Hydrogen Fueling Station Market to Depict 26.43% CAGR Over 2023-2030; Rising Preference of Customers Toward Zero-Emission Vehicles Adoption to Propel Market Growth

The global hydrogen fueling station market size was valued at USD 711.52 million in 2022. The market is projected to grow from USD 722.73 million in 2023 to USD 3,731.23 million by 2030, exhibiting a CAGR of 26.43% during the forecast period.

Fortune Business Insights™ presents this information 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, 2023-2030”.

A hydrogen fueling station is designed to supply hydrogen gas to Fuel Cell Vehicles (FCVs) and several other hydrogen-powered vehicles. These fueling stations are important to promote the use of fuel-cell vehicles and decrease greenhouse gas emissions in the transportation industry. The increasing preference of customers toward the adoption of zero-emission vehicles is anticipated to drive market growth during the forecast period.

Increased Supply Chain Disruptions During Pandemic Hindered Market Growth

The COVID-19 pandemic negatively impacted the hydrogen fueling station market growth. The pandemic affected supply chain disruptions, decreased industrial activities, and caused economic uncertainties. Moreover, it led to postponements and delays in investment and project installations, including the hydrogen fueling station projects globally.

Joint Venture of DD DANNAR, LLC and Nuvera Fuel Cells, LLC, Created Hydrogen Fuel Cell Power Solutions

In July 2021, a joint venture of DD DANNAR, LLC (DANNAR) and Nuvera Fuel Cells, LLC, worked on an integration project focused on creating hydrogen fuel cell power solutions for different markets with a rising demand for clean energy alternatives. The markets include fleets, municipalities, mining, military applications, and agriculture.

Rising Government Focus to Reduce Carbon Emissions Drives Market Growth

The increasing government initiatives and focus on technologies and sources with zero or low emissions, such as wind, fossil fuels, nuclear energy, and solar energy, and advanced carbon sequestration and emission controls, are expected to boost the market growth. The growing use of hydrogen fuel as a reliable fuel source for many applications, such as stationary power generation, transportation, and mobile applications, is anticipated to drive market expansion during the forecast period.

However, the requirement of capital expenditure to include high-grade machinery and equipment to set up different scale hydrogen stations may hamper market growth.

Growing Key Players’ Focus on Collaborations and Partnerships to Boost Market Growth

This market comprises key players, such as Cummins Inc., FirstElement Fuel and others. The increasing focus of key market players toward partnerships and collaborations to develop new hydrogen fueling station projects is expected to propel market growth during the forecast period.

Notable Industry Development

• February 2023 – China Petroleum & Chemical Corporation launched China’s first methanol-to-hydrogen and hydrogen refueling service station in Dalian, China. The new station represents a significant advancement over the previous facility that delivered fueling options for services, including gas, oil, hydrogen, and electric charging. This new station has the capacity to produce 1000 kg of hydrogen with a purity level of 99.99%.

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

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

List of Key Companies Profiled in the 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 holds the largest hydrogen fueling station market share and was valued at USD 530.82 million in 2022. The region’s growth is attributed to heavy investments in the development of hydrogen technology and infrastructure, which leads to the setting up of high installations across Asia Pacific.


• The market is expected to grow in Europe due to the rising investments in the hydrogen infrastructure.


• Tax benefit policies due to the availability of different scale companies, dedicated research & development initiatives, and technological advancements, drives the North American market growth in North America.


• The small stations (less than 1 t/d of H2) segment leads the market. The segment’s growth is attributed to the cost efficiency, ability, and flexibility of these small stations (less than 1 t/d of H2) hydrogen fueling stations.

Table of Segmentation: