling Station Industry Players
Air Liquide, Calvera, Linde plc, Air Products, McPhy Energy S.A., Cummins Inc., ENGIE, Nel ASA, Shell, and Plug Power Inc. among others.
Hydrogen Refueling Station Industry News
- In May 2023, H2X Global, a Sydney-based FCV manufacturer, secured a second contract with Renova AB, a Swedish municipal garbage business, worth over USD 22.4 million, to supply commercial vehicles for the city of Gothenburg.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Hydrogen refueling station industry 360° synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Station Type trends
2.1.3 Station Size trends
2.1.4 Application trends
2.1.5 Regional trends
Chapter 3 Hydrogen Refueling Station Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Growing investments for hydrogen station development
3.3.1.2 Surging demand for Fuel Cell Electric Vehicles (FCEVs)
3.3.1.3 Paradigm shift to low carbon technologies
3.3.2 Industry pitfalls & challenges
3.3.2.1 High project setup cost
3.4 Growth potential analysis
3.5 Porter's Analysis
3.6 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
