According to a new study published by Information Trends, sales generated by service stations offering hydrogen are expected to reach $9 billion over 15 years in the Asia-Pacific and Europe markets.
As the transformation of service stations into energy hubs keeps gaining momentum year by year, fuel retailers need to stay up to date with the latest trends in the vehicle market. A new study released by Information Trends has stated that a recent boost in sales of hydrogen fuel cell vehicles is on track to boost revenues in the hydrogen fueling station market.
The latest report from the market research firm states that the hydrogen fueling sector is poised to generate $9 billion in revenue by 2036. The Asia-Pacific region is set to be the epicentre of this profit increase followed by Europe. Fuel cell vehicles not only include passenger vehicles, buses or trucks, but forklifts, rail and air transportation are also set to be part of this growth.
The study shows that by the end of 2021, over 800 public hydrogen stations were deployed globally, the highest number of station deployments in a single year as well as a dramatic increase over 2020. Haani Kambrani, Senior Research Analyst at Information Trends, pointed out that the cost of these installations are not only declining but their capabilities are growing at the same time. These include higher fueling pressures, increased fueling capacity and expanded hydrogen storage.
The research acknowledges that the deployment of hydrogen stations have picked up in countries around the world, especially in the Asia-Pacific region and Europe. China, Japan and Korea are currently the nations with the highest count of forecourts that offer the alternative fuel, with deployments on the rise in New Zealand and Australia. On the other hand, Germany, France and the United Kingdom are spearheading the transition into energy hubs with a high number of deployments in the Nordic region as well.
Another important factor that the specialist mentioned is the supply of green hydrogen, which is produced from clean energy sources such as solar panels and wind turbines. As Kambrani said, this trend is in line with a global drive for green energy completely free of carbon.
Extracted from Petro Plaza