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The global hydrogen fueling station market size is expected to exhibit strong growth by reaching USD 2.66 billion by 2029. Fortune Business Insights™ in its report titled “Hydrogen Fueling Station Market Size, Share & COVID-19 Impact Analysis, By Type (Small Station {Low Pressure and High Pressure}, Medium Station {Low Pressure and High Pressure}, and Large Station {Low Pressure and High Pressure}), and Regional Forecast, 2022-2029” observes that the market size in 2021 was USD 0.35 billion and touched USD 0.54 billion in 2022. The market exhibited a CAGR of 25.6% during 2022-2029. Robust demand for alternate fuels and rising awareness of carbon emissions are likely to foster the industry’s growth.
Nuvera Fuel Cells Entered into an Agreement with Dayco to Expand its Applications
Nuvera fuel cells entered into an agreement with Dayco in March 2022 to develop and design fully integrated fuel cell solutions for a slew of mobile, industrial, stationary, and commercial applications. This strategy may allow Nuvera Fuel Cells to expand its market reach.
Low FCEV Sales Hampered the Market’s Progress
The industry was negatively affected during the COVID-19 pandemic owing to reduced Fuel Cell Electric Vehicles (FCEV) sales. Increasing COVID-19 infections restricted transport and travel restrictions, declining automotive adoption. Moreover, manufacturing restrictions created severe supply chain disruptions, thereby declining industry growth. Moreover, industrial automation and reduced capacities enabled manufacturers to re-commence business activities and balance costs. Also, COVID-19 relaxations enabled companies to boost sales performance, thereby inciting the market growth.
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Strong Demand for Hydrogen-Powered Automotive Vehicles to Elevate Industry Growth
Hydrogen is a widely used industrial gas and is available in several compositions. The increasing demand for hydrogen-powered automobiles is expected to bolster hydrogen fueling adoption. Further, the increasing adoption of electric vehicles may foster hydrogen fuel adoption. The substance is widely used in fuel-cell powered electric vehicles, increasing its demand from electric vehicle manufacturers. Moreover, strong demand for hydrogen fuel from the trucking industry is likely to facilitate sales. These factors may drive the hydrogen fueling station market growth.
Major Players Launch Novel Stations to Expand Market Reach
The prominent companies operating in the market launch novel hydrogen fueling stations to expand their market share. For example, FirstElement Fuel, Inc. announced its novel fueling station in Sunnyvale, California, in February 2021. The fueling station contains 5 nozzles, 4 fueling positions, and a capacity of 16,000 kg. This strategy may enable novel stations to gain huge market reach. Furthermore, major companies devise expansions, partnerships, mergers, acquisitions, and sign contracts to bolster their market position.
Notable Industry Development
List of Key Players Profiled in the Report
Further Report Findings
Table &Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2018-2029 |
Base Year | 2021 |
Estimated Year | 2022 |
Forecast Period | 2022-2029 |
Historical Period | 2018-2020 |
Unit | Volume (Units) and Value (USD Billion) |
Segmentation | By Type and Region |
By Type |
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By Geography |
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