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Hydrogen Refueling Station Market is expected to be USD 25.5 Billion by 2032
Industry Overview • Hydrogen Refueling Station Marketsize was valued at USD 4.77 billion in 2022 and is projected to witness over 17.9% CAGR from 2023 to 2032. The hydrogen charging station is a filling or a storage station for hydrogen fuel. Usually, the H2 dispensed is by weight and at different filling pressures. The charging station is constructed with a wide range of compressors and accumulators to store and fill the liquefied or gaseous hydrogen. They are supplied with hydrogen by the means of tube trailers, onsite production, or liquid hydrogen tankers. The charging station design characteristically includes bulk storage, high-pressure buffer storage, compression/pumping, precooling unit, along with dispensers, which can vary based on the individual site design configuration. • Growing concerns related to the increasing carbon and GHG emissions coupled with increasing number of initiatives to decarbonize the transportation sector will contribute to the business scenario. Increasing demand for clean transportation, surge in adoption of Fuel Cell Electric Vehicles (FCEVs), large scale investments by both public and private governments focusing on the hydrogen refueling station market statistics. Rising green hydrogen targets, various research, and development activities to improve upon the hydrogen technologies and ongoing expansion of the hydrogen industry primarily across the developing economies will stimulate the business growth. Shifting focus of the industry manufacturers toward the clean fuel projects will strengthen the business landscape.
Continue… • Rapid awareness regarding the new technologies coupled with increasing demand for carbon negative energy resources across various end use segments including transportation will augment the industry outlook. There are various factors including site selection and construction costs among others which might restrain the hydrogen refueling station market growth. However, rising efforts by various component manufacturers to enhance their manufacturing facilities combined with introduction of innovative systems is anticipated to positively impact the industry growth. • The economic slowdown caused by the COVID- 19 pandemic has led to various delays and cancellations of projects, which might affect the hydrogen refueling station growth in the short term. The pandemic has disrupted global supply chains, leading to shortages of various components and equipment, thereby affecting the hydrogen refueling station market size. Further, decline in the sales of the fuel cell electric vehicles will impact the business trends. However, shifting government focus on low carbon technologies to meet the climate targets will further drive the industry scenario. Moreover, increasing decarbonization target adoption across various developing economies will support in developing the hydrogen refueling station.
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