Dublin-based ResearchAndMarkets.com has released a comprehensive report detailing the projected growth of the hydrogen fueling station market, forecasting an increase from USD 0.5 billion in 2024 to USD 1.8 billion by 2030. This represents a compound annual growth rate (CAGR) of 23.8% within the projected period. The report highlights several driving factors, including an intensified demand for zero-emission vehicles, underscored by growing environmental concerns and stringent emission regulations.
The shift towards zero-emission vehicles, particularly hydrogen fuel cell vehicles, is notable as these vehicles emit no pollutants from their tailpipes. The growing market for these vehicles is generating an increased demand for supportive infrastructure, namely hydrogen refueling stations. The report notes that supportive policies and regulations favouring hydrogen as a clean energy source further bolster market growth.
Leading companies within the hydrogen fueling station market include Air Liquide from France, Linde PLC from Ireland, and Air Products and Chemicals, Inc. from the United States, among others. The major strategies adopted by these players involve new product launches, partnerships, collaborations, mergers, and significant investments in expansions.
Among various segments, mid-sized hydrogen fueling stations are expected to witness the fastest growth from 2024 to 2030. The operational efficiency associated with these stations is attributed to optimised resource utilisation and reduced downtime. Mid-sized stations can effectively balance the underutilisation often seen with smaller stations and the overburdening sometimes experienced by larger stations. This offers a stable performance alongside mature and widely accessible technology, making them a viable option for investment.
The report further identifies Engineering, Procurement and Construction (EPC) services as the fastest-growing solution segment. EPC companies are noted for providing comprehensive solutions, managing projects from design to completion, which simplifies the investment process for developers. Their expertise helps to navigate regulatory complexities and ensures projects meet necessary legal and environmental standards.
On-site hydrogen generation is anticipated to be the most rapidly expanding segment by supply type between 2024 and 2030. The benefits of on-site production include the elimination of transportation costs and reduced emissions associated with long-distance hydrogen transport. This method also enhances safety by diminishing the risks tied to handling large quantities of hydrogen.
Geographically, North America is projected to be the fastest-growing region in the hydrogen fueling station market. This growth is underpinned by government subsidies in the United States and Canada aimed at promoting hydrogen infrastructure development, alongside robust environmental regulations compelling the adoption of hydrogen fuel cell vehicles. Furthermore, advancements in hydrogen production, storage, and refuelling technology contribute to the feasibility and efficiency of deploying these fueling stations in North America.
Recent developments in the market include Nel ASA’s contract with Alperia Greenpower SRL for hydrogen fueling equipment in Italy, earmarked for operation in connection with the 2026 Winter Olympics. Additionally, Air Liquide's completion of the Motomiya Interchange Hydrogen Station in Fukushima Prefecture is designed to support hydrogen mobility for fuel cell trucks.
The report outlines a broad range of companies involved in the hydrogen fueling station market, showcasing key players and emerging trends, and indicates that the focus on net-zero emissions is a critical factor shaping the future of this industry.
Source: Noah Wire Services