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The global hydrogen fueling station market is projected to reach USD 1,129 million by 2030 from an estimated USD 380 million in 2023, at a CAGR of 16.8% during the forecast period. Factors such as stringent government regulations to control greenhouse gas emissions and increasing implementation of national hydrogen strategies across various countries is significantly contributing to the growth of hydrogen fueling station market.
Globally, the governments are undertaking several initiatives to meet the net zero goal and are focusing on reducing carbon footprint by promoting the use of renewable energy sources to produce energy. Hydrogen fueling station solutions will play a crucial role in achieving these objectives. The increase in the research and development activities related to hydrogen fuel cell technologies and rising demand for the onsite hydrogen supply through electrolysis are a few major factors driving the hydrogen fueling station market growth.
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This report segments the hydrogen fueling station market based on supply type into two types: ons-site and off-site. The on-site is expected to be the fastest growing market during the forecast period owing to increasing demand for electrolyzer based hydrogen fueling station. For instance, For instance, Nel Hydrogen received a contract from Nikola Motor for 448 electrolyzers and related fueling equipment. This was carried out for Nikola to establish a fueling network of 30 stations in the US to service commercial and passenger hydrogen fuel cell vehicles.
Based on the station size, the report is segmented into small stations, mid-sized stations and large stations. The small stations segment is expected to be the dominating segment during the forecast period. The rapid deployment of small hydrogen fueling stations facilitates the adoption of fuel cell electric vehicles in rural areas. These is one of key factors driving the growth of station size segment.
Based on the station type, the report is segmented into fixed hydrogen stations and mobile hydrogen stations. The fixed hydrogen stations segment held the larger market share and is expected to be the grow at a faster rate during the forecast period owing to the advantages it offers such as high efficiency, safety and short refuelling time.
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Based on the pressure, the report is segmented into the high pressure and low pressure. The high pressure segment is expected to lead due to increasing demand for passenger fuel cell cars and growing government investments to propel the growth of fuel cell vehicles.
Based on the solution, the report is segmented into engineering, procurement and construction (EPC) and components. The components segment held the larger market share during the forecast period. Factors such as rising technological advancements with growing research and development activities and increased investments for the hydrogen technologies to boost the demand of components segment in hydrogen fueling station market.
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