Hydrogen Refueling Station Market Trends Research & Projections For 2024- 2032
Hydrogen Refueling Station Market size was valued at USD 4.77 billion in 2022 and is projected to witness over 17.9% CAGR from 2024 to 2032. The hydrogen charging station is a filling or a storage station for hydrogen fuel. Usually, the H2 dispensed is by weight and at different filling pressures. The charging station is constructed with a wide range of compressors and accumulators to store and fill the liquefied or gaseous hydrogen. They are supplied with hydrogen by the means of tube trailers, onsite production, or liquid hydrogen tankers. The charging station design characteristically includes bulk storage, high-pressure buffer storage, compression/pumping, precooling unit, along with dispensers, which can vary based on the individual site design configuration.
Growing concerns related to the increasing carbon and GHG emissions coupled with increasing number of initiatives to decarbonize the transportation sector will contribute to the business scenario. Increasing demand for clean transportation, surge in adoption of Fuel Cell Electric Vehicles (FCEVs), large scale investments by both public and private governments focusing on the hydrogen refueling station market statistics. Rising green hydrogen targets, various research, and development activities to improve upon the hydrogen technologies and ongoing expansion of the hydrogen industry primarily across the developing economies will stimulate the business growth. Shifting focus of the industry manufacturers toward the clean fuel projects will strengthen the business landscape.
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Rapid awareness regarding the new technologies coupled with increasing demand for carbon negative energy resources across various end use segments including transportation will augment the industry outlook. There are various factors including site selection and construction costs among others which might restrain the hydrogen refueling station market growth. However, rising efforts by various component manufacturers to enhance their manufacturing facilities combined with introduction of innovative systems is anticipated to positively impact the industry growth.
The economic slowdown caused by the COVID- 19 pandemic has led to various delays and cancellations of projects, which might affect the hydrogen refueling station growth in the short term. The pandemic has disrupted global supply chains, leading to shortages of various components and equipment, thereby affecting the hydrogen refueling station market size. Further, decline in the sales of the fuel cell electric vehicles will impact the business trends. However, shifting government focus on low carbon technologies to meet the climate targets will further drive the industry scenario. Moreover, increasing decarbonization target adoption across various developing economies will support in developing the hydrogen refueling station.
Small hydrogen refueling station market revenue will expand at a rate of over 21.5% by 2032, on account of ongoing technological advancements focusing on efficiency improvements. A hydrogen station is usually designed with its intended use, wherein there are two standard for hydrogen refueling stations including hydrogen refueling at high pressure (700 bar) or at low pressure (350 bar). The commercial cars usually utilize the H70 technology and are filled at high pressure while the light duty vehicles use up hydrogen at low pressure (H35). Increasing adoption of fuel cell electric vehicles requiring a high consumption of hydrogen specially across the Europe region will augment the market value. In addition, key factors including requirement of less investment, ease of operations along with roll out of subsidy programs will positively enhance the industry outlook.
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Mobile hydrogen refueling station market is set to reach USD 7.7 Billion by 2032. The mobilized refueling stations can be made available across the country/state with the option to be easily deployable as and when driving patterns change. Key advantages including lower cost and risk, ability to travel to and from the big box stores, existing gas stations, and high-traffic locations to meet real-time demand in comparison to the fixed stations will influence the industry trends. Further, technological advancements including process automation and intuitive control screens is anticipated to contribute to the hydrogen mobility deployment.
The hydrogen refueling station market from commercial vehicles segment accounted for more than USD 1.2 Billion revenue in 2022, due to ongoing modern technological advancements along with development of new concepts. For instance, Linde introduced its modularization concept specifically for use across commercial vehicles comprising buses to contribute to the high product demand. Further, it provides high reliability and availability, enhanced performance and optimized TCO and safety to all the end users. Key factors including cost benefits, operational advantages in comparison to battery vehicles including range, speed of fueling, elimination of heavy batteries among others will boost the industry size. Shifting focus toward development of hydrogen bus or truck fleet along with the development of large fleet of intralogistics fleet will further strengthen the market growth.
Asia Pacific hydrogen refueling station market will cross USD 16.8 billion by 2032, owing to rising pressure to curb the carbon emissions, growing initiatives to accelerate the hydrogen deployment, and shifting focus to decarbonize the transportation sector. Integrated remote monitoring and automatic control systems enhances the product performance. In addition, large scale investments by the governments across the developing economies of the region, to propel the utilization of hydrogen among the consumers will positively influence the business growth.
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The major players operating across the hydrogen refueling station market are Air Liquide, Air Products, Calvera, Linde plc, McPhy Energy S.A., Nel ASA, Shell, Cummins Inc., ENGIE, and Plug Power Inc. Ongoing strategic investments by the companies along with product and technological advancement are the key strategic measures adopted to push the business landscape. Furthermore, mergers & acquisitions, joint ventures along with plans for geographical expansion primarily across the emerging economies is anticipated to provide better growth prospects for the business.
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