Hydrogen Fueling Station Market

The global hydrogen fueling station market in terms of revenue was estimated to be worth $380 million in 2023 and is poised to reach $1,129 million by 2030, growing at a CAGR of 16.8% from 2023 to 2030.

The growing concerns on the carbon neutral future and increasing initiatives by the government to mitigate the carbon emissions especially in the transport sector have escalated the adoption of fuel cell electric vehicles. In order, to meet the growing demand of fuel cell electric vehicles, both private and government investments in hydrogen fueling station is essential. Moreover, to improve the effectiveness of the hydrogen fueling stations, various research and development activities are conducted to develop innovative technologies installed in the hydrogen fueling station such as electrolyzer based onsite hydrogen refueling stations. These are few factors significantly contribute to the growth of hydrogen fueling station market.

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Hydrogen Fueling Station Market Dynamics

Driver: Growing adoption of fuel cell vehicles (FCVs)

Gloablly, the governments of various countries are planning hundreds of hydrogen facilities. Based on those planning efforts, 1 million to 2 million fuel cell vehicles across the main Asian, European, and North American markets could be supported by about 1,000 hydrogen stations worldwide in the near future. More than 15% of the world's greenhouse gas emissions are caused by the transportation sector. Governments of different countries are, therefore, searching for alternative energy sources for use in the transportation sector. Fuel cell vehicles (FCVs) are anticipated to become more popular in the near future as there are no CO2 emissions produced while driving a fuel cell vehicle. As a result, numerous automakers are aiming to add fuel cell vehicles to their product lineup. The EV30@30 global initiative aims to deploy minimum of 30% of new electric cars worldwide by 2030. The deployment of electric cars is being ramped up under this program in a number of nations, including Canada, Finland, France, Japan, Mexico, the Netherlands, Norway, Sweden, and India. This transition and modernization drives the hydrogen fueling station market in the near future.

Restraint: Underdeveloped hydrogen infrastructure and high initial investments

The lack of an existing clean hydrogen value chain represents one of the major obstacles to overcome for the development of a low-carbon hydrogen economy. Nowadays, hydrogen value chains are indeed mainly dominated by fossil fuels, with only a few pilot projects on low-carbon hydrogen. A global clean hydrogen market would, thus, require creating completely new value chains. Specifically, the major challenge lies on the choice of which pathway to take, since hydrogen can follow different paths in the supply, handling, and demand chains. Currently, fuel cell vehicles cannot be used in an autonomous manner due to the lack of hydrogen infrastructure. In order to accelerate the commercialization of hydrogen and fuel cell technology, challenges associated with the transportation and storage of hydrogen gas need to be addressed. In the interim, expensive on-site hydrogen production techniques are being used to feed fuel cells.

On the other hand, hydrogen fueling stations commonly utilize the delivered hydrogen or hydrogen produced on-site. Hydrogen is delivered via truck/pipeline or liquid hydrogen and mainly is compressed gaseous hydrogen or liquid hydrogen. Delivery stations have simple working and infrastructure; hence, the investment cost for stations is reasonable. However, the cost of hydrogen will be solely determined by the retail price of hydrogen and utility charges, which is not under the control of the end user, even though it is constant with operating circumstances at the agreed-upon price. Thus, the operational versatility results in higher capital expenditure which restricts the deployment of hydrogen fueling station.

Opportunities: Government initiatives to accelerate hydrogen deployment

There has been a notable rise in the number of stated and upcoming national hydrogen policies across. The International Energy Agency (IEA) reports that additional 9 nations adopted hydrogen strategies in 2021, and 9 nations have chosen a hydrogen policy in the past years. As a result, there are now 26 countries that have made a commitment to implementing hydrogen as a sustainable energy vector in their energy system. Furthermore, a number of companies are looking to capitalize on hydrogen business possibilities. The targets for implementing hydrogen generation methods are expanding. The target for the deployment of electrolysis capabilities totaled to 145–190 GW in 2022, which is more than double the target as compared to 2021.

Governments have set goals for infrastructure improvement. Strategies for enhancing the infrastructure for hydrogen are progressing significantly. For instance, in US, Department of Energy (DOE) has established H2USA, a public−private partnership with government agencies, manufacturers, hydrogen suppliers, fuel cell producers, national labs, and other stakeholders to advance hydrogen infrastructure and support more transit energy choices for hydrogen users in the US. One of the American businesses engaging in infrastructure improvements to develop the hydrogen industry both domestically and internationally is GenH2.

