Hydrogen Fueling Station Market

Hydrogen Fueling Station Market Outlook for 2024 to 2034

The hydrogen fueling station market is estimated to be valued at USD 454.1 million in 2024. The market is predicted to grow at an astounding CAGR of 17.5% over the forecast period. The industry is estimated to reach a value of USD 2,300 million by 2034. A gradually increasing number of hydrogen-powered cars is driving the need for a higher number of hydrogen fueling stations.

Report Attribute	Details
Hydrogen Fueling Station Market Size (2024)	USD 454.1 million
Anticipated Market Value (2034)	USD 2,300 million
Projected Growth Rate (2024 to 2034)	17.5% CAGR

Hydrogen Fueling Station Market Trends & Analysis

• Tax exemptions and public funds are promoting investments in the construction of H2 fueling stations.
• Since liquid hydrogen has a greater energy density than gaseous hydrogen, it is being investigated as a potential long-distance transportation fuel. Some leading market players are currently focusing more on the construction of LH2 fueling stations, which is anticipated to overhaul the hydrogen fueling station industry outlook.

Hydrogen Fueling Station Market Historical Analysis Vs Forecast Outlook

The hydrogen fueling station market was valued at USD 179.4 million in 2019. The adoption of hydrogen fueling stations increased at a rate of 20.6% from 2019 to 2023. The market value was about USD 380 million in 2023. Public awareness campaigns on the advantages of hydrogen fuel led to a significant rise in the adoption and use of H2 filling stations during this period.

Attributes	Details
Hydrogen Fueling Station Market Value (2019)	USD 179.4 million
Projected Market Revenue (2023)	USD 380 million
Historical Growth Rate (CAGR 2019 to 2023)	20.6% CAGR

Prominent Factors Fueling Market Growth

In line with international initiatives to lower carbon emissions, hydrogen fuel cell refueling stations have become essential to switch to sustainable energy. The global transition to clean energy solutions has initiated the flow of funds and subsidies to developing economies for the adoption of hydrogen fuel cell-based vehicles. So, developing economies are expected to witness more opportunities for hydrogen station deployment in this decade.

The value proposition of hydrogen fuelling stations can be improved by using hydrogen storage stations to function as grid stabilizers during times of surplus renewable energy generation. For instance, a hydrogen storage station project by Shell to regulate peak demand and balance the grid is creating new revenue sources in the Netherlands.

Country-wise Insights

The table below lists the countries with higher opportunities for the development and expansion of clean hydrogen fuel stations.

Countries	CAGR (2024 to 2034)
United States	17.8%
Japan	19%
United Kingdom	19.1%
South Korea	13.7%
China	18.4%

The United States Currently Dominates the Hydrogen Technology Market

The United States hydrogen fueling station market is likely to expand at a CAGR of 17.8% from 2024 to 2034. The total market value is poised to reach a valuation of USD 407.9 million by 2034.

• Citizens of the United States have relatively higher knowledge and acceptance of hydrogen as a sustainable energy source for their vehicles.
• The development and growth of hydrogen fueling stations in the United States was made possible by early identification of hydrogen as a profitable investment option.

Increasing Environmental Concerns in the United Kingdom

The United Kingdom is expected to witness the most lucrative growth opportunity in hydrogen fueling station establishment in Europe. The regional market is likely to witness 19.1% CAGR through 2034 and conclude at a valuation of USD 92.6 million.

• A stronger focus on the development of clean, and sustainable energy sources in Europe is driving the market in the United Kingdom.
• Corporates in the country are implementing fleets that run on hydrogen, which calls for more construction of fueling stations for hydrogen.

A Larger Consumer Base is Driving Hydrogen Fueling Station Demand in China

The hydrogen fueling station network in China is anticipated to expand at a rate of 18.4% from 2024 to 2034. The overall market value is expected to reach USD 363 million by 2034.

• Enhanced conscience of the general public and the Chinese government's strict policies to gradually shift toward hydrogen-based fuel technology.
• The rise of public vehicles powered by hydrogen is expected to drive the regional market in a highly populated country like China.

Highly Developed Network of Hydrogen Fueling Stations in Japan

The hydrogen fueling station market in Japan is likely to witness a CAGR of 19% until 2034. The market value is expected to reach USD 248.7 million by 2034.

• Japanese automakers are committing to invest more in hydrogen technology and modifying existing automotive models for developing hydrogen-powered cars.
• A well-established network of hydrogen fueling stations in Japan has boosted the production and supply of hydrogen-powered automobiles in the country.

South Korean Government Developing the Market to Strength its Hydrogen Economy

The adoption of hydrogen fueling stations in South Korea is projected to grow at a CAGR of 3.7% from 2024 to 2034. The market value is expected to reach USD 89.6 million by 2034.

• Financial incentives and encouraging policies to shift towards clean-fuel technologies are favoring the development of hydrogen fueling infrastructure in the country.
• South Korean government is enhancing the hydrogen economy in the country by building hydrogen filling stations that are integrated with renewable energy sources.

Category-wise Insights

Small Hydrogen Stations Dominate over Large and Medium-sized Stations

Based on the station size, small stations currently garner more revenue than other segments. Through the projected years, this segment is likely to expand at a CAGR of 17.3%.

