Hydrogen Fueling Station Market Growing at 35.9% CAGR Towards USD 22,015.6 Million by 2035

According to a new report published by Allied Market Research, titled, "Hydrogen Fueling Station Market," The hydrogen fueling station market size was valued at $756.44 million in 2024, and is estimated to reach $22 billion by 2035, growing at a CAGR of 35.9% from 2024 to 2035.

The concept of a hydrogen fueling station is typically attributed to hydrogen or fuel cell electric vehicles (FCEVs) that provide a practical alternative to zero-emission mobility compared to battery electric vehicles (BEV). The hydrogen fueling station is built with a wide range of compressors and accumulators to effectively store & fill liquefied or gaseous hydrogen. Stations dispense hydrogen as a compressed gas at pressures of 10,000 psi (H70) for light-duty vehicles and 5,000 psi (H35) for all other vehicles. The fueling station has a storage tank based on the station's location and capacity, in which hydrogen can be stored as a liquid, a low-pressure gas, or a high-pressure gas.

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Presently, governments across the globe are promoting the use of hydrogen-powered vehicles to reduce carbon emissions and save fuel. For instance, in 2019, European Union (EU) started the H2Haul project, which is expected run for five years. This EU-funded project aims to deploy 16 zero-emission fuel cell vehicles at four sites, i.e., Germany, Belgium, Switzerland, and France, by 2024. Moreover, the California Air Resources Board (CARB), Toyota, Shell, and Kenworth started the $82 million Zero-Emission and Near Zero-Emission Freight Facilities (ZANZEFF) project.

In December 2021, ITM Power PLC partnered with Hyundai Motors UK, an automobile manufacturing company, to develop a hydrogen refueling network for refueling Hyundai's iX35 Fuel Cell Vehicles. The contract covers fuel dispensed across ITM Power's hydrogen refueling network. This is the fifth fuel supply contract ITM Power has signed, and Hyundai joins Toyota, Commercial Group, Arcola Energy and Arval as fuel customers. Moreover, various scale component manufacturers have unveiled significant efforts to boost their manufacturing capabilities & introduce innovative systems that will pave new opportunities for the global hydrogen fueling station market. For instance, in May 2023, Aers Energy België signed a contract with Air Products to develop a multi-fuel, hydrogen refueling station for trucks.

It will be located on a concession in the port of Zeebrugge. In Addition, in April 2022, TotalEnergies announced the opening a new hydrogen refueling station in Breda, The Netherlands. The station was a part of the Interreg project 'Hydrogen region 2.0', coordinated by H2 knowledge and cooperation platform WaterstofNet. Furthermore, the refueling station was capable of supplying hydrogen with both 700 and 350 bar filling pressures. The factors such as stringent government regulations to control increasing pollution, high suitability of hydrogen as fuel, and increase in R&D activities related to hydrogen fuel cell technology supplement the growth of the market.

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However, high initial expenditure for producing hydrogen and lack of fuel infrastructure are the factors expected to hamper the growth of the industry. In addition, technological advancements and future potential in the hydrogen fuel cell vehicle and increasing investments & encouragement in administrative policy framework creates market opportunities for the key players operating in the hydrogen fueling station market.

In addition, the hydrogen fueling station market has witnessed significant growth in recent years, owing to increased demand for improved vehicle performance and the inclination of consumers toward environment-friendly vehicles. Furthermore, the companies operating in the market have adopted partnerships, investments, and business expansions, to increase their market share and expand their geographical presence. For instance, in October 2021, Linde plc. announced the start of its new hydrogen production facility in Texas. This bought Linde's total U.S. Gulf Coast hydrogen capacity to approximately 1.5 billion cubic feet per day. This helped them expand their offerings for hydrogen fueling stations across the U.S. Also, in December 2021, ITM Power PLC partnered with Shell, one of the largest oil companies in the world, to construct a hydrogen refueling station (HRS) at the Shell Filling Station, Beaconsfield. This increased its market presence across the UK.

The factors such as stringent government regulations to control increasing pollution, high suitability of hydrogen as fuel, and increase in R&D activities related to hydrogen fuel cell technology supplement the growth of the hydrogen fueling station market. However, high initial expenditure for producing hydrogen and lack of fuel infrastructure are the factors expected to hamper the growth of the market. In addition, technological advancements and future potential in the hydrogen fuel cell vehicle and increase in investments & encouragement in administrative policy framework create market opportunities for the key players operating in the market.

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Key Findings Of The Study :

By station type, the large segment dominated the global hydrogen fueling station market in terms of growth rate.

By vehicle type, the commercial vehicles segment dominated the global hydrogen fueling station market in terms of growth rate.

By vehicle technology, the others segment dominated the global hydrogen fueling station market in terms of growth rate.

By delivery method, the on-site segment dominated the global hydrogen fueling station market in terms of growth rate.

The leading players operating in the hydrogen fueling station market are Air Liquide, Air Products and Chemicals, Inc., Ballard Power Systems, Black and Veatch Holding Company, China Petrochemical Corporation, Cummins Inc., FirstElement Fuel, Inc., FuelCell Energy, Inc., H2ENERGY SOLUTIONS LTD, ITM Power PLC, NEL ASA, Nuvera Fuel Cells, LLC, PDC Machines Inc., Shell, Linde PLC, TotalEnergies, and TrueZero.

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