Hydrogen Fueling Station Market Forecast: A $3.97 Billion Opportunity by 2031 Amid Rising Demand for FCEVs.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Hydrogen Fueling Station Market - (By End-Users (Passenger Cars, Commercial Vehicles, Others (Marine, Rail)), By Station Size (Small-Size Stations, Mid-Size Stations, Large Stations), By Station Type (Fixed Hydrogen Station, Mobile Hydrogen Station), By Supply Type (Off-Site (Gas, Liquid), On-Site (Electrolysis, Steam Methane Reforming), By Solution (Engineering Procurement and Construction, Components (Hydrogen Inlets, Compressors, Hydraulic Power Units and Controls, Dispensing Chiller Systems, Storage Units, Dispensers, Others)), By Pressure (High-Pressure, Low-Pressure)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Hydrogen Fueling Station Market is valued at US$ 634.63 Mn in 2022, and it is expected to reach US$ 3.97 Bn by 2031, with a CAGR of 22.85% during the forecast period of 2023-2031.

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Hydrogen Fueling Stations are meant to fill fleet automobiles overnight. The vehicles are parked for an extended time at the station, and the tanks are gradually filled over time. Increased emphasis on decarbonizing energy end use, as well as growth in the expatriate population, are expected to drive demand for hydrogen fueling stations over the forecast period. However, hydrogen-generating technologies and high energy consumption are projected to stymie industry growth. Furthermore, increased hydrogen technology safety procedures are projected to give appealing market growth opportunities. As a result of the recent popularity of hydrogen-powered cell electric vehicles, hydrogen filling stations have gained a lot of attention. These stations typically include a hydrogen storage system, a cooling system, and a dispenser with a nozzle that connects to a fuel cell vehicle. Unlike traditional power sources, fuel cells do not generate dangerous gases or contaminants that harm the environment. Furthermore, natural resource depletion, carbon emissions, and the rising expense of fossil fuels are paving the way for alternative modes of transportation and power generation. As a result, both the public and commercial sectors have made ongoing efforts to cut carbon emissions and save gasoline. Strict government laws governing CO2 and SO2 emissions promote the global expansion of the hydrogen filling station sector.

List of Prominent Players in the Hydrogen Fueling Station Market:
• Air Liquide
• Nel ASA
• Linde plc
• Air Products and Chemicals, Inc.
• McPhy Energy S.A.
• Iwatani Corporation
• Ingersoll Rand
• Chart Industries
• H2 Mobility
• Sera GmbH
• Powertech Labs Inc.
• Galileo Technologies S.A.
• Nikola Corporation
• Atawey
• Nanosun Limited
• PDC Machines
• Peric Hydrogen Technologies Co., Ltd
• Others

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Market Dynamics:
Drivers-
The growing customer preference for various forms of zero-emission automobiles opens up new opportunities for the global industry. Various small and large-scale automotive manufacturers have launched new enterprises to boost FCEV placement and promote the automotive sector's transition to decarbonization. Over the next decade, advancements in zero-emission vehicles and fuel technologies will make green trucks less expensive and more widely available. The widespread implementation of fuel-cell electric vehicles in the trucking sector will contribute to the reduction of carbon emissions in the transportation industry of the United States. This will also expedite the acceptance of electric vehicles, tackle the climate emergency, and strengthen domestic manufacturing.

Challenges:
The initial capital expenses of planning, installing, and activating hydrogen fuelling stations are significant. In the absence of substantial government incentives, this high primery investment can be a barrier to entry for developers and investors. Inadequate standardization of hydrogen fueling systems and infrastructure can stymie interoperability and raise costs. Furthermore, the scarcity of hydrogen fuelling stations can contribute to customer scepticism, slowing the adoption of hydrogen fuel cell automobiles. Prospective customers may exhibit reluctance to make investments in hydrogen-powered vehicles in the absence of a robust infrastructure of refueling stations.

Regional Trends:
Asia Pacific Hydrogen Fueling Station Market is expected to register a major market share in terms of revenue and it is projected to grow at a high CAGR in the near future. China, Japan, and South Korea are among the major countries that have set ambitious hydrogen fuel cell car deployment goals as well as a favourable plan for developing HRS infrastructure. Japan is one of the fastest-growing countries in the world, thanks to a tremendous increase in the number of hydrogen filling stations. Additionally, Europe is expected to grow at a significant rate. The European Union's carbon reduction regulations, national renewable objectives, and decarbonization of bus fleets are some of the significant factors driving market expansion in the region. Furthermore, numerous regional organizations are investing heavily in order to increase clients' use of hydrogen fuel.

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Recent Developments:
• In Aug 2023, Nikola Corporation, a prominent player in the global market for battery-electric and hydrogen fuel-cell electric cars (FCEV), as well as energy solutions, has just obtained an extra $16.3 million grant to support the financing of its hydrogen fuelling stations. Nikola acquired $58.2 million from the recent funding to bolster its hydrogen infrastructure.
• In June 2023, Air Liquide and Iveco Group restated their dedication to hydrogen as they marked the opening of Europe's inaugural high-pressure hydrogen station for long-haul vehicles.

Segmentation of Hydrogen Fueling Station Market-
By End-Users-
• Passenger Cars
• Commercial Vehicles
• Others (Marine, Rail)
By Station Size-
• Small-Size Stations
• Mid-Size Stations
• Large Stations
By Station Type-
• Fixed Hydrogen Station
• Mobile Hydrogen Station
By Supply Type-
• Off-Site
o Gas
o Liquid
• On-Site
o Electrolysis
o Steam Methane Reforming
By Solution-
• Engineering Procurement and Construction
• Components
 Hydrogen Inlets
 Compressors
 Hydraulic Power Units and Controls
 Dispensing Chiller Systems
 Storage Units
 Dispensers
 Others
By Pressure-
• High-Pressure
• Low-Pressure
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.