Attributes	Details
Top Station Size	Small Stations
CAGR (2024 to 2034)	17.3%
CAGR (2019 to 2023)	20.3%

• Small hydrogen fueling stations have emerged as a profitable investment opportunity for regional or local market players.
• The creation of extensive supply networks for hydrogen fuel gas is expected to further strengthen the small-size H2 fueling station segment through the projected years.

Off-site Hydrogen Filling Stations are Expanding Faster than On-site Stations

Based on supply type, the hydrogen fueling stations in off-site locations constitute more than half of the market expanse. This segment is anticipated to grow further at 17% CAGR from 2024 to 2034.

Attributes	Details
Top Supply Type	Off-site
CAGR (2024 to 2034)	17%
CAGR (2019 to 2023)	19.9%

• The establishment of a robust hydrogen supply chain that encompasses production, transportation, and storage is driving off-site market segments.
• Strategically placed off-site hydrogen fueling stations are necessary as public transportation agencies are making the switch to hydrogen-powered trains and buses.

Competitive Landscape for Hydrogen Fueling Station Market

Currently, the overall market is highly concentrated as a few players have been able to establish a business at scale by pooling resources and knowledge together. Meanwhile, alliances between automakers, energy providers, and infrastructure builders are promoting the construction of hydrogen filling stations in developing and underdeveloped economies. So, the competitive landscape is intensifying day by day.

Recent Developments in the Hydrogen Fueling Station Market

• In November 2023, Air Products and Chengzhi Shareholding Company of China teamed up to expedite the decarbonization of transportation in the Yangtze River Delta of China. Through their joint venture, the two businesses have opened Changshu, Jiangsu province's first commercial hydrogen fuelling station, which can fuel heavy-duty vehicles and municipal buses for logistical purposes.
• In December 2023, Philippe Starck crafted one fancy hydrogen refueling station out of polished, shiny steel. The product has transformed his joint venture with the hydrogen transportation business HRS into a sleek cabinet box of hydrogen. The HRS hydrogen refueling station was unveiled with the opening of COP28 at Expo City Dubai. The firm started making hydrogen dispensers for the HRS14 and HRS40 stations in 2024.

Key Players Profiled in the Hydrogen Fueling Station Market Report

• Air Liquide
• Air Products and Chemicals, Inc.
• Linde PLC
• Nel ASA
• McPhy Energy S.A.
• Ingersoll Rand
• Hydrogen Refueling Solutions
• PERIC Hydrogen Technologies, Co.
• Chart Industries Ltd.
• Iwatani Corporation
• Powertech Labs, Inc.
• PDC Machine
• Sera GmbH

Hydrogen Fueling Station Market Report Scope

Attribute	Details
Estimated Market Size (2024)	USD 454.1 million
Projected Market Size (2034)	USD 2,300 million
Anticipated Growth Rate (2024 to 2034)	17.5%
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	USD million or billion for Value and Units for Volume
Key Regions Covered	North America; Latin America; Europe; Middle East & Africa (MEA); East Asia; South Asia and Oceania
Key Countries Covered	United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa
Key Segments Covered	By Station Size, By Supply Type, By Pressure, By Type, By Solution, and By Region
Key Companies Profiled	Air Liquide; Air Products and Chemicals, Inc.; Linde PLC; Nel ASA; McPhy Energy S.A.; Ingersoll Rand; Hydrogen Refueling Solutions; PERIC Hydrogen Technologies, Co.; Chart Industries Ltd.; Iwatani Corporation; Powertech Labs, Inc.; PDC Machine; Sera GmbH
Report Coverage	Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing	Available upon Request

Key Coverage in the Hydrogen Fueling Station Market Report

• In-depth Analysis of Middle East Hydrogen Fueling Station
• Demand Analysis of Hydrogen Fueling Station
• Insights on low-cost, transportable Hydrogen Fueling Station
• Hydrogen Fueling Infrastructure Analysis

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
• 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Station Size
  • 5.1. Small Stations
  • 5.2. Mid-sized Stations
  • 5.3. Large Stations
• 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Supply Type
  • 6.1. Off-site
  • 6.2. On-site
• 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Pressure
  • 7.1. High Pressure
  • 7.2. Low Pressure
• 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type
  • 8.1. Fixed Hydrogen Stations
  • 8.2. Mobile Hydrogen Stations
• 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Solution
  • 9.1. Engineering Procurement and Construction (EPC)
  • 9.2. Components
• 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
  • 10.1. North America
  • 10.2. Latin America
  • 10.3. Western Europe
  • 10.4. Eastern Europe
  • 10.5. South Asia and Pacific
  • 10.6. East Asia
  • 10.7. Middle East and Africa
• 11. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 12. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 13. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 14. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 15. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 16. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 17. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 18. Key Countries Market Analysis
• 19. Market Structure Analysis
• 20. Competition Analysis
  • 20.1. Air Liquide
  • 20.2. Air Products and Chemicals, Inc.
  • 20.3. Linde plc
  • 20.4. Nel ASA
  • 20.5. McPhy Energy S.A.
  • 20.6. Ingersoll Rand
  • 20.7. Hydrogen Refueling Solutions
  • 20.8. PERIC Hydrogen Technologies Co.
  • 20.9. Chart Industries
  • 20.10. Iwatani Corporation
  • 20.11. Powertech Labs Inc.
  • 20.12. PDC Machines
  • 20.13. Sera GmbH
• 21. Assumptions & Acronyms Used
• 22. Research Methodology