Challenges:

In order to decrease reliance on fossil fuels and considerably lower carbon dioxide pollution in the direction of a sustainable society, fuel cell vehicles (FCVs) have been created for many years. In order to quickly launch hydrogen networks for fuel cell vehicles (FCVs) in the near future,nstalling and deploying hydrogen fueling sites is one of the main issues with hydrogen networks. In order to guarantee the security of employees, customers, and the general public and to maintain a steady supply of hydrogen for FCVs, it is also crucial to address safety concerns with hydrogen fueling stations. Hazards associated with hydrogen include embrittlement and explosion. By reducing hydrogen's risks, mishaps involving hydrogen can be avoided. A helpful technique for identifying risks, preventing and reducing unintentional risks is risk assessment. Although novel hydrogen technologies lack knowledge and are unsure about risks, hazards, and situations, risk assessments have already been incorporated into standalone compressed and liquid hydrogen stations in order to incorporate reliable safety measures.

Hydrogen fueling station Market Ecosystem

Prominent companies in this market include well-established, financially stable manufacturers of Hydrogen fueling station systems and components. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include Air Liquide (France), Air Products and Chemicals, Inc. (US), Linde plc (Ireland), Nel ASA (Norway), and McPhy Energy S.A. (France) and Ingersoll Rand (US).

The on-site segment, by supply type, is expected to be the fastest growing segment during the forecast period.

This report segments the hydrogen fueling station market based on supply type into two types: 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.

By solution, components segment is anticipated 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.

Based on station size, mid-sized stations segment is projected to witness high CAGR segment during the forecast period

This report segments the hydrogen fueling station market based on station size into three segments: small stations, mid-sized stations and large stations. The mid-sized stations segment is expected to be the fastest growing segment during the forecast period. The demand for hydrogen is increasing, driven by an increase in the fueling of public and private fuel cell vehicles. Hence, operators require more capacity to refuel fuel cell vehicles, which results in the expansion of small hydrogen stations to medium-sized hydrogen stations.

Fixed hydrogen station segment, by station type, is expected to be the largest segment during the forecast period

This report segments the hydrogen fueling station market based on station type into two segments: fixed hydrogen station and mobile hydrogen station. The growth of fixed hydrogen station is attributed by the increasing deployment of hydrogen fueling stations and increasing implementation safety standards by governments of various countries.

“Asia Pacific”: The fastest in the hydrogen fueling station market”

Asia Pacific is expected to fastest growing region in the hydrogen fueling station market between 2022–2030, followed by the Europe and North America. Rising foreign investments in the hydrogen infrastructure, the targets sets by the governments to curb carbon emissions from mobility sector, and implementation of national hydrogen strategies by the governments are few of the key factors fostering the growth of the hydrogen fueling station market in the Asia Pacific

Key Market Players

The hydrogen fueling station market is dominated by a few major players that have a wide regional presence. The major players in the hydrogen fueling station market are Air Liquide (France), Air Products and Chemicals, Inc. (US), Linde plc (Ireland), Nel ASA (Norway), and McPhy Energy S.A. (France). Between 2019 and 2023, Strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions are followed by these companies to capture a larger share of the hydrogen fueling station market.

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Scope of the Report

This research report categorizes the hydrogen fueling station market by station size, supply type, pressure, station type, solution and region.

by station size:

• Small Stations
• Mid-sized  Stations
• Large Stations

by supply type:

• Off-site
  • Gas
  • Liquid
• On-site
  • Electrolysis
  • Steam Methane Reforming (SMR)

by  pressure:

• High Pressure
• Low Pressure

by station type:

• Fixed Hydrogen Stations
• Mobile Hydrogen Stations

by solution:

• Engineering, Procurement and Construction (EPC)
• Components
  • Hydrogen Inlets
  • Compressors
  • Hydraulic Power Units and Controls
  • Dispensing Chiller Systems
  • Storage Units
  • Dispensers
  • Others

by region:

• Asia Pacific
• Europe
• North America
• Middle East & Africa
• South America

Recent Developments

• In February 2023, Air Liquide will join TotalEnergies to create an equally owned joint venture to develop a network of hydrogen stations. This initiative will help facilitate access to hydrogen, enabling the development of its use for goods transportation and further strengthening the hydrogen sector.
• In October 2022, Air Products and Chemicals, Inc., Schenk Tanktransport, and TNO collaborated together on the Clean Hydrogen and Road Transport Project (CH2aRT) project to develop hydrogen trucks and a public hydrogen refueling station.
• In October 2022, Linde plc received a contract from Fountain Fuel for the delivery of three hydrogen refueling stations in the Netherlands. Linde will supply three of its Twin IC90 hydrogen refueling systems.
• In December 2022, Nel ASA signed an agreement via its subsidiary Nel Hydrogen Inc. with an US-based energy company for the supply of 16 hydrogen fueling stations.
• In April 2019, McPhy Energy S.A. launched the smart “Augmented McFilling” hydrogen fueling station, especially for fueling heavy-duty vehicles.

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