Due to increasing demand for the FCEVs, there is a need for the hydrogen fueling station infrastructure. Furthermore, growing public and private investments in emerging economies have accelerated the growth of hydrogen fueling station market.
According to a new research report, 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.
The hydrogen fueling station 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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The on-site, by supply type, is expected to grow at the highest CAGR during the forecast period.
Based on supply type, the hydrogen fueling station market has been split into on-site and off-site. The on-site segment is expected to be the fastest growing market during the forecast period. Governments of various countries are taking initiatives to shift toward clean and green fuels, which is possible through the onsite production of hydrogen through electrolysis. The growth of on-site segment is attributed by the to rising investments in green hydrogen projects and inclination toward zero-carbon fuel to power fuel cell vehicles.
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.
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Asia Pacific is expected to be the largest region in the hydrogen fueling station market
Asia Pacific is expected to be the largest hydrogen fueling station 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 hydrogen fueling station market.
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