The global hydrogen compressor market size was valued at $2,254.6 million in 2022, and is projected to reach $3,321.1 million by 2032, registering a CAGR of 4.0% from 2023 to 2032.
Hydrogen compressor is a device that is used to reduce volume in order to raise hydrogen pressure, results in liquid hydrogen, also known as compressed hydrogen. Hydrogen compressors are employed to pressurize the hydrogen. The technique is frequently employed in refineries to help with crude oil refinement. Hydrogen has increasingly been used in refineries for processing fuels, eliminating impurities, and other uses. The hydrogen fuel cell provides continuous electricity while needing less maintenance, space, and noise.
Hydrogen compressors are used in a variety of industries such as oil & gas, chemical and automotive. Many automotive manufacturers have attempted to develop hydrogen fuel cell automobiles. These vehicles are currently undergoing R&D. As a result, this might be a major driver of the hydrogen compressor industry. Furthermore, hydrogen refueling stations have grown in various nations across the globe. One of the most significant components of a hydrogen refueling station is the hydrogen compressor. As a result, demand for hydrogen compressors is predicted to increase throughout the forecast period.
Various key players have strengthened their market position and expanded their business by acquiring other companies which are expected to enhance their product portfolio. For instance, in August 2022, Ingersoll Rand Inc. a global provider of mission-critical flow creation and industrial solutions, entered into agreements to acquire Holtec Gas Systems LLC, Shanghai Hanye Air Purifying Technology Co., Ltd, and Hydro Prokav Pumps (India) Private Limited. Holtec and Hanye expand Ingersoll Rand’s air treatment capabilities and enhance the breadth of solutions provided for the larger compressor ecosystem. Hence, this acquisition is anticipated to increase the distribution of hydrogen compressors, which is likely to be opportunistic for the growth of the global market during the forecast period.
The hydrogen compressor market is segmented on the basis of technology type, lubricant type, end user and region. On the basis of technology type, the market is bifurcated into mechanical and non-mechanical. On the basis of lubricant type, it is bifurcated into oil-based and oil-free. On the basis of end user industry, it is divