Hydrogen Fueling Station Market to Grow at CAGR of 21.23% through 2032 – Growing Need for Reliable & Fixed Refuelling Infrastructure
The global hydrogen fueling stations market was valued at USD 602.76 Million in 2022 & is expected to reach USD 4,132.79 Million by 2032. Growing adoption of hydrogen-based vehicles, leading to the growing need for proper refuelling infrastructure in urban areas. China region holds around one-third of the global deployment of hydrogen fueling stations.
Newark, Jan. 10, 2024 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global Hydrogen Fueling Station market is expected to grow from USD 602.76 Million in 2022 to USD 4,132.79 Million by 2032, at a CAGR of 21.23% during the forecast period 2023-2032.
This market growth is attributed to a surge in the demand for zero-emission vehicles. Also, the leading OEMs are getting supported by the government to invest in R&D of the fuel cell electric vehicles (FCEVs). The demand for FCEVs is growing, and hence, there is a requirement for hydrogen fueling station infrastructure.
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To enhance their market position in the global Hydrogen Fueling Station market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In September 2023: Air Products partnered with Chengzhi, a tech organization, to speed up the transport decarbonization of the Yangtze River Delta region of China by launching the first commercial-scale hydrogen fuel station in Changshu City of Jiangsu province of China, which can fuel city buses and heavy-duty trucks in logistics. These strategies help organizations grow in the market.
Report Attribute Details
|Revenue forecast in 2022
|USD 602.76 Million
|Market size value in 2032
|USD 4,132.79 Million
|Expected CAGR Growth
|2023 – 2032
|Top Market Players
|Cummins Inc.,H2ENERGY SOLUTIONS LTD,NEL ASA,China Petrochemical Corporation,Ballard Power Systems,TotalEnergies,Air Liquide,Air Products and Chemicals,FuelCell Energy, Inc.,ITM Power PLC
|Size, Type and End User
|Customized purchase options are available to meet any research needs. Explore customized purchase options
Market Growth & Trends
Many refuelling and energy organizations focus on increasing the number of hydrogen fueling stations globally. For instance, Exolum partnered with Naturgy and Scale Gas to develop hydrogen production, distribution and supply infrastructure across Spain. Also, the government of South Korea is planning to develop around 1,200 hydrogen fueling stations by 2040 to cement hydrogen as the country’s main energy source. Based on one of the studies, more than 27,500 hydrogen fuel cell vehicles were sold from the beginning of their first sale till the end of 2020, even without a robust hydrogen fueling infrastructure. It is estimated that over 19 million passenger hydrogen fuel cells will be sold or leased by 2035, consisting of vehicles that have already been sold. After the sales went down during the pandemic, it is estimated that the passenger hydrogen fuel vehicle sales will pick up fast post-pandemic. The sales would be attributed to the steady development of significant hydrogen fueling infrastructure in many important markets. Automobile manufacturers such as Toyota, Honda, Hyundai, and SAIC are already in the hydrogen fuel cell vehicle market. There is an estimation that by 2070, the total hydrogen demand will be around 500 million metric tons, and the transportation sector will be the highest hydrogen consumer. Based on another study, around 400 million cars, nearly 5 million buses, and 15 to 20 million trucks will be powered by hydrogen by 2050. Hence, the growing demand for fuel cell cars led to a surge in the requirement for hydrogen filling stations and their helping infrastructure. It would help reduce the growing concerns of climate change, air pollution, and energy security. All these factors are eventually driving the Hydrogen Fueling Station market.
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• In 2022, the small & medium size segment dominated the market with the largest market share of 86.81% and market revenue of USD 523.25 Million.
The size segment is divided into small & medium size and large size. In 2022, the small & medium size segment dominated the market with the largest market share of 86.81% and market revenue of USD 523.25 Million. This market share is attributed to the growing adoption of hydrogen-based vehicles, leading to the growing need for proper refuelling infrastructure in urban areas.
• In 2022, the fixed station segment dominated the market with the largest market share of 55.56% and market revenue of USD 334.89 Million.
The type segment is divided into fixed station and mobile station. In 2022, the fixed station segment dominated the market with the largest market share of 55.56% and market revenue of USD 334.89 Million. These stationary stations can be the consistent hydrogen source, catering to a rising user base.
• In 2022, the commercial vehicle segment dominated the market with the largest market share of 48.31% and market revenue of USD 291.19 Million.
The end user segment is divided into railways, marine, commercial vehicle and aviation. In 2022, the commercial vehicle segment dominated the market with the largest market share of 48.31% and market revenue of USD 291.19 Million. The largest adopter of hydrogen is the mobility sector due to its contribution to the net zero movement.
Regional Segment Analysis of the Hydrogen Fueling Station Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global Hydrogen Fueling Station industry, with a market share of 62.50% and a market value of around USD 376.72 Million in 2022. This lion’s share is attributed to many Asian Pacific countries focusing on pilot projects or developing electrolyzer-based hydrogen fueling stations in the region. They have started investing in feasibility studies, pilot projects, and the new deployment of hydrogen fueling stations, especially in South Korea and Japan. China holds around one-third of the global deployment of hydrogen fueling stations.
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Key players operating in the global Hydrogen Fueling Station market are:
• Cummins Inc.
• H2ENERGY SOLUTIONS LTD
• NEL ASA
• China Petrochemical Corporation
• Ballard Power Systems
• Air Liquide
• Air Products and Chemicals
• FuelCell Energy, Inc.
• ITM Power PLC
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Hydrogen Fueling Station market based on below mentioned segments:
Global Hydrogen Fueling Station Market by Size:
• Small & Medium Size
• Large Size
Global Hydrogen Fueling Station Market by Type:
• Fixed Station
• Mobile Station
Global Hydrogen Fueling Station Market by End User:
• Commercial vehicle
About the report:
The global Hydrogen Fueling Station market is analysed based on value (USD Million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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