Regional Collaboration among Governments and Government Hydrogen Plans would accelerate the Hydrogen Fuelling Station Market in the APAC Region!
- Himanshu Patni
- November 24, 2023
- ENERGY & POWER, NEWS
- Hydrogen Fuelling Station Market, Hydrogen Fuelling Station Market Forecast, Hydrogen Fuelling Station Market Share, Hydrogen Fuelling Station Market Size, Hydrogen Fuelling Station Market Trends
- 0 Comments
APAC acquired the majority share in the Hydrogen Fuelling Station market and is expected to witness an exponential CAGR in the forecasted period. It is mainly owing to a large number of Hydrogen Fuelling Station operational projects taking place in China, South Korea, and Japan. Moreover, these countries have the majority number of fuel cell vehicles which are acting as a catalyst in the rising investment for hydrogen fuelling stations in these regions. China has set a target of producing 100 metric tons of hydrogen by 2060; Japan has set a target of 20 million tons of hydrogen per year by 2050; South Korea plans to produce 5.26 million tons of hydrogen per year by 2040. The region possesses significant low-carbon hydrogen production potential. Nearly 40% of the global demand for hydrogen is generated from the APAC region and, within APAC, the majority of the demand comes from China, which accounts for 26% of the global demand.
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Increasing fuel cell electric vehicles including hydrogen trucks and buses are acting as a catalyst for the growth of hydrogen fuelling stations. Hydrogen Cars Are More Efficient, Lighter, and Faster. Moreover, a hydrogen fuel cell system (including the hydrogen tank) weighs far less than a battery does which has sparked interest in hydrogen cars as a potential alternative cleaner fuel vehicle. Many Countries have implemented hydrogen energy and the development of Hydrogen fuelling system in their roadmap which will act as a catalyst in the growth of the market during the forecast period.
Despite the benefits the total number of Hydrogen Fuelling Stations worldwide at the end of 2022 was just 814. The biggest factor restraining the market of hydrogen fuel stations is the lack of fuel cell vehicles in the world. Fuel cell vehicles offer longer driving ranges and faster refueling times when compared to battery electric vehicles, however, despite these benefits, the sales of fuel cell vehicles are negligible when compared to electric and gasoline vehicles. For instance – during the first quarter of 2023, the sale of hydrogen vehicles in the USA was just 725 vehicles which is 30% lower when compared to the previous year.
APAC Hydrogen Fuelling Station Market Revenue (2020-2030)- USD Mn
· Based on Station type, the Hydrogen Fuelling Station market is divided into fixed and mobile station segments. The fixed station segment acquired a majority share in the Hydrogen Fuelling Station market and is expected to showcase a substantial growth rate during the forecast period. Since the availability. Although the mobile station type is only popular in some countries such as Japan, many companies have started investing in mobile stations in order to lessen the gap between fuel cell cars and fuelling stations. For instance – In July 2023, Hexagon Purus (Oslo, Norway) received an order from a large European OEM to deliver a mobile 700-bar hydrogen (H2) refueling station with a contract value of 3 Million Euro.
· Based on Pressure, the Hydrogen Fuelling Station market is divided into low and high-pressure segments. The High-pressure segment acquired a majority share in the Hydrogen Fuelling Station market and is expected to showcase a substantial growth rate during the forecast period. The high-pressure segment supplies hydrogen at 700 bar and is used for light-duty vehicles. The sale of light-duty vehicles is around 80% whereas the sale of heavy-duty vehicles is around 20%. High sales of passenger low-duty vehicles are acting as a catalyst for the growth of the high-pressure segmentation in the global hydrogen fuelling station during the forecast period.
· Based on Application, the Hydrogen Fuelling Station market is divided into passenger and Commercial segments. The Passenger segment acquired a majority share in the Hydrogen Fuelling Station market and is expected to showcase a substantial growth rate during the forecast period. Around 80% of the hydrogen cars sold worldwide are passenger cars. Around 26,000 hydrogen passenger cars were sold in Asia Pacific region constituting around 60% of the hydrogen passenger vehicles sold globally, followed by North America and then Europe in third place with just 3556 passenger cars by the end of 2021.
· Based on Developer, the Hydrogen Fuelling Station market is divided into Private and Public segments. The public segment acquired a majority share in the Hydrogen Fuelling Station market and is expected to showcase a substantial growth rate during the forecast period. As the sale of fuel cell vehicles is very less compared to battery electric vehicles and traditional gasoline vehicles, it is not profitable for private players to open a hydrogen fuelling station. Most of these stations are funded by the government aiming to promote low-emission fuel and to provide infrastructure for the limited number of fuel cell vehicles in their region. Countries such as south Korea and Japan has invested heavily to build hydrogen fuel station infrastructure in their countries in order to promote hydrogen vehicles.
For a detailed analysis of the Global Hydrogen Fuelling Station Market browse through – https://univdatos.com/report/hydrogen-fuelling-station-market/
Global Hydrogen Fuelling Station Market Segmentation
Market Insight, by Station Type
· Fixed
· Mobile
Market Insight, by Pressure
· Low
· High
Market Insight, by Application
· Passenger
· Commercial
Market Insight, by Developer
· Private
· Public
Market Insight, by Region
· North & South America
o U.S.A.
o Canada
o Rest of North & South America
· Europe
o Germany
o France
o United Kingdom
o Netherland
o Rest of Europe
· APAC
o Japan
o China
o South Korea
o Australia
o Rest of APAC
· Rest of the World
Top Company Profiles
· Air Liquide
· ENEOS Corporation
· Iwatani Coporation
· Ballard Power Systems
· FirstElement Fuel, Inc.
· Air Products
· Hydrogenics
· FuelCell Energy
· Linde Engineering
· Nel Hydrogen
