Dublin, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The "Hydrogen Fueling Station Market by Supply Type (On-site, Off-site [Gas, Liquid]), Station Type (Fixed, Mobile), Station Size (Small, Mid-sized, Large), Pressure (High, Low), Solution (EPC, Components), Region - Global Forecast & Trends to 2030" report has been added to ResearchAndMarkets.com's offering.
The hydrogen fueling stations market is expected to grow from USD 0.5 billion in 2024 to USD 1.8 billion by 2030, with a CAGR of 23.8% during the forecast period. This is due to the growing demand for zero-emission vehicles, driven by environmental concerns and stringent regulations on emissions, which is increasing the need for hydrogen refueling stations.
Zero-Emission Vehicles, of which hydrogen Fuel Cell Vehicles are a part, do not emit any pollutants from their tailpipes, thereby making them quite potent options in efforts at decreasing urban air pollution and meeting climate goals. A growing Zero Emission Vehicles market directly increases the demand for supporting infrastructures like hydrogen refueling stations. Policies and regulations that have a bias for hydrogen as a source of clean energy drive market growth.
Mid-sized station, by station size segment to be the fastest-growing market from 2024 to 2030
For medium-sized stations, operational efficiency can be higher due to optimized usage of resources and reduced downtime. They somehow balance the underutilization of small stations and the possible overburdening of large ones, thus assuring more stable performance. Another point is that the technology required for medium-size stations is more mature and widely available than that for large stations. This technological feasibility reduces the development risks and encourages investment in mid-sized infrastructure.
Further, mid-sized stations have a better way of infiltrating markets by targeting areas of moderate to high demand. Their size offers the versatility needed for deployment in many locations, adding to the overall coverage of the market and accessibility to customers. Furthermore, the total economic viability of the mid-sized stations in construction, maintenance, and operation serves the forecasted growth of the hydrogen fuel cell vehicle market quite well. This balance in their economy makes them a much-preferred choice for long-term investments.
EPC, by solution, is expected to be the fastest-growing market from 2024 to 2030
EPC companies provide end-to-end turnkey solutions for the management of projects right from design to completion. Basically, this is an end-to-end solution that most of the investors and developers find very attractive because it relieves them of the complexity of the project. In addition, EPC companies come with special, sound expertise and vast experience in large-scale infrastructure projects, assuring high-quality execution of works with conformity to industry standards. This is a key competence to the successful delivery of hydrogen fueling stations.
Besides, the duration of a project can be reduced by EPC companies through overlapping project phases and by Management of resources. With faster project completion times, it enables the meeting of market demand, gaining competitive advantages. Moreover, the complex regulatory environment is better negotiated when EPC firms are fully aware of the industry's regulations and compliance requirements. This way, the expertise will ensure that a project meets all the necessary legal and environmental standards.
On-site, by supply type, is expected to be the fastest-growing market from 2024 to 2030
On-site hydrogen generation does away with the process of transporting hydrogen from off-site production plants to the users, hence saving a lot on the associated transportation costs and eliminating the confusions related to logistics. Apart from this, on-site production reduces emissions concerned with the transportation of hydrogen over long distances, thereby saving the overall carbon footprint and confirming the environmental sustainability objectives.
On-site production reduces the risk of danger associated with transporting and handling large quantities of hydrogen. This raises the overall safety of the hydrogen supply process. On-site production systems are capable of being optimized to meet the needs of an individual fueling station and therefore offer better flexibility in terms of production capacity and hydrogen purity. Given that on-site systems can be fielded more rapidly than an extended off-site production and distribution infrastructure, they would enable faster establishment of new hydrogen fueling stations.
North America is expected to be the fastest-growing region in the hydrogen fueling stations market.
Governments in the United States and Canada provide financial incentives by way of subsidies in the form of tax credits and grants for the development of hydrogen fueling infrastructure to encourage the adoption of hydrogen technology. In addition, tough environmental laws over Greenhouse Gas emissions act as a stimulus for the greater adoption of zero-emission vehicles like hydrogen fuel cell vehicles, which increase demand for hydrogen fuel stations.
Besides, feasibility and efficiency characteristics of the deployment of hydrogen fueling stations exist due to numerous technological developments and innovations in hydrogen production, storage, and refueling technologies in North America. Subsequently, many major corporations and automakers are also significantly investing in hydrogen fuel cell technology and relevant infrastructure, hastening the development and deployment of hydrogen fueling stations in the region. On the whole, with increasing consumer and corporate demand - energized by environmental awareness and corporate sustainability goals - the need for a comprehensive hydrogen refueling network comes to the fore.
Key Attributes:
Report Attribute | Details |
No. of Pages | 300 |
Forecast Period | 2024 - 2030 |
Estimated Market Value (USD) in 2024 | $0.5 Billion |
Forecasted Market Value (USD) by 2030 | $1.8 Billion |
Compound Annual Growth Rate | 23.8% |
Regions Covered | Global |
Key Topics Covered:
Premium Insights
- Attractive Opportunities for Players in Hydrogen Fueling Stations Market
- Hydrogen Fueling Stations Market, by Station Size
- Hydrogen Fueling Stations Market, by Pressure
- Hydrogen Fueling Stations Market, by Station Type
- Hydrogen Fueling Stations Market, by Solution
- Hydrogen Fueling Stations Market, by Supply Type
- Hydrogen Fueling Stations Market in Asia-Pacific, By Station Size and Country
- Hydrogen Fueling Stations Market, by Region
Market Dynamics
Drivers
- Increasing Private-Public Investments in Deploying Hydrogen Fueling Stations
- Growing Adoption of FCEVs Across Multiple Transportation Modes
Restraints
- Requirement for Substantial Initial Investment
- Underdeveloped Hydrogen Infrastructure
Opportunities
- Government Initiatives to Accelerate Deployment of Hydrogen Fueling Stations
- Increasing Focus on Building Hydrogen-based Economy
Challenges
- Risks Associated with Launching Hydrogen Networks for FCVs
Case Study Analysis
- Audubon Assists Shell in Operating Hydrogen Refueling Stations for Light- and Heavy-Duty Vehicles
- Emerson Provides Tescom Products to Automotive Company to Efficiently Manage Fuel Flow Control
- Australia Promotes Renewable Hydrogen for Sustainable and Economical Transportation in Geelong
Companies Profiled
- Air Liquide
- Nel Asa
- Linde PLC
- Air Products and Chemicals, Inc.
- Hydrogen Refueling Solutions
- Maximator Hydrogen GmbH
- Mcphy Energy SA
- Iwatani Corporation
- Ingersoll Rand
- Chart Industries
- Peric Hydrogen Technologies Co. Ltd.
- H2 Mobility
- PDC Machines
- Sera GmbH
- Hydrogenious Lohc Technologies
- Powertech Labs Inc.
- Resato Hydrogen Technology
- Galileo Technologies SA
- Nikola Corporation
- Humble Hydrogen
- Atawey
- Oneh2
- China Petrochemical Corporation
- Virya Energy
- Nuvera Fuel Cells
For more information about this report visit https://www.researchandmarkets.com/r/v225sl
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