Hydrogen Fueling Station Market

Hydrogen Fueling Station Market Size & Overview – Key Insights & Forecast

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13931
  • Published Date: Jan, 2024
  • Pages: 238
  • Category: Energy & Power
  • Format: PDF
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Market Introduction

The global Hydrogen Fueling Station market was valued at USD 602.76 Million in 2022 and growing at a CAGR of 21.23% from 2023 to 2032. The market is expected to reach USD 4,132.79 Million by 2032. This market growth is attributed to a surge in the demand for zero-emission vehicles. Also, the leading OEMs are getting supported by the government to invest in R&D of the fuel cell electric vehicles (FCEVs). The demand for FCEVs is growing, and hence, there is a requirement for hydrogen fueling station infrastructure. Investment is also happening in the private and public sectors in emerging economies. Hence, the growing adoption of FCEVs and initiatives to mitigate the greenhouse gas emissions of the mobility sector is driving the hydrogen fueling station market.

Hydrogen fueling stations are an important part of the infrastructure supporting hydrogen-powered vehicles, especially the FCEVs. These stations can become crucial for adopting clean and sustainable transport. These stations mainly cater to FCEVs, which use hydrogen to produce electricity through fuel cells and emit only water vapour. These stations have components like storage tanks, hydrogen dispensers, compression systems and safety features similar to traditional gasoline dispensers. Based on one of the studies, more than 27,500 hydrogen fuel cell vehicles were sold from the beginning of their first sale till the end of 2020, even without a robust hydrogen fueling infrastructure. It is estimated that over 19 million passenger hydrogen fuel cells will be sold or leased by 2035, consisting of vehicles that have already been sold. After the sales went down during the pandemic, it is estimated that the passenger hydrogen fuel vehicle sales will pick up fast post-pandemic. The sales would be attributed to the steady development of significant hydrogen fueling infrastructure in many important markets. Also, many automobile manufacturers are looking to enter the market shortly. For instance, BMW is planning to launch the fuel-cell sedan, and similarly, Jaguar Land Rover is planning to enter the market with large fuel-cell SUVs. Automobile manufacturers such as Toyota, Honda, Hyundai, and SAIC are already in the hydrogen fuel cell vehicle market. There is an estimation that by 2070, the total hydrogen demand will be around 500 million metric tons, and the transportation sector will be the highest hydrogen consumer. Hence, hydrogen-powered electric vehicles are being adopted as they can be the potential alternative to gasoline-powered cars as they have faster refuelling time and longer driving range. All these factors eventually drive the growth of the hydrogen fueling station market.

Hydrogen Fueling Station Market Size

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Recent Development

  • In February 2023: Air Liquide and TotalEnergies are creating an equally owned joint venture to form a network of around 100 hydrogen stations on important European roads for heavy-duty European vehicles. These factors are helping the organization expand its market share in the Hydrogen Fueling Station market.
  • In June 2023: Nel Hydrogen Inc., a NEL ASA subsidiary, received the purchase order from an undisclosed US energy organization. This order is for delivering 16 hydrogen fueling stations, which will be deployed in California, US. It helps the organization gain market share in the Hydrogen Fueling Station market.    
  • In September 2023: Air Products partnered with Chengzhi, a tech organization, to speed up the transport decarbonization of the Yangtze River Delta region of China by launching the first commercial-scale hydrogen fuel station in Changshu City of Jiangsu province of China, which can fuel city buses and heavy-duty trucks in logistics. These strategies help organizations grow in the market.

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This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Hydrogen Fueling Station market based on below mentioned segments:

Global Hydrogen Fueling Station Market by Size:

  • Small & Medium Size
  • Large Size

Global Hydrogen Fueling Station Market by Type:

  • Fixed Station
  • Mobile Station

Global Hydrogen Fueling Station Market by End User:

  • Railways
  • Marine
  • Commercial vehicle
  • Aviation

Global Hydrogen Fueling Station by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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