Hydrogen Fueling Station Market

The global Hydrogen Fueling Station Market was valued at USD 315.9 Million in 2022 and is projected to reach a value of USD 903.6 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 16.2% between 2023 and 2030.

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A hydrogen station is a storage or filling facility for hydrogen fuel. Hydrogen is measured by weight. Two commonly used filling pressures are H70 or 700 bar and the older standard H35, or 350 bar. As of 2022, there were approximately 550 gas facilities available worldwide. To effectively dispense hydrogen at the requisite rates, a variety of handling and processing equipment is required to install a new Hydrogen Fueling Station. Diverse manufacturers of scale components have disclosed substantial efforts to enhance their manufacturing capacities and implement innovative systems that will create new growth opportunities for the global Hydrogen Fueling Station market. In May 2022, for instance, Lotte Chemical and Air Liquide Korea partnered to expand the hydrogen supply chain for vehicles in South Korea. In Ulsan and Daesan, the corporations will invest in developing large-scale Hydrogen Fueling Stations.

Various nations have enacted stringent regulations to limit GHG emissions in the short, medium, and long terms in response to rising carbon emission levels. The enormous goals set by national and regional governments worldwide have increased the emphasis on deploying low-carbon technologies, thereby boosting the demand for FCEVs and expanding the size of the global market. Yoshihide Suga, the former prime minister of Japan, pledged in April 2021 to achieve a 46% reduction in greenhouse gas emissions from 2013 levels by 2030. Similarly, on 22 October 2021, Japan's Prime Minister Fumio Kishida accepted Japan's Sixth Strategic Energy Plan, which memorialized the 2050 carbon neutrality pledge and included objectives for energy produced from hydrogen sources to account for 1 percent of Japan's total power generation by 2030.

The increasing consumer interest in deploying various types of zero-emission vehicles offers new opportunities for the global market. Diverse small- and large-scale automotive manufacturers have introduced new initiatives to increase FCEV placement and support the automotive industry's decarbonization transition. According to a study published in March 2022 by the National Renewable Energy Laboratory of the U.S. Department of Energy, continuous improvements to zero-emission vehicles and fuel technologies will make green trucks more affordable and accessible over the next decade. Increased use of fuel-cell electric vehicles in the haulage industry will contribute to the decarbonization of the U.S. transportation sector, advance the adoption of electric vehicles, combat the climate crisis, and bolster domestic manufacturing.

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Economic Insights

In light of escalating tensions between Russia and Ukraine, the entire economy is preparing for the repercussions of this major conflict. The anticipated Russian invasion will likely have calamitous effects on economic growth and development. The issue threatens global growth and prosperity at a moment when the goal is to reach a GDP of $100 trillion by 2022. Despite concerted efforts to reach an agreement, the economic trajectory will likely be negatively impacted. The world awaits the outcome of this situation with bated breath.

Top Market Trends

1. Progressive Shift Towards Renewable Energy: Diverse administrations have established ambitious renewable energy deployment goals to reduce carbon emissions and meet various industries' swiftly rising energy demands. Long-term carbon reduction targets are adhered to by the United States, Western European nations, China, Japan, and others. For instance, Germany has ambitious objectives to reduce pollution to meet emission targets by utilizing various renewable energy sources, such as wind, solar, and others. Recent German government coalition terms include reducing carbon emissions and increasing the renewable energy objective to 65 percent.
2. Rising Development in Fuel Cell Energy: Increased research and development activities associated with hydrogen fuel cell technology have increased joint ventures and partnerships concerning adopting Hydrogen Fueling Stations. In July 2022, Shell partnered with Shenergy Group, a state-owned enterprise owned by the Shanghai government that deals in electricity, hydrocarbons, and natural gas, to establish a joint venture to construct a hydrogen refueling network in Shanghai. In addition, the joint venture intends to construct six to ten hydrogen refueling stations in Shanghai and the adjacent Yangtze River Delta over the next five years. In addition, governments worldwide are advocating the use of hydrogen-powered vehicles. For instance, in 2019, the European Union (EU) initiated the five-year H2Haul initiative. This EU-funded project seeks to deploy sixteen zero-emission fuel cell vehicles in four locations by 2024, namely Germany, Belgium, Switzerland, and France. In addition, the California Air Resources Board (CARB), Toyota, Shell, and Kenworth have also launched the $82 million Zero-Emission and Near Zero-Emission Freight Facilities (ZANZEFF) initiative. With the help of this project, the Port of Los Angeles (POLA) is anticipated to establish a network for "Shore to Store" freight transport utilizing fuel-cell technology. Consequently, these factors are anticipated to drive market expansion over the forecast period.

Market Segmentation

The global Hydrogen Fueling Station market can be categorized on the following: Station Size, Supply Type, Pressure, Station Type, Solution, and Region. Based on Station Size, the market can be categorized into Small Stations, Mid-sized Station, and Large Stations. Additionally, based on Supply Type, the market can be split further into Off-Site and On-Site. Moreover, based on Pressure, the market can be differentiated between High Pressure and Low Pressure. Additionally, based on Station Type, the market can be split further into Fixed Hydrogen Stations and Mobile Hydrogen Stations. Additionally, based on the Solution, the market can be segregated into Engineering, Procurement, & Construction (EPC) and Components. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Station Size

Small Size Stations to Account Maximum Share Due to Rising Number of Hydrogen Powered Vehicles

As a result of the exponential increase in the number of hydrogen-powered passenger and light commercial vehicles, the tiny category is experiencing a significant rise. The expanding efforts to modernize the public transportation fleet with technologies that produce less carbon is anticipated to encourage the expansion of the medium station market. 2022 will see huge hydrogen fuelling retail stations continue to be influenced by large-scale trends.

Based on the Supply Size

On-Site Stations to Increase in Installations Due to Rising Investments in Clean Energy Stations

The on-site segment is anticipated to be the market segment with the highest growth rate over the period covered by the forecast. The electrolysis of water on site allows for the creation of hydrogen, which the governments of several nations are utilizing as part of their efforts to transition away from less environmentally damaging fuels. The increasing investments in clean hydrogen are responsible for expanding the onsite segment.

Based on Solution

Components to Play a Pivotal Role in Growth Owing to Developing Push Towards Infrastructure

During the period covered by the forecast, it is anticipated that the components segment will represent the most revenue. The infrastructure of the Hydrogen Fueling Station requires components that play an essential role. Compression technology that makes hydrogen storage and delivery simple and efficient in terms of cost will probably be supported by the growth of the components segment.

Based on Region

Asia Pacific to be at the Forefront of Development owing to the Presence of Emerging Economies

In the future, Asia-Pacific is anticipated to hold the largest global Hydrogen Fueling Station market share. China, Japan, and South Korea are among the major nations that have presented ambitious deployment goals for hydrogen fuel cell vehicles and a positive road map for establishing HRS facilities. Japan is among the world's fastest-growing nations, as the number of Hydrogen Fueling Stations has exploded.

The European Union's carbon reduction policies, national renewable energy goals, and the decarbonization of bus fleets are among the main factors driving market expansion in the region. Additionally, numerous regional organizations are making substantial investments to promote the adoption of hydrogen fuel among consumers. In March 2021, for instance, OrangeGas, a Dutch fueling station company, announced the opening of Amsterdam's first Hydrogen Fueling Station. The Hydrogen Fueling Station will provide renewable hydrogen and feature a dual-pressure design with 350 bars and 750 bars for various vehicles.

Competitive Landscape

There is great competition worldwide, and several companies are active at various supply chain stages. The companies in this business emphasize introducing new components, such as tanks and compressors, for vehicles and HRS facilities to expand their customer base. In addition to that, the organizations are focused on their efforts.

The key players in the global Hydrogen Fueling Station market include - Air Liquide (France), Ballard Power Systems (Canada), FirstElement Fuel Inc. (U.S.), Air Products & Chemicals Inc. (U.S.), Hydrogenics (Canada), Praxair Inc. (U.S.), Nel Hydrogen (Norway), Linde Engineering (Ireland), FuelCell Energy (U.S.), Nuvera Fuel Cells LLC (U.S.), Hydrogen Refueling Station (France), Humble Hydrogen (India), H2 Mobility (Germany), Nano SUN Ltd. (UK) among others.

Recent Market Developments

• April 2022: Hytech AS issued a purchase order and signed an MOU with Nuvera Fuel Cells, LLC. The company will evaluate the use of stationary Nuvera E-45 fuel cell turbines.
• March 2022: Air Liquide, Airbus, Korean Air, and Incheon International Airport Corporation have signed a memorandum of understanding to investigate the utilization of hydrogen at Incheon International Airport. In addition to investigating the development of a Korean Airport infrastructure to support the deployment of hydrogen-powered commercial aircraft, the collaboration includes this study.
• April 2021: Howden, a British engineering firm, announced that it would provide Everfuel, a Danish hydrogen energy company, with advanced hydrogen compressor solutions.

Segmentation of the Global Hydrogen Fueling Station Market