Hydrogen Fueling Station Market SWOT Analysis by 2031
The Hydrogen Fueling Station Market size is projected to reach US$ 4,020.3 million by 2031 from US$ 710.4 billion in 2023. The market is expected to register a CAGR of 24.2% in 2023–2031. The upward trend towards procuring zero-emission vehicles to meet the agenda of reducing environmental pollution is one of the major drivers for the hydrogen fueling station market globally. Additionally, the growing government focus on boosting the low-carbon emission alternatives for the automotive industry and the growing development of fuel-cell electric vehicles are also acting as major drivers for the market.
Hydrogen Fueling Station Market Analysis
The growing infrastructure development to support the commercialization of fuel cell electric vehicles is anticipated to drive the development of the hydrogen fueling station market at the global level. The growing procurement of FCEVs and strategies to reduce the greenhouse gas emissions of the mobility sector is driving the hydrogen fueling station market. The rising importance of adopting sustainable and environmentally friendly alternatives in the automotive sector is anticipated to propel the evolution of the hydrogen fueling station market globally.
Hydrogen Fueling Station Market Overview
An ideal solution to lower greenhouse gas emissions in the transport sector is the adoption of alternative fuel solutions for passenger and commercial vehicles. Mostly, heavy-duty vehicles release a large amount of GHG emissions and are, therefore, the subject of increasing attention from global regulators. Clean hydrogen and fuel cell technologies are a favorable option to decarbonize heavy-duty vehicles. Growing consumer preferences for fuel-cell electric vehicles are anticipated to drive the growth of hydrogen fueling stations globally. The market for hydrogen fueling stations is categorized into by product and end users. Based on by product segment, the market is categorized into retail vs. non-retail stations and mobile hydrogen stations. On the basis of end users, the market for hydrogen fueling stations is classified into high-speed railways, marine, commercial vehicles, and aerospace. The rising adoption of heavy-duty hydrogen fuel cell electric vehicles in North America and Europe and the growing number of hydrogen fueling stations are acting as major drivers for the market. High setup costs and high capital investment may hinder the growth of the market. However, a rising focus on sustainability and lowering environmental pollution is anticipated to propel the evolution of the hydrogen fueling station market over the forecast period.
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Hydrogen Fueling Station Market: Strategic Insights
Market Size Value in US$ 0.6 Billion in 2021 Market Size Value by US$ 3.9 Billion by 2030 Growth rate CAGR of 26.4% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2021
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Hydrogen Fueling Station Market: Strategic Insights
| Market Size Value in | US$ 0.6 Billion in 2021 |
| Market Size Value by | US$ 3.9 Billion by 2030 |
| Growth rate | CAGR of 26.4% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2021 |
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Hydrogen Fueling Station Market Drivers and Opportunities
Growing Focus on Carbon Neutrality in the Transportation Sector is Expected to be the Prime Driver for the Hydrogen Fueling Station Market
The transportation sector is considered as one of the foremost contributors to environmental pollution. Thus, reducing carbon footprint from the transportation sector is one of the major steps towards mitigating greenhouse gas emissions globally. The procurement of fuel cell electric vehicles in passenger as well as commercial vehicle sphere is acting as a major driving factor for the hydrogen fueling stations. Favourable government initiatives toward using a sustainable approach to reduce carbon emissions are fueling the investment in hydrogen fueling stations, which is driving the market growth.
Developing Hydrogen Fueling Station Infrastructure in North America and Europe
The rising government focuses on establishing hydrogen fueling stations across various economies of North America and Europe is anticipated to act as a major opportunity for the market. Rising government funding and policies to include clean hydrogen as a major alternative to fossil fuels in the transportation sector are boosting the growth of the hydrogen fueling station market in North America and Europe.
Hydrogen Fueling Station Market Report Segmentation Analysis
Key segments that contributed to the derivation of the hydrogen fueling station market analysis are product and end users.
- Based on product, the hydrogen fueling station market has been divided into retail vs. non-retail stations and mobile hydrogen stations. The retail vs. non-retail stations segment held a larger market share in 2023.
- In terms of end users, the market has been segmented into railways, marine, commercial vehicles, and aerospace. The commercial vehicles segment dominated the market in 2023.
Hydrogen Fueling Station Market Share Analysis by Geography
The geographic scope of the Hydrogen Fueling Station Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Europe led the hydrogen fueling station market in 2023. Europe region includes Germany, the UK, France, Italy, and Russia. The growing government focus on mitigating carbon footprint from the transportation sector is driving the hydrogen fueling station market in the region. Additionally, the growing adoption of fuel cell electric vehicles in Europe is also acting as a major driving factor in the hydroen fueling station market.
Hydrogen Fueling Station Market Report Scope
Hydrogen Fueling Station Market News and Recent Developments
The Hydrogen Fueling Station Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Hydrogen Fueling Station Market and strategies:
- On February 2023, Air Liquide and TotalEnergies collaborated on a joint venture to establish around 100 hydrogen stations specifically to cater to heavy-duty European vehicles. (Source: Air Liquide, Press Release/Company Website/Newsletter)
- On September 2023, Air Products, associated with Chengzhi, fast track the transport decarbonization of the Yangtze River Delta region of China by introducing the commercial-scale hydrogen fuel station in Changshu City of Jiangsu province of China. The hydrogen fueling station is anticipated to cater to heavy-duty trucks and city buses. (Source: Air Products, Press Release/Company Website/Newsletter)
Hydrogen Fueling Station Market Report Coverage and Deliverables
The “Hydrogen Fueling Station Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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.
- 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:
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.
- 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.
- 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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