May 04, 2022 07:20 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, May 04, 2022 (GLOBE NEWSWIRE) -- The global Hydrogen Fueling Station Market size is expected to showcase exponential growth by reaching USD 2.67 billion by 2028. This information is published by Fortune Business Insights in its report, titled “Hydrogen Fueling Station Market, 2021-2028.” The report further observes that the market stood at USD 0.37 billion in 2020 and is projected to exhibit an astonishing CAGR of 30.8% between 2021 and 2028.
Factors such as the increasing investment in developing advanced components and the growing demand for the adoption of low carbon technologies will favor the product’s demand during the foreseeable future. According to the U.S. Energy Information Administration (EIA), the total renewable energy consumption was around 11.41 quadrillion British thermal units (BTU) in 2018, an increase of around 17.4% compared to 2015.
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The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from the governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling, and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
Increasing Investment in Development of Advanced Components to Spur Demand
In February 2021, Howden, the U.K.-based engineering company, announced its plan to deliver advanced H2 compressor solutions to Everfuel, a leading Denmark-based company. Companies such as Howden are introducing advanced systems to boost their manufacturing abilities. The high demand for low carbon solutions has further propelled these companies to develop advanced fueling facilities globally. Backed by encouraging government policy framework, several companies adhere to stringent emission regulations by deploying low-carbon technology-induced infrastructures. These factors are anticipated to bode well for the global hydrogen fueling station market growth during the foreseeable future.
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On the basis of type, the market for hydrogen fueling stations is divided into small stations, medium stations, and large stations. Lastly, on the basis of region, the market is segregated into Asia-Pacific, Europe, North America, and Rest of the World.
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What does the Report Include?
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market strongholds between 2021 and 2028.
Major Companies Investing in R&D Activities to Brighten Their Market Prospects
The market is experiencing stiff competition amongst several major companies focusing on investing in R&D activities to develop futuristic and technologically advanced hydrogen fueling stations to cater to the rising number of hydrogen-powered automobiles worldwide. Furthermore, other key players are adopting strategies such as facility expansion, merger and acquisition, and partnership that will bode well for the market growth.
April 2021 – Nel Hydrogen secured a purchase order for one H2 Station hydrogen fuel station from HTEC. The company informs that the station will fuel light-duty fuel cell electric vehicles in Quebec, Canada.
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List of the Hydrogen Fueling Stations Companies Operating in the Global Market:
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Hydrogen Fueling Station Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. General Station Configuration, By Type
7. Hydrogen Fueling Station Cost Analysis (Average CAPEX, by Type)
8. Global Hydrogen Fueling Station Market Analysis (Units, USD Billion), Insights and Forecast, 2017-2028
8.2. Market Analysis, Insights and Forecast – By Type
8.2.1.Small Station (Less than 1 t/d of H2)
8.2.2.Medium Station (1-4 t/d of H2)
8.2.3.Large Station (More than 4 t/d of H2)
8.3. Market Analysis, Insights and Forecast – By Region
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