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The hydrogen fueling stations market share is expected to increase to USD 1.61 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 31.4%.
This hydrogen fueling stations market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hydrogen fueling stations market segmentations by type (small station, medium station, and large station) and geography (APAC, Europe, North America, Middle East and Africa, and South America). The hydrogen fueling stations market report also offers information on several market vendors, including Air Products and Chemicals Inc., Ballard Power Systems Inc., BP Plc, Cummins Inc., FirstElement Fuel Inc., FuelCell Energy Inc., ITM Power plc, L Air Liquide SA, Linde Plc, Nel ASA, Nuvera Fuel Cells LLC, Plug Power Inc., and Shell plc among others.
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The rising adoption of low carbon technologies is notably driving the hydrogen fueling stations market growth, although factors such as challenges associated with hydrogen refueling facilities may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hydrogen fueling stations industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Hydrogen Fueling Stations Market Driver
The rising adoption of low carbon technologies is one of the key drivers fueling the hydrogen fueling stations market growth. To reduce carbon emissions and meet the rapidly growing energy demand from various industries such as automotive industry various industries have come forward to establish massive renewable energy deployment objectives. Countries such as the US, Western European nations, China, and Japan, are constantly working to meet stringent long-term carbon reduction targets. According to the US Energy Information Administration (EIA), total renewable energy consumption in the US totaled 12.15 quadrillion British thermal units (BTU) in 2021, up from 9.72 quadrillions BTU in 2015, representing a 20% increase. Such factors are anticipated to drive the hydrogen fueling stations market growth during the forecast period.
Key Hydrogen Fueling Stations Market Trend
Recent developments is one of the key hydrogen fueling stations market trends supporting the market growth. The competition is gradually increasing in the market, which is influencing vendors to come up with new developments. For instance, in April 2021, Air Products introduced its latest HRS unit at its industrial gases plant in Ulsan City, South Korea. The hydrogen fueling station uses the company's air product state-of-the-art hydrogen fueling technology and is subsidized by the government. Similarly, in November 2021, Hiringa Energy Ltd. announced the construction of the first four high-capacity green HRS for zero-emission heavy FCEVs such as trucks and buses in New Zealand. Such new developments will propel the hydrogen fueling stations market growth during the forecast period.
Key Hydrogen Fueling Stations Market Challenge
Challenges associated with hydrogen refueling facilities is one of the factors hindering the hydrogen fueling stations market growth. The installation of the dispenser at an HRS is highly expensive and costs $66,410. Also, sourcing hydrogen is a major challenge as pure hydrogen is not available directly on the Earth, producing hydrogen for fueling FCVs is expensive as well as energy-intensive. Moreover, this pure hydrogen should be cost-effective compared with other fuels such as gasoline to ensure its large-scale adoption. Further, hydrogen storage tanks are expensive and require maintenance. For instance, Toyota Motor Corp., Mirai FCV has hydrogen storage tanks, which are made of carbon fiber, while the onboard fuel cell, which generates electricity, is made of platinum. Hence, the high costs associated with the development of HRS are expected to hinder the growth of the global hydrogen fueling station market during the forecast period.
This hydrogen fueling stations market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the hydrogen fueling stations market encompasses successful business strategies deployed by the key vendors. The hydrogen fueling stations market is concentrated and the vendors are deploying the following growth strategies to compete in the market:
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The hydrogen fueling stations market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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51% of the market's growth will originate from APAC during the forecast period. Japan, South Korea, and China are the key markets for the hydrogen fueling stations market in APAC. Market growth in this region will be slower than the growth of the market in North America.
The increasing emphasis on decarbonizing energy end-use, as well as an increase in the expatriate community will facilitate the hydrogen fueling stations market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the regional hydrogen fueling station market witnessed a decline in growth owing to the outbreak of COVID-19. However, in 2021, lockdowns were lifted in various countries such as India, Japan, and China due to the initiation of COVID-19 vaccination drives leading to the resumption of industrial and commercial operations, especially essential services. Such factors are expected to increase the demand for the hydrogen fueling station market and thereby will drive market growth during the forecast period.
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The hydrogen fueling stations market share growth by the small station segment will be significant during the forecast period. The small station segment in the global hydrogen fueling station market is expected to witness significant growth in terms of market revenue due to the increase in the number of hydrogen-powered passengers and light commercial vehicles globally. For instance, the number of hydrogen-powered passengers and light commercial vehicles is 31,040 units and continues to increase. Such factors are increasing the demand for small stations globally, which will significantly propel the growth of the hydrogen fueling stations market in focus during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the hydrogen fueling stations market size and actionable market insights on post COVID-19 impact on each segment.
Technavio categorizes the global hydrogen fueling station market as a part of the global oil and gas refining and marketing market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hydrogen fueling stations market during the forecast period.
Our report provides extensive information on the value chain analysis for the hydrogen fueling stations market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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Hydrogen Fueling Stations Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 31.4% |
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Market growth 2022-2026 |
$ 1.61 billion |
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Market structure |
Concentrated |
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YoY growth (%) |
25.69 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 51% |
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Key consumer countries |
US, Japan, South Korea, China, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Air Products and Chemicals Inc., Ballard Power Systems Inc., BP Plc, Cummins Inc., FirstElement Fuel Inc., FuelCell Energy Inc., ITM Power plc, L Air Liquide SA, Linde Plc, Nel ASA, Nuvera Fuel Cells LLC, Plug Power Inc., and Shell plc |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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