Hydrogen Fueling Station Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Hydrogen Fueling Station Market covers analysis by Product (Retail vs. Non-Retail Stations and Mobile Hydrogen Stations), End-Users (Hydrogen Tube Trailers, Tanker Trucks, Pipeline Delivery, and Railcars and Barges), and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Apr 2024

  • Report Code : TIPRE00021326
  • Category : Energy and Power
  • Status : Upcoming
  • No. of Pages : 150
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The hydrogen fueling station market is expected to grow from US$ 0.6 billion in 2022 to US$ 3.9 billion by 2030 at a CAGR of 26.4% between 2022 and 2030.

Following the recent success of cell electric vehicles powered by hydrogen, hydrogen fueling stations have attracted a lot of attention. Some businesses are attracted to the ease with which fuel cell electric vehicles (FCEVs) may be manufactured. The growing number of retail hydrogen fueling facilities in key areas is helping to enable the initial rollout of fuel cell electric vehicles. The first introduction of fuel cell electric vehicles is supported by the rise in retail hydrogen fueling outlets in several regions. Customers in markets where hydrogen fuel is accessible, especially in California, can buy or lease production FCEVs from manufacturers, including Honda, Hyundai, and Toyota. With more connecting and destination stations, the goal has been to provide hydrogen fuel at existing gas stations serving areas in Northern California close to San Francisco and Southern California close to Los Angeles and San Diego.

MARKET DYNAMICS

Over the projected period, increased emphasis on decarbonizing energy end use and expansion in the expatriate community are likely to drive the demand for hydrogen fueling stations. However, the market's expansion is expected to be hampered by hydrogen-generating technologies and high energy consumption. Furthermore, an increase in hydrogen technology safety measures is likely to provide attractive market growth prospects.

MARKET SCOPE

The "Global Hydrogen Fueling Station Market Analysis to 2028" is a specialized and in-depth study of the energy & power industry with a special focus on global market trend analysis. The hydrogen fueling station market report aims to provide an overview of the market with detailed market segmentation by product, end user, and geography. The global hydrogen fueling station market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading hydrogen fueling station market players and offers key trends and opportunities in the market.

Strategic Insights

MARKET SEGMENTATION

The global hydrogen fueling station market is segmented based on product and end user. Based on product, the hydrogen fueling station market is bifurcated into retail vs. non-retail station and mobile hydrogen station. Based on end user, the hydrogen fueling station market is segmented into hydrogen tube trailer, tanker truck, pipeline delivery, railcar, and barge.


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REGIONAL FRAMEWORK

The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides overview and forecast of the global hydrogen fueling station market based on various segments. It also provides market size and forecast estimates from 2020 to 2028 with respect to five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. Each region's hydrogen fueling station market is later sub segmented into respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in these regions.

From the regional perspective, Europe dominated the hydrogen fueling station market with ~XX% market share in 2021. The market in Europe is expected to evolve in the coming years, owing to the penetration of sustainable technologies in the region. The market's growth can also be attributed to the favorable government policies on carbon reduction implemented by the European Union, which will boost the demand for advanced hydrogen fueling stations in the region. The below figure showcases the revenue growth trend in the global Hydrogen fueling station market:

Hydrogen Fueling Station Market

Source: The Insight Partners Analysis

The report analyzes factors affecting the hydrogen fueling station market from both demand and supply sides and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive Porter's five forces analysis highlighting the factors affecting the hydrogen fueling station market in these regions.

IMPACT OF COVID-19 PANDEMIC

The COVID-19 pandemic impacted the sales of hydrogen fueling stations globally. However, it has created opportunities in addition to demanding situations for the players present inside the ecosystem. The COVID-19 pandemic significantly impacted the automotive sector because of the protracted global lockdowns and the economic crisis, which caused spending on next-generation technology to decline. Major European nations adhered to the stringent social distance guideline to stop the virus's spread. As a result, fuel cell electric vehicle sales were declined.

World Geography

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MARKET PLAYERS

The reports cover key developments in the Hydrogen fueling station market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and patents and events. Inorganic growth strategies witnessed in the market were acquisitions and partnerships & collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market players are anticipated to have lucrative growth opportunities in the future with the rising demand for hydrogen fueling stations. Below mentioned is the list of a few companies engaged in the hydrogen fueling station market.

The report also includes the profiles of key hydrogen fueling station market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last three years, and key development in the past five years.

  • Air Liquide
  • Air Products and Chemicals
  • Ballard
  • FirstElement Fuel Inc.
  • Cummins Inc.
  • Linde Group
  • Nel Hydrogen
  • PDC Machines Inc.
  • Black and Veatch Holding Company
  • ITM Power

The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.


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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

The List of Companies

1. Air Liquide
2. Air Products and Chemicals, Inc.
3. First Element Fuel Inc.
4. Hydrogenics Corporation
5. ITM Power
6. Nel Hydrogen
7. Praxair
8. Proton Onsite
9. SunHydro
10. The Linde Group

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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