Hydrogen Fueling Station Market Scenario
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. The surge in hydrogen fueling station market is attributed due to rising adoption of fuel cell electric vehicles (FCEVs) coupled with the mitigation of greenhouse gas emissions from the mobility sector.
Hydrogen fueling station Market Ecosystem
The global market is served by a mix of key international players with global operational presence and local players with a strong domestic supply network. The major strategies adopted by these players include product launches, contracts & agreements, investments & expansions, merger & acquisitions, joint ventures, and partnerships & collaborations. Partnerships & collaborations and contracts & agreements were the some of the most adopted strategies from 2019 to 2023. The leading players in the hydrogen fueling station market include Air Liquide (France), Air Products and Chemicals, Inc. (US), Linde plc (Ireland), Nel ASA (Norway), and McPhy Energy S.A. (France).
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Based on solution, components is expected to be the largest segment during the forecast period
This report segments the hydrogen fueling station market based on components into two segments: engineering, procurement and construction (EPC), and components. The components segment is expected to be the largest segment during the forecast period. Components is a crucial element of the hydrogen fueling station infrastructure. Easy and cost-efficient hydrogen storage and supply via compression is likely to support the growth of the components segment.
Asia Pacific: Largest region in the hydrogen fueling station market
Asia Pacific is expected to be the largest global market during the forecast period. Several countries in the Asia Pacific are planning pilot projects or carrying out full-scale development of electrolyzer based hydrogen fueling station in the region. This has increased investments toward pilot projects, feasibility studies, and new deployments of hydrogen fueling stations in the Asia Pacific, especially in South Korea and Japan. These factors are expected to fuel the growth of the hydrogen fueling station market in the region. Furthermore, rapid adoption of hydrogen powered light duty and heavy duty vehicles across these countries have accelerated the growth of market.
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Recent Developments:
- In February 2023, Air Liquide will join TotalEnergies to create an equally owned joint venture to develop a network of hydrogen stations. This initiative will help facilitate access to hydrogen, enabling the development of its use for goods transportation and further strengthening the hydrogen sector.
- In October 2022, Air Products and Chemicals, Inc., Schenk Tanktransport, and TNO collaborated together on the Clean Hydrogen and Road Transport Project (CH2aRT) project to develop hydrogen trucks and a public hydrogen refueling station.
- In October 2022, Linde plc received a contract from Fountain Fuel for the delivery of three hydrogen refueling stations in the Netherlands. Linde will supply three of its Twin IC90 hydrogen refueling systems.
- In December 2022, Nel ASA signed an agreement via its subsidiary Nel Hydrogen Inc. with an US-based energy company for the supply of 16 hydrogen fueling stations.
- In April 2019, McPhy Energy S.A. launched the smart “Augmented McFilling” hydrogen fueling station, especially for fueling heavy-duty vehicles.
