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Global Hydrogen Fueling Station Market Size was valued at USD 0.48 Billion in 2022. The Hydrogen Fueling Station market industry is projected to grow from USD 0.57 Billion in 2023 to USD 1.73 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.90% during the forecast period (2023 - 2032). The government has put regulations and laws into place to encourage the usage of hydrogen fuel cell vehicles and to fulfill the rising demand for zero-emission vehicles, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The rising demand for zero-emission vehicles, along with government initiatives and laws meant to encourage the adoption of hydrogen fuel cell vehicles, are the main factors driving the growth of the hydrogen filling station industry. There is increasing interest in fuel cell vehicles as potential substitutes for gasoline and diesel automobiles as more nations establish goals to cut their carbon emissions and improve air quality. Vehicles powered by hydrogen fuel cells are popular among both consumers and lawmakers since they release just water and don't contribute to hazardous air pollution. The market for hydrogen filling stations is expanding as a result of government programs like as tax incentives, subsidies, and regulations that encourage the use of zero-emission automobiles. For instance, nations like Japan, South Korea, Germany, and the United States place a high priority on the adoption of hydrogen fuel cell vehicles, and these nations are making significant investments in the creation of hydrogen infrastructure.
Hundreds of hydrogen facilities are being planned by governments around the world. According to their projected efforts, 1,000 hydrogen stations that can accommodate 1 million to 2 million fuel cell vehicles may soon be present in the major Asian, European, and North American markets. The transportation industry is responsible for more than 15% of global greenhouse gas emissions. As a result, governments everywhere are looking for alternate energy sources to utilize in the transportation industry. In the coming years, it's expected that fuel cell vehicles (FCVs), which produce no CO2 while being driven, would become more and more common. As a result, numerous automakers are working to expand their inventory of fuel cell vehicles.By 2030, the EV30@30 global project wants at least 30% of all new electric vehicles to be on the road. In order to do this, the use of electric vehicles is expanding in a number of countries, including Canada, Finland, France, Japan, Mexico, the Netherlands, Norway, Sweden, and India. The market for hydrogen filling stations will soon be driven by this transformation and modernization. Thus, driving the Hydrogen Fueling Station market revenue.
The global Hydrogen Fueling Station market segmentation, based on Station Type, includes fixed hydrogen stations and mobile hydrogen stations. The fixed hydrogen station market segment dominated the global market in 2022. The proliferation of stationary hydrogen stations is influenced by both the greater deployment of hydrogen filling stations and the increased implementation of safety requirements by governments worldwide.
The global Hydrogen Fueling Station market segmentation, based on Solution, includes Engineering, Procurement and Construction (EPC) and components. The components category is likely to be the largest during the anticipated period. Components are required in the infrastructure for hydrogen fueling stations. It is anticipated that compression-based hydrogen supply and storage would encourage the rise of the component industry.
The global Hydrogen Fueling Station market segmentation, based on Station Size, includes small stations, mid-sized stations, and large stations. The small stations market segment dominated the global market in 2022. Hydrogen consumption is increasing as more public and private fuel cell vehicles are powered. Tiny hydrogen stations are evolving into medium-sized hydrogen stations as operators demand more capacity to refuel fuel cell vehicles.
Hydrogen Fueling Station Supply Type Insights
The global Hydrogen Fueling Station market segmentation, based on Supply Type, includes off-site and on-site. Off-site supply type is currently the largest segment. Governments all around the world are leading the transition to clean and environmentally favorable fuels, which is made possible by the production of hydrogen off-site. The off-site market is growing as a result of rising investments in ecologically friendly hydrogen projects and a preference for zero-carbon fuel to power fuel cell automobiles.
The global Hydrogen Fueling Station market segmentation, based on Pressure, includes high pressure and low pressure. Products under high pressure make up a sizeable share of the global market. This is so that autos may simply be filled with hydrogen. High pressure hydrogen stations can also serve more consumers in less time.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The Asia Pacific Hydrogen Fueling Station market dominated this market in 2022 (45.80%). A number of countries in the Asia Pacific are either preparing experimental projects for the technology or developing electrolyzer-based hydrogen filling stations on a significant scale. In the Asia Pacific region, particularly in South Korea and Japan, more money has been invested in pilot projects, feasibility studies, and the construction of new hydrogen filling stations. These factors are expected to enhance the demand for hydrogen fueling stations in the area. Moreover, In the North American area, the U.S. Hydrogen Fueling Station market had the biggest market share, while the Canada Hydrogen Fueling Station market had the quickest rate of expansion.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Europe Hydrogen Fueling Station market accounts for the healthy market share. Some of the key factors propelling market expansion in the region include national renewable energy goals, EU carbon reduction programs, and the decarbonization of bus fleets. Additionally, a number of local organizations are investing heavily in promoting the usage of hydrogen fuel by consumers. Further, In the European region, the German Hydrogen Fueling Station market had the biggest market share, and the U.K. Hydrogen Fueling Station market had the quickest rate of growth.
The North America Hydrogen Fueling Station Market is expected to register significant growth from 2023 to 2032. North America benefits from favorable tax legislation, a wide range of corporate sizes, technological advancements, and committed R&D initiatives. In addition, with the construction of new facilities, nations like the U.S. and Canada have experienced a huge increase in the number of HRS as a result of favorable policies. Further, In the Asia-Pacific region, the Indian Hydrogen Fueling Station market had the quickest rate of growth while China's Hydrogen Fueling Station market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Hydrogen Fueling Station market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Hydrogen Fueling Station sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Hydrogen Fueling Station sector. Major players in the Hydrogen Fueling Station market, including Air Liquide, Air Products and Chemicals, Inc., Linde plc, Nel ASA, McPhy Energy S.A., Ingersoll Rand, Hydrogen Refueling Solutions, PERIC Hydrogen Technologies Co., Ltd, Chart Industries, Iwatani Corporation, Powertech Labs Inc., PDC Machines, sera GmbH, Hydrogenious LOHC Technologies, atawey, and Galileo Technologies S.A., H2 MOBILITY, NanoSUN Limited, Nikola Corporation, and Humble Hydrogen, are attempting to increase market demand by investing in research and development operations.
Nel ASA (Nel), formerly known as DiaGenic ASA, conducts business as a hydrogen company. In order to meet commercial and energy needs, hydrogen technology is produced, supplied, and distributed. The company's products include water electrolyzers, hydrogen generators, and equipment for hydrogen fueling. Nel provides hydrogen filling stations for vehicles as well as renewable energy storage systems. Through its subsidiary Nel Hydrogen Inc., Nel ASA and a US-based energy company signed a contract in December 2022 for the deployment of 16 hydrogen filling stations.
McPhy Energy SA (McPhy) creates, manufactures, and distributes equipment for the production and delivery of hydrogen. High-pressure alkaline electrolyzers and hydrogen stations are two products that the company designs and makes. The engineering, project management, commissioning, and post-sale support of modular and scalable systems are also handled by it. In April 2019, McPhy Energy S.A. unveiled the cutting-edge "Augmented McFilling" hydrogen fueling station, created especially for heavy-duty vehicles.
· Air Liquide
· Air Products and Chemicals, Inc.
· Linde plc
· Nel ASA
· McPhy Energy S.A.
· Ingersoll Rand
· Hydrogen Refueling Solutions
· PERIC Hydrogen Technologies Co.
· Iwatani Corporation
· Powertech Labs Inc.
· PDC Machines
· sera GmbH
· Hydrogenious LOHC Technologies
· atawey, and Galileo Technologies S.A.
· H2 MOBILITY
· NanoSUN Limited
· Nikola Corporation
· Humble Hydrogen
February 2023: To develop a network of hydrogen refueling stations, Air Liquide and Total Energies will form a joint venture with equal ownership. This program will help to expand the use of hydrogen in the transportation of goods, make it easier to obtain hydrogen, and support the hydrogen industry.
October 2022: Air Products and Chemicals, Inc., Schenk Tanktransport, and TNO collaborated on the Clean Hydrogen and Road Transport initiative (CH2aRT) initiative to develop hydrogen vehicles and a public hydrogen refueling station.
· Small Stations
· Mid-sized Stations
· Large Stations
· Off-site
· On-site
· High Pressure
· Low Pressure
· Fixed Hydrogen Stations
· Mobile Hydrogen Stations
· Engineering, Procurement and Construction (EPC)
· Components
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 0.48 Billion |
|
Market Size 2023 |
USD 0.57 Billion |
|
Market Size 2032 |
USD 1.73 Billion |
|
Compound Annual Growth Rate (CAGR) |
17.90% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Station Size, Supply Type, Pressure, Station Type, Solution, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Air Liquide, Air Products and Chemicals, Inc., Linde plc, Nel ASA, McPhy Energy S.A., Ingersoll Rand, Hydrogen Refueling Solutions, PERIC Hydrogen Technologies Co., Ltd, Chart Industries, Iwatani Corporation, Powertech Labs Inc., PDC Machines, sera GmbH, Hydrogenious LOHC Technologies, atawey, and Galileo Technologies S.A., H2 MOBILITY, NanoSUN Limited, Nikola Corporation, and Humble Hydrogen |
|
Key Market Opportunities |
Government initiatives to deploy hydrogen deployment |
|
Key Market Dynamics |
Increasing demand for zero-emission vehicles and government initiatives and policies aimed at promoting the adoption of hydrogen fuel cell vehicles |
The global Hydrogen Fueling Station Market was valued at USD 0.48 billion in 2022, and it is estimated to reach USD 1.73 billion by 2032.
The global market is projected to grow at a CAGR of 17.90% during the forecast period, 2023-2032.
Asia Pacific had the largest share in the global market
The key players in the market are Air Liquide, Air Products and Chemicals, Inc., Linde plc, Nel ASA, McPhy Energy S.A., Ingersoll Rand, Hydrogen Refueling Solutions, PERIC Hydrogen Technologies Co., Ltd, Chart Industries, Iwatani Corporation, Powertech Labs Inc., PDC Machines, sera GmbH, Hydrogenious LOHC Technologies, atawey, and Galileo Technologies S.A., H2 MOBILITY, NanoSUN Limited, Nikola Corporation, and Humble Hydrogen
The Small Stations, Station Size segment dominated the market in 2022.
The Off-site Supply Type had the largest share in the global market.
Report Code :
RL6586
Published on :
Aug 2023
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