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North America Hydrogen Refueling Station Market Size

Report ID: GMI11582
Published Date: Sep 2024
Report Format: PDF

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North America Hydrogen Refueling Station Market Size

North America Hydrogen Refueling Station Market was valued at USD 219.9 million in 2023 and is anticipated to grow at a CAGR of 23.6% between 2024 to 2032. A hydrogen refueling station is a facility where hydrogen is supplied and dispensed to vehicles powered by hydrogen fuel cells. These stations are similar to conventional gas stations but provide hydrogen, typically in compressed gaseous form, to refuel hydrogen-powered vehicles.

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Increased government support and the expansion of hydrogen-powered vehicle initiatives will augment the industry landscape. North American governments, particularly in the U.S. and Canada, are offering subsidies and tax incentives to encourage the development of hydrogen infrastructure. Partnerships between governments and companies like Toyota, Hyundai, and Shell are driving infrastructure development. Public-private collaborations are essential for expanding the number of stations, especially in regions with growing demand for hydrogen fuel cell vehicles (FCVs) will drive the business scenario.

North America Hydrogen Refueling Station Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Hydrogen Refueling Station Market Size in 2023:	USD 219.9 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	23.6%
2032 Value Projection:	USD 2.33 Billion
Historical Data for:	2018 to 2023
No. of Pages:	80
Tables, Charts & Figures:	20
Segments covered:	Station Size, Station Type, Application and Country
Growth Drivers:	Technological advancements Increasing demand for Commercial Vehicles
Pitfalls & Challenges:	High project setup cost

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Ongoing advancements focused on improving efficiency, safety, refueling speed, and integration with renewable energy sources will strengthen the market landscape. High pressure refueling technology, use of advanced compressors along with improved cooling systems is set to augment the business landscape. Additionally, newer stations are designed with modular components, allowing for scalability. More compact station designs, reducing the space and installation costs needed, making them easier to integrate into urban settings or alongside existing fuel stations. Emerging technologies are exploring automated refueling systems that would allow autonomous hydrogen-powered vehicles to refuel without human intervention, contributing to the momentum.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of North America hydrogen refueling station was USD 219.9 million in 2023 and is projected to grow at a CAGR of over 23.6% through 2032, driven by increased government support and the expansion of hydrogen-powered vehicle initiatives.

Small-sized hydrogen refueling stations are projected to surpass USD 713 million by 2032, driven by increasing demand for localized, scalable refueling solutions in regions with developing hydrogen infrastructure.

The U.S. hydrogen refueling station market is set to surpass USD 2.2 billion by 2032, driven by increasing demand for hydrogen infrastructure, particularly in sectors such as transportation, logistics, and heavy-duty vehicles.

The passenger cars segment is anticipated to grow at a CAGR of over 23% through 2032, on account of the state’s Zero Emission Vehicle (ZEV) mandate and its robust hydrogen refueling infrastructure.

Prominent players in the North America hydrogen refueling station sector include Air Liquide, Cummins, Chart Industries, Galileo Technologies, Hydrogen Refueling Solutions, Ingersoll Rand, Iwatani, Linde, Plug Power, Mcphy, and Nel.