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Hydrogen Fueling Station Market Research Report 2022

Report Code: 82468

Industry: Energy & Power

Published On: 2022-09-19

Pages: 200

Publisher : MMI

Strict government regulations to control ever-increasing pollution, surge in R&D activities regarding hydrogen fuel cell technology, and high suitability of hydrogen as fuel have boosted the growth of the global hydrogen fueling station market. However, dearth of fuel infrastructure and high initial cost hinder the market. On the contrary, technological development and high potential in hydrogen fuel cell vehicles along with rise in investment & encouragement in administrative policy framework would open lucrative opportunities in the future.

By station type, the small segment is projected to hold the largest share in 2025, accounting for more than four-fifths of the global hydrogen fueling station market. This is due to its gaining traction among developing countries because of the under developing infrastructure for advanced vehicles across these countries. However, the large segment is expected to showcase the highest CAGR of 42.1% from 2025 to 2035, due to increased demand for alternate fueled vehicles and increase in government initiatives to support emission-free vehicles.

By vehicle type, the commercial vehicles segment is projected to manifest the highest CAGR of 36.7% from 2025 to 2035. This is due to increase in demand for zero emission vehicles and better and efficient hydrogen fueled commercial vehicle. Moreover, various retail MNCs and logistics fleet operators are shifting to hybrid commercial vehicles attributed to rise in demand for logistics services on account of expanding e-commerce, retail, and manufacturing industries. The supply chain and logistics companies are actively participating in replacing their fleet with greener vehicles which eventually leads to the growth of the segment in the global market. However, the passenger cars segment is expected to garner the largest share in 2025, accounting for nearly three-fourth of the global hydrogen fueling station market. This is attributed to developments carried out by different vehicle manufacturers related to alternate fuel vehicles.

By vehicle technology, the others segment is estimated to register the highest CAGR of 37.9% during the forecast period. This is due to increase in awareness regarding clean energy and demand for zero emission energy sources and strict environmental regulations. However, the proton exchange membrane fuel cell segment to dominate the market in terms of revenue in 2025, contributing to more than two-fifths of the global hydrogen fueling station market, owing to rise in investment in R&D from many universities, government organizations.

Major market players

Air Liquide
Air Products and Chemicals, Inc.
Ballard Power Systems
Black and Veatch Holding Company
China Petrochemical Corporation
Cummins Inc.
FirstElement Fuel, Inc.
FuelCell Energy, Inc.
Nuvera Fuel Cells, LLC
PDC Machines Inc.
Linde PLC

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