Increasing Investment in Development of Advanced Components is Catalyzing Hydrogen Fueling Station Market Growth
According to our latest market study on "Hydrogen fueling station Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product and End User," the market is expected to grow from US$ 0.6 billion in 2022 to US$ 3.9 billion by 2030, with an estimated CAGR of 26.4% from 2022 to 2030.
Hydrogen Fueling Station Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product (Retail vs. Non-Retail Stations and Mobile Hydrogen Stations), End Users (railways, marine, commercial vehicles, aerospace), and Geography
Hydrogen Fueling Station Market SWOT Analysis by 2031
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Source: The Insight Partners Analysis
In February 2021, Howden—a UK-based major engineering firm—said that it would provide Everfuel, a leading Danish company, with cutting-edge H2 compressor solutions. Advanced systems are being implemented by businesses like Howden to improve their manufacturing capabilities. These businesses are creating cutting-edge fueling facilities worldwide due to the significant demand for low-carbon solutions. Several businesses adhere to strict emission requirements by implementing low-carbon technology-induced infrastructures supported by favorable government policy frameworks. These components are projected to positively impact the worldwide hydrogen fueling station market during the forecast period.
Several initiatives are being implemented globally to equip these stations with "green" hydrogen or hydrogen created using renewable energy sources such as solar panels and wind turbines. This development is consistent with a global push for carbon-free green energy. According to estimates, several European nations have welcomed the switch to hydrogen-based transportation, which has resulted in the deployment of several hydrogen stations in the region. Germany, France, and the UK are leading the transformation. The NORDICs region has more of these stations deployed to cater to the specific demands of end users. In addition to passenger cars, buses, and trucks, these new fuel cell technologies are also suitable for other end users.
Stringent government regulations to control increasing pollution, increase in research and development activities regarding hydrogen fuel cell technology, and high suitability of hydrogen as a fuel are boosting the growth of the global hydrogen fueling station market. Technological developments and high potential in hydrogen fuel cell vehicles, along with a rise in investment & encouragement in administrative policy framework, would create lucrative opportunities in the future.
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 are among the key hydrogen fueling station market players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the hydrogen fueling station market and its ecosystem.
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