Pune, India, July 27, 2021 (GLOBE NEWSWIRE) -- The global hydrogen fueling station market size is expected to gain momentum by reaching USD 2.67 billion by 2028 while exhibiting an exceptional CAGR of 30.8% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Hydrogen Fueling Station Market, 2021-2028.”The report also mentions that the market stood at USD 0.37 billion in 2020.The growing demand for hydrogen-powered vehicles amidst the rising pollution levels and the presence of supportive government policies will boost the demand for the product in the forthcoming years. For instance, in April 2021, Air Products introduced a new unit of hydrogen-powered fuel station in the South Korean city of Ulsan. The company was granted the government’s subsidy program and is expected to provide sustainable charging solutions.
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List of the Companies Operating in the Global Market:
- 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.)
Report Scope & Segmentation -
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 30.8 % |
| 2028 Value Projection | USD 2.62 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 0.37 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 161 |
| Segments covered | Type; Regional |
| Growth Drivers | Rapidly Growing Demand for Hydrogen-Powered Automotive to Propel Growth. Paradigm Shift Towards Adoption of Low Carbon Technologies to Augment Industry Expansion. |
| Pitfalls & Challenges | Significant Initial Expenditure May Limit the Market Growth |
COVID-19 Impact:
Market Exhibited a Lower Growth Rate of 28.9% in 2020; Disruption in Supply Chain Hampers Automotive Sales
The automotive market has suffered economically due to the lockdowns announced by the government agencies. Disruption in the supply chain, unavailability of materials, and reduced demand for vehicles were some of the factors that affected sales worldwide. This further led to the market suffering from a lower growth rate of 28.9% in 2020. The market is expected to return to pre-pandemic levels once the industrial activities resume in the near future.
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Market Segmentation
On the basis of type, the market is divided into small stations, medium stations, and large stations.
- Based on the type, the small station held the global hydrogen fueling station market share of about 89.9% in 2020 and is anticipated to dominate in the forthcoming years. The dominance of the segment is due to the increasing demand for commercial vehicles that propel the need for small hydrogen-powered stations across the globe.
Lastly, on the basis of region, the market is segregated into Asia-Pacific, Europe, North America, and Rest of the World.
What does the Report Include?
The market report for hydrogen fuel stations includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as SWOT and PORTERS five forces analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
DRIVING FACTORS
Surge in Demand for Hydrogen-Powered Vehicles to Aid Growth
In May 2019, Hyundai Motors commenced constructing its new hydrogen fueling station in Seoul, South Korea. According to the company, the facility is expected to be the first station built across a parliamentary complex in the National Assembly area. Companies such as Hyundai are focusing their strategies on leveraging the opportunities provided by the high demand for hydrogen-powered vehicles. Besides, the rising pollution level leading to significant degradation of air quality is projected to contribute to the global hydrogen fueling station market growth during the forecast period.
REGIONAL INSIGHTS
Asia-Pacific – The region is expected to hold the highest position in the market. This is ascribable to factors such as the supportive government policies to ensure the development of advanced hydrogen fueling station facilities in countries such as China, Japan, and South Korea. The region stood at USD 0.23 billion in 2020.
North America – The region is expected to experience considerable growth during the forecast period. This is due to several tax-benefit policies and proactive research and development initiatives by several companies in countries such as the U.S. that will boost the adoption of innovative fueling stations in the region.
COMPETITIVE LANDSCAPE
Product Innovation by Key Players to Leverage Lucrative Market Opportunities
The market comprises small, medium, and large companies focusing on developing and introducing advanced hydrogen fueling stations to cater to the growing demand from consumers globally. Additionally, other key players are adopting strategies such as partnership, merger and acquisition, and collaboration to maintain their presence in the fiercely competitive marketplace.
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Industry Development:
- July 2020 – Linde AG announced its plan to construct and operate the HRS facility developed for passenger trains operating acrossBremervörde, Germany. The move is expected to consolidate Linde’s position in the global marketplace.
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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, USDBillion), Insights and Forecast, 2017-2028
- 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)
- Small Station (Less than 1 t/d of H2)
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North Hydrogen Fueling Station Market Analysis (Units, USD Billion), Insights and Forecast, 2017-2028
- 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)
- Small Station (Less than 1 t/d of H2)
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Europe Hydrogen Fueling Station Market Analysis (Units, USD Billion), Insights and Forecast, 2017-2028
-
- 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)
- Small Station (Less than 1 t/d of H2)
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