The global hydrogen fueling station market revenue was around US$ 868.9 million in 2023 and is estimated to reach US$ 13,719 million by 2032, growing at a compound annual growth rate (CAGR) of 35.9% during the forecast period from 2024 to 2032.
The idea of a hydrogen fueling station is attributed to fuel cell electric vehicles (FCEVs) or hydrogen that deliver a reasonable option to zero-emission mobility corresponding to battery electric vehicles (BEV). The hydrogen fueling station is constructed with a broad range of accumulators and compressors to effectively fill and store liquefied or gaseous hydrogen.
Factors Influencing Market Growth
- The factors like high suitability of hydrogen as fuel, strict government regulations to manage growing pollution, and the rise in research and development activities associated with hydrogen fuel cell technology supplement the growth of the market.
- The high initial expenditure for making hydrogen and the lack of fuel infrastructure are the factors anticipated to hinder the growth of the hydrogen fueling station market.
- Technological improvements and future possibilities in the hydrogen fuel cell vehicle and the growing encouragement and investments in administrative policy framework make market opportunities for the key players working in the hydrogen fueling station market.
Impact of COVID-19
The impact of the COVID-19 pandemic had a significant influence on the growth of the global hydrogen fueling station market. The pandemic drove disturbances in global supply chains, decreased industrial activities, and created economic tensions. The COVID-19 pandemic led to uncertainties and postponements in project investments and installations, including hydrogen fueling station projects. Governments and many companies slow down in new fueling station installations. Lockdown measures, limitations on movement, and international trade troubles concerned the supply chain for materials and components.
Regional Analysis
In 2023, Asia Pacific dominated the global hydrogen fueling station market in terms of revenue. Several nations in this region are growing electrolyzer-based hydrogen filling stations on a big scale or preparing test projects for the technology. As a result, there have been more investments constructed in feasibility studies, pilot projects, and new hydrogen fueling station deployments around the Asia Pacific region, especially in Japan and South Korea. The market for hydrogen fuelling stations in the area is expected to grow as a result of these factors.
Leading Companies
The leading prominent companies profiled in the global hydrogen fueling station market are: -
- Air Liquide
- Air Products and Chemicals, Inc.
- Ballard Power Systems
- Black and Veatch Holding Company
- China Petrochemical Corporation
- Cummins Inc.
- FirstElement Fuel, Inc.
- FuelCell Energy, Inc.
- H2ENERGY SOLUTIONS LTD
- ITM Power PLC
- NEL ASA
- Nuvera Fuel Cells, LLC
- PDC Machines Inc.
- Shell
- Linde PLC
- TotalEnergies
- TrueZero
- Other prominent key players
Segmentation Outline
The global hydrogen fueling station market segmentation focuses on Station Type, Vehicle Type, Vehicle Technology, Delivery Methods, and Region.
Segmentation based on Station Type
- Small
- Medium
- Large
Segmentation based on Vehicle Type
- Passenger Cars
- Commercial Vehicles
Segmentation based on Vehicle Technology
- Proton Exchange Membrane Fuel Cell
- Phosphoric Acid Fuel Cells
- Others
Segmentation based on Delivery Methods
- On-Site
- Off-Site
Segmentation based on Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa