Stringent government regulations to control increasing pollution along with the high suitability of hydrogen as fuel and increase in R&D activities related to hydrogen fuel cell technology drive the growth of the global hydrogen fueling station market.
WILMINGTON, Del., Nov. 8, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Hydrogen Fueling Station Market by Station Type (Small, Medium and Large), Vehicle Type (Passenger Cars and Commercial Vehicles), Vehicle Technology (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cells and Others), and Delivery Method (On-Site and Off-Site): Global Opportunity Analysis and Industry Forecast, 2024-2035″. According to the report, the global hydrogen fueling station market is expected to be valued at $756.4 million in 2024 and is projected to reach $22,015.6 million by 2035, registering a CAGR of 35.9% from 2024 to 2035.
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Prime determinants of growth
Stringent government regulations to control increasing pollution, high suitability of hydrogen as fuel, and increase in R&D activities related to hydrogen fuel cell technology supplement the growth of the hydrogen fueling station market. However, high initial expenditure for producing hydrogen and lack of fuel infrastructure are the factors expected to hamper the growth of the hydrogen fueling station market. In addition, technological advancements and future potential in the hydrogen fuel cell vehicle and increase in investments & encouragement in administrative policy framework create market opportunities for the key players operating in the hydrogen fueling station market.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2024–2035 |
|
Base Year |
2024 |
|
Market Size in 2024 |
$756.4 million |
|
Market Size in 2035 |
$ 22,015.6 million |
|
CAGR |
35.9 % |
|
No. of Pages in Report |
351 |
|
Segments covered |
Station Type, Vehicle Type, Vehicle Technology, Delivery Method, and Region. |
|
Drivers |
Stringent government regulations to control increasing pollution High suitability of hydrogen as fuel Increase in R&D activities related to hydrogen fuel cell technology |
|
Opportunities |
Technological advancements and future potential in the hydrogen fuel cell vehicle Increase in investments and encouragement in administrative policy framework |
|
Restraints |
Lack of fuel infrastructure High initial expenditure for producing hydrogen |
The small segment is expected to maintain its dominance throughout the forecast period.
By station type, the small segment is expected to hold the highest market share in 2024, accounting for four-fifths of the global hydrogen fueling station market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to witness the highest CAGR of 35.1% from 2024 to 2035, owing to increase in the installation of small hydrogen fueling stations.
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The commercial vehicle segment is projected to maintain its dominance throughout the forecast period.
By vehicle type, the passenger vehicle segment is expected to witness the highest market share in 2024, accounting for nearly three-fourths of the global hydrogen fueling station market. However commercial vehicle segment is estimated to lead the market segment during the forecast period with a CAGR of 36.8%.
The proton exchange membrane fuel cell segment to maintain its lead position during the forecast period
By vehicle technology, the proton exchange membrane fuel cell segment accounted for the largest share in 2024, contributing to nearly half of the global hydrogen fueling station market revenue. However, others segment is projected to lead the market during the forecast period with a CAGR of 37.7% during the forecast period.
The on-site segment to maintain its lead position during the forecast period
By delivery method, the on-site segment accounted for the largest share in 2024, contributing to more than two-thirds of the global hydrogen fueling station market revenue and is projected to grow at a suitable CAGR of 36.7% during the forecast period. On-site refueling stations include vehicles that are used for refueling the vehicles that have consumed fuel mid-way of propulsion. In addition, hydrogen fuel vehicle owners face the difficulty of refueling their vehicles due to uneven availability of refueling stations and thus the need for on-site refueling rises, which eventually leads to the growth of the segment in the global market.
Asia-Pacific to maintain its dominance by 2035
By region, Asia-Pacific is expected to hold the highest market share in terms of revenue in 2024, accounting for two-fifths of the global hydrogen fueling station market revenue. However, Europe is expected to dominate the market during the forecast period. Automotive and portable applications have always been the prominent drivers of hydrogen fueling in the European market. In addition, due to rise in usage in industrial activities for zero-emission vehicles to be present across the region, hydrogen fuel cells & hydrogen fueling stations are gaining traction in the market. The economic slowdown in the Eurozone has affected fuel cell adoption to a considerable extent in transport, portable, and stationary applications. Moreover, Europe has stringent regulations for toxic materials and carbon emissions, which have fueled the growth of this market in Europe.
Leading Market Players: –
China Petrochemical Corporation
Cummins Inc.
SHELL
Ballard Power Systems
FirstElement Fuel Inc.
FuelCell Energy, Inc.
Nuvera Fuel Cells LLC
TotalEnergies
H2Energy Solutions Ltd.
Air Products and Chemicals, Inc.
Air Liquide
PDC Machines Inc.
ITM Power PLC
Black And Veatch Holding Company
Nel ASA
Linde plc
TrueZero
The report provides a detailed analysis of key players in the global hydrogen fueling station market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Similar Report We Have on Automotive Industry:
Europe Hydrogen Fueling Station Market Research Report 2023-2032
U.S. Hydrogen Fueling Station Market Research Report 2023-2032
Asia-Pacific Hydrogen Fueling Station Market Research Report 2023-2032
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