Hydrogen Fueling Stations Market by Type and Geography - Forecast and Analysis 2022-2026

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.

What will the Hydrogen Fueling Stations Market Size be During the Forecast Period?

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Hydrogen Fueling Stations Market: Key Drivers, Trends, and Challenges

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.

Who are the Major Hydrogen Fueling Stations Market Vendors?

The report analyzes the market's competitive landscape and 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.
• Shell plc

 

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:

• Price
• Innovation
• Quality
• Performance
• Customer-centrism 

Product Insights and News

• Airproducts.com - The company offers hydrogen fueling stations where the equipment is designed for minimal installation and can be used with any source of hydrogen.
• Ballard.com - The company offers hydrogen fueling stations by focusing on building cryogenic hydrogen tanks and related storage and handling systems and developing new solutions for the transportation sector.
• Bp.com - The company offers hydrogen fueling stations which involves fueling from land speed record-breaking vehicles to passenger cars, buses and forklifts.

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.

Which are the Key Regions for Hydrogen Fueling Stations Market?

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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.

What are the Revenue-generating Type Segments in the Hydrogen Fueling Stations Market?

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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.

Parent Market Analysis

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.

Hydrogen Fueling Stations Market Value Chain Analysis

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.

Hydrogen Fueling Stations Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 31.4%
Market growth 2022-2026	$ 1.61 billion
Market structure	Concentrated
YoY growth (%)	25.69
Regional analysis	APAC, Europe, North America, Middle East and Africa, and South America
Performing market contribution	APAC at 51%
Key consumer countries	US, Japan, South Korea, China, and Germany
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
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
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
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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What are the Key Data Covered in this Hydrogen Fueling Stations Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive hydrogen fueling stations market growth during the next five years
• Precise estimation of the hydrogen fueling stations market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the hydrogen fueling stations industry across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of hydrogen fueling stations market vendors

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