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Hydrogen Fueling Station Market to Touch USD 2.66 Billion by 2029; Strong Demand for Alternative Fuel Sources to Foster Market Progress

August 01, 2022 | Energy & Power

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. 


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


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


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



  • April 2021- Nel Hydrogen received a purchase order from HTEC for one H2 Station (hydrogen fueling station). The station will power light-duty fuel cell-equipped electric vehicles in Quebec, Canada.


List of Key Players Profiled in the Report



  • 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.)


Further Report Findings



  • The market in Asia Pacific stood at USD 0.22 billion in 2021 and is expected to gain a huge portion of the global hydrogen fueling station market share. Furthermore, the launch of enormous hydrogen fuel cell vehicle targets in Japan, South Korea, and China for the completion of roadmaps for hydrogen fueling facilities’ establishment may foster the industry’s growth.

  • In North America, increasing research and development costs, tax benefit policies, and the presence of several companies are expected to foster industry growth. Further, the rising construction of novel hydrogen fueling stations may boost market progress.


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




  • 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 Geography




  • North America (By Type and Country)

    • U.S.

    • Canada



  • Europe (By Type and Country)

    • U.K.

    • Germany

    • France

    • 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
  • 2021
  • 2018-2020
  • 154

    CHOOSE LICENSE TYPE

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