Hydrogen Fueling Station Market Size to Hit USD 2.67 Billion by 2028 | Investment in R&D by Companies Such as Praxiar and Ballard Power Systems to Create Exciting Growth Opportunities

According to Fortune Business Insights, the global hydrogen fueling station market is projected to grow from USD 0.37 Billion in 2020 to USD 2.67 Billion in 2028, at CAGR of 30.8% during forecast period.

Hydrogen Fueling Station Market Size

Pune, India, May 04, 2022 (GLOBE NEWSWIRE) — The global Hydrogen Fueling Station Market size is expected to showcase exponential growth by reaching USD 2.67 billion by 2028. This information is published by Fortune Business Insights in its report, titled “Hydrogen Fueling Station Market, 2021-2028.” The report further observes that the market stood at USD 0.37 billion in 2020 and is projected to exhibit an astonishing CAGR of 30.8% between 2021 and 2028.

Factors such as the increasing investment in developing advanced components and the growing demand for the adoption of low carbon technologies will favor the product’s demand during the foreseeable future. According to the U.S. Energy Information Administration (EIA), the total renewable energy consumption was around 11.41 quadrillion British thermal units (BTU) in 2018, an increase of around 17.4% compared to 2015.  

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The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from the governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling, and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

DRIVING FACTORS

Increasing Investment in Development of Advanced Components to Spur Demand

In February 2021, Howden, the U.K.-based engineering company, announced its plan to deliver advanced H2 compressor solutions to Everfuel, a leading Denmark-based company. Companies such as Howden are introducing advanced systems to boost their manufacturing abilities. The high demand for low carbon solutions has further propelled these companies to develop advanced fueling facilities globally. Backed by encouraging government policy framework, several companies adhere to stringent emission regulations by deploying low-carbon technology-induced infrastructures. These factors are anticipated to bode well for the global hydrogen fueling station market growth during the foreseeable future.

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Further Report Findings

• Asia-Pacific stood at USD 0.23 billion in 2020 and is likely to hold the largest global hydrogen fueling station market share during the forecast period. This is owing to the large-scale deployment of hydrogen fuel cell vehicles in countries such as China and South Korea. For instance, by the end of 2020, Japan had over 150 hydrogen stations.
• The market in Europe is expected to gain traction in the forthcoming years. This is due to the favorable carbon reduction policies implemented by the European Union that will boost the demand for advanced hydrogen fueling stations in the region.
• Based on the type, the small station segment held a market share of about 89.9% in terms of revenue in 2020. The segment is anticipated to experience exponential growth owing to the growing demand for hydrogen-powered automobiles that require small hydrogen fueling stations globally.

Market Segmentation

On the basis of type, the market for hydrogen fueling stations is divided into small stations, medium stations, and large stations. Lastly, on the basis of region, the market is segregated into Asia-Pacific, Europe, North America, and Rest of the World. 

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What does the Report Include?

The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market strongholds between 2021 and 2028. 

COMPETITIVE LANDSCAPE

Major Companies Investing in R&D Activities to Brighten Their Market Prospects

The market is experiencing stiff competition amongst several major companies focusing on investing in R&D activities to develop futuristic and technologically advanced hydrogen fueling stations to cater to the rising number of hydrogen-powered automobiles worldwide. Furthermore, other key players are adopting strategies such as facility expansion, merger and acquisition, and partnership that will bode well for the market growth.

Industry Development:

April 2021 – Nel Hydrogen secured a purchase order for one H2 Station hydrogen fuel station from HTEC. The company informs that the station will fuel light-duty fuel cell electric vehicles in Quebec, Canada.

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List of the Hydrogen Fueling Stations Companies Operating in the Global Market:

• 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.)

Table of Content:

1.       Introduction

1.1.    Research Scope

1.2.    Market Segmentation

1.3.    Research Methodology

1.4.    Definitions and Assumptions

2.       Executive Summary

3.       Market Dynamics

3.1.    Market Drivers

3.2.    Market Restraints

3.3.    Market Opportunities

4.       Key Insights

4.1.    Key Emerging Trends

4.2.    Latest Technological Developments

4.2.1.Compressor Technology

4.3.    Regulatory Landscape

4.4.    Porters Five Forces Analysis

5.       Qualitative Analysis – Impact of COVID-19

5.1.    Impact of COVID-19 on the Hydrogen Fueling Station Market

5.2.    Steps Taken by the Government to Overcome the Impact

5.3.    Key Developments in the Industry in Response to COVID-19

5.4.    Potential Opportunities and Challenges due to COVID-19 Outbreak

6.       General Station Configuration, By Type

6.1.    Small Station

6.2.    Medium Station

6.3.    Large Station

7.       Hydrogen Fueling Station Cost Analysis (Average CAPEX, by Type)

7.1.    Station Cost

7.2.    Compressor Cost

8.       Global Hydrogen Fueling Station Market Analysis (Units, USD Billion), Insights and Forecast, 2017-2028

8.1.    Key Findings / Summary

8.2.    Market Analysis, Insights and Forecast – By Type

8.2.1.Small Station (Less than 1 t/d of H2)

8.2.1.1.  Low Pressure (350 bar)

8.2.1.2.  High Pressure (700 bar)

8.2.2.Medium Station (1-4 t/d of H2)

8.2.2.1.  Low Pressure (350 bar)

8.2.2.2.  High Pressure (700 bar)

8.2.3.Large Station (More than 4 t/d of H2)

8.2.3.1.  Low Pressure (350 bar)

8.2.3.2.  High Pressure (700 bar)

8.3.    Market Analysis, Insights and Forecast – By Region

8.3.1.North America

8.3.2.Europe

8.3.3.Asia Pacific

8.3.4.Rest of the World

Continued…

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