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Strict government pollution controls, hydrogen’s fuel potential, and rising R&D in hydrogen fuel cell tech are driving global hydrogen station market growth.
WILMINGTON, DE, UNITED STATES, October 29, 2024 /EINPresswire.com/ -- According to the report, the global hydrogen fueling station market size is expected to be valued at $756.4 million in 2024 and is projected to reach $22,015.6 million by 2035, registering a CAGR of 35.9% from 2024 to 2035.
Stringent government regulations to control increasing pollution, high suitability of hydrogen as fuel, and increase in R&D activities related to hydrogen fuel cell technology supplement the growth of the hydrogen fueling station market. However, high initial expenditure for producing hydrogen and lack of fuel infrastructure are the factors expected to hamper the growth of the hydrogen fueling station market. In addition, technological advancements and future potential in the hydrogen fuel cell vehicle and increase in investments & encouragement in administrative policy framework create market opportunities for the key players operating in the hydrogen fueling station market.
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The concept of a hydrogen fueling station is typically attributed to hydrogen or fuel cell electric vehicles (FCEVs) that provide a practical alternative to zero-emission mobility compared to battery electric vehicles (BEV). The hydrogen fueling station is built with a wide range of compressors and accumulators to effectively store & fill liquefied or gaseous hydrogen. Stations dispense hydrogen as a compressed gas at pressures of 10,000 psi (H70) for light-duty vehicles and 5,000 psi (H35) for all other vehicles. The fueling station has a storage tank based on the station’s location and capacity, in which hydrogen can be stored as a liquid, a low-pressure gas, or a high-pressure gas.
Presently, governments across the globe are promoting the use of hydrogen-powered vehicles to reduce carbon emissions and save fuel. For instance, in 2019, European Union (EU) started the H2Haul project, which is expected run for five years. This EU-funded project aims to deploy 16 zero-emission fuel cell vehicles at four sites, i.e., Germany, Belgium, Switzerland, and France, by 2024. Moreover, the California Air Resources Board (CARB), Toyota, Shell, and Kenworth started the $82 million Zero-Emission and Near Zero-Emission Freight Facilities (ZANZEFF) project.
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In December 2021, ITM Power PLC partnered with Hyundai Motors UK, an automobile manufacturing company, to develop a hydrogen refueling network for refueling Hyundai’s iX35 Fuel Cell Vehicles. The contract covers fuel dispensed across ITM Power's hydrogen refueling network. This is the fifth fuel supply contract ITM Power has signed, and Hyundai joins Toyota, Commercial Group, Arcola Energy and Arval as fuel customers. Moreover, various scale component manufacturers have unveiled significant efforts to boost their manufacturing capabilities & introduce innovative systems that will pave new opportunities for the global hydrogen fueling station market. For instance, in May 2023, Aers Energy België signed a contract with Air Products to develop a multi-fuel, hydrogen refueling station for trucks.
It will be located on a concession in the port of Zeebrugge. In Addition, in April 2022, TotalEnergies announced the opening of a new hydrogen refueling station in Breda, The Netherlands. The station was a part of the Interreg project ‘Hydrogen region 2.0’, coordinated by H2 knowledge and cooperation platform WaterstofNet. Furthermore, the refueling station was capable of supplying hydrogen with both 700 and 350-bar filling pressures. Factors such as stringent government regulations to control increasing pollution, high suitability of hydrogen as fuel, and an increase in R&D activities related to hydrogen fuel cell technology supplement the growth of the market.
Asia-Pacific is expected to hold the highest market share in terms of revenue in 2024, accounting for two-fifths of the global hydrogen fueling station market revenue. However, Europe is expected to dominate the market during the forecast period. Automotive and portable applications have always been the prominent drivers of hydrogen fueling in the European market. In addition, due to rise in usage in industrial activities for zero-emission vehicles to be present across the region, hydrogen fuel cells & hydrogen fueling stations are gaining traction in the market. The economic slowdown in the Eurozone has affected fuel cell adoption to a considerable extent in transport, portable, and stationary applications. Moreover, Europe has stringent regulations for toxic materials and carbon emissions, which have fueled the growth of this market in Europe.
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By delivery method, the on-site segment accounted for the largest share in 2024, contributing to more than two-thirds of the global hydrogen fueling station market revenue and is projected to grow at a suitable CAGR of 36.7% during the forecast period. On-site refueling stations include vehicles that are used for refueling the vehicles that have consumed fuel mid-way of propulsion. In addition, hydrogen fuel vehicle owners face the difficulty of refueling their vehicles due to uneven availability of refueling stations and thus the need for on-site refueling rises, which eventually leads to the growth of the segment in the global market.
By vehicle type, the passenger vehicle segment is expected to witness the highest market share in 2024, accounting for nearly three-fourths of the global hydrogen fueling station market. However commercial vehicle segment is estimated to lead the market segment during the forecast period with a CAGR of 36.8%.
By vehicle technology, the proton exchange membrane fuel cell segment accounted for the largest share in 2024, contributing to nearly half of the global hydrogen fueling station market revenue. However, others segment is projected to lead the market during the forecast period with a CAGR of 37.7% during the forecast period.
By station type, the small segment is expected to hold the highest market share in 2024, accounting for four-fifths of the global hydrogen fueling station market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to witness the highest CAGR of 35.1% from 2024 to 2035, owing to increase in the installation of small hydrogen fueling stations.
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