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Hydrogen Fueling Station Market was Valued USD 729.30 Million in 2023; Growth In The Number Of Initiatives For Hydrogen To Propel The Market Growth

June 10, 2024 | Energy & Power

The global hydrogen fueling station market size was valued at USD 729.30 million in 2023 and is projected to reach a valuation of USD 817.85 million in 2024. The market is expected to reach USD 5,464.37 million by 2032 with a CAGR of 26.80% during the forecast period. “Hydrogen Fueling Station Market Size, Share & Industry Analysis, By Type (Small Station (Less than 1 t/d of H2) {Low Pressure and High Pressure}, Medium Station (1-4 t/d of H2) {Low Pressure and High Pressure}, and Large Station (More than 4 t/d of H2){Low Pressure and High Pressure}), and Regional Forecast, 2024-2032”


A hydrogen fueling station is essential in wide spreading the use of fuel-cell vehicles and reduce the greenhouse gas emissions. The number of stations for hydrogen fueling is growing government’s effort to decarbonize the transportation sector which is also driving the need to develop the proper infrastructure required.


The coronavirus profoundly impacted the market growth as number of investments and installations of hydrogen fueling station projects were postponed. However, the demand for green hydrogen is expected to stabilize the market growth.


Air Liquide Korea And Lotte Chemical Joined Hands To Scale Up The Supply Chain Of Hydrogen


In May 2022, Air Liquide Korea and Lotte Chemical joined hands to scale up the supply chain of hydrogen for mobility markets in South Korea. For hydrogen filling centers, Daesan and Ulsan companies will co-invest and multiple synergies and envision the development of several opportunities to foster the rise of the hydrogen economy in Korea.


Growth In The Number Of Initiatives Regarding The Awareness For Hydrogen To Propel The Demand For Product


Growth in the number of initiatives regarding the awareness for hydrogen is set to drive the hydrogen fueling station market growth. Hydrogen can be produced from fossil, nuclear, and renewable resources. It is being promoted by governments and other government partners globally.  


The market is set to have hindrance due to challenges associated with development of adequate and cost-effective refueling infrastructure. Implementation of various hydrogen stations require a high amount of investment and purchase of high-quality equipment and machinery is also high.


Collaborative Strategies Imposed by the Market Players for the Deployment of New Projects Globally


The players in the market for hydrogen fueling station are keen on shifting their focus on improving the convenience for the newly installed stations. For this, Companies such as Air Liquide, FirstElement Fuel, and Cummins Inc. collaborated to pursue the development of new hydrogen fueling station projects globally. The have been pursuing new projects globally leveraging collaborative strategies. 


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/hydrogen-fueling-station-market-103934


Key Industry Development



  • July 2021 - DD DANNAR, LLC (DANNAR) and Nuvera Fuel Cells, LLC joined hands to work on an integration project which is aimed at creating hydrogen fuel cell power solutions. The projects is made to cater to various markets such as municipalities, fleets, military applications, mining, and agriculture with the demand for clean energy alternatives.


List of Key Players Profiled in the Market Report: -



  • Air Liquide (France)

  • Air Products and Chemicals, Inc. (U.S.)

  • China Petrochemical Corporation (China)

  • FirstElement Fuel Inc. (U.S.)

  • FuelCell Energy, Inc. (U.S.)

  • Cummins Inc. (U.S.)

  • Linde Group (Ireland)

  • Nel Hydrogen (Norway)

  • Nuvera Fuel Cells (U.S.)

  • Praxair (U.S.)


Further Report Findings:



  • Asia Pacific leads the global hydrogen fueling station market share with big goals for the introduction of hydrogen fuel cell cars and heavy vehicles in China, Japan, and South Korea for meeting the demand for cars and buses. The market was valued at USD 563.52 million in 2023.

  • The market in North America is set to grow owing to tax benefits which has led to the availability of numerous companies, technological advancements, and committed research & development initiatives. Canada and U.S. have increased their count for HRS by developing new facilities with the assistance of favorable policies.

  • The small station (less than 1 t/d of H2 segment dominates the market for hydrogen fueling station as these stations are more convenient and efficient. The small station (less than 1 t/d of H2) boasts a share of 92.27%, this technology enables efficient production of hydrogen on a small-scale facilitating an easy deployment and scalability for ever-increasing demand.


Table of Segmentation













































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year 



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 26.80% from 2024 to 2032



Unit



 Value (USD Million) and Volume (Units)



Segmentation



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)





By Region



  • North America (By Type and Country)


    • U.S.

    • Canada


  • Europe (By Type and Country)


    • Germany

    • France

    • U.K.

    • Italy

    • Denmark

    • Netherlands

    • Rest of Europe


  • Asia Pacific (By Type and Country)


    • China

    • Japan

    • South Korea

    • Australia

    • Rest of Asia Pacific


  • Rest of the World (By Type)


Global Hydrogen Fueling Station Market
  • PDF
  • 2023
  • 2019-2022
  • 149

    CHOOSE LICENSE TYPE

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