Hydrogen Fueling Station Market Size to Grow $1,129 Million, at a 16.8% CAGR by 2030 – Report by MarketsandMarkets™

Chicago, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Hydrogen Fueling Station Market size is projected to grow from USD 380 million in 2023 to USD 1,129 million by 2030, at a CAGR of 16.8% according to a new report by MarketsandMarkets™. Factors such as stringent government regulations to control greenhouse gas emissions and increasing implementation of national hydrogen strategies across various countries is significantly contributing to the growth of Hydrogen Fueling Station Market.

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183 – Tables
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Scope of the Report

Globally, the governments are undertaking several initiatives to meet the net zero goal and are focusing on reducing carbon footprint by promoting the use of renewable energy sources to produce energy. Hydrogen fueling station solutions will play a crucial role in achieving these objectives. The increase in the research and development activities related to hydrogen fuel cell technologies and rising demand for the onsite hydrogen supply through electrolysis are a few major factors driving the Hydrogen Fueling Station Market growth.

This report segments the Hydrogen Fueling Station Market based on supply type into two types: ons-site and off-site. The on-site is expected to be the fastest growing market during the forecast period owing to increasing demand for electrolyzer based hydrogen fueling station. For instance, For instance, Nel Hydrogen received a contract from Nikola Motor for 448 electrolyzers and related fueling equipment. This was carried out for Nikola to establish a fueling network of 30 stations in the US to service commercial and passenger hydrogen fuel cell vehicles.

Based on the station size, the report is segmented into small stations, mid-sized stations and large stations. The small stations segment is expected to be the dominating segment during the forecast period. The rapid deployment of small hydrogen fueling stations facilitates the adoption of fuel cell electric vehicles in rural areas. These is one of key factors driving the growth of station size segment.

Based on the station type, the report is segmented into fixed hydrogen stations and mobile hydrogen stations. The fixed hydrogen stations segment held the larger market share and is expected to be the grow at a faster rate during the forecast period owing to the advantages it offers such as high efficiency, safety and short refuelling time.

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Based on the pressure, the report is segmented into the high pressure and low pressure. The high-pressure segment is expected to lead due to increasing demand for passenger fuel cell cars and growing government investments to propel the growth of fuel cell vehicles.

Based on the solution, the report is segmented into engineering, procurement and construction (EPC) and components. The components segment held the larger market share during the forecast period. Factors such as rising technological advancements with growing research and development activities and increased investments for the hydrogen technologies to boost the demand of components segment in Hydrogen Fueling Station Market.

“Asia Pacific”: The fastest in the Hydrogen Fueling Station Market”

Asia Pacific is expected to fastest growing region in the Hydrogen Fueling Station Market between 2022–2030, followed by the Europe and North America. Rising foreign investments in the hydrogen infrastructure, the targets sets by the governments to curb carbon emissions from mobility sector, and implementation of national hydrogen strategies by the governments are few of the key factors fostering the growth of the Hydrogen Fueling Station Market in the Asia Pacific.

Key Market Players

The leading players in the Hydrogen Fueling Station Market include Air Liquide (France), Air Products and Chemicals, Inc. (US), Linde plc (Ireland), Nel ASA (Norway), and McPhy Energy S.A. (France).

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Recent Developments

• In February 2023, Air Liquide will join TotalEnergies to create an equally owned joint venture to develop a network of hydrogen stations. This initiative will help facilitate access to hydrogen, enabling the development of its use for goods transportation and further strengthening the hydrogen sector.
• In October 2022, Air Products and Chemicals, Inc., Schenk Tanktransport, and TNO collaborated together on the Clean Hydrogen and Road Transport Project (CH2aRT) project to develop hydrogen trucks and a public hydrogen refueling station.
• In October 2022, Linde plc received a contract from Fountain Fuel for the delivery of three hydrogen refueling stations in the Netherlands. Linde will supply three of its Twin IC90 hydrogen refueling systems.
• In December 2022, Nel ASA signed an agreement via its subsidiary Nel Hydrogen Inc. with an US-based energy company for the supply of 16 hydrogen fueling stations.
• In April 2019, McPhy Energy S.A. launched the smart “Augmented McFilling” hydrogen fueling station, especially for fueling heavy-duty vehicles.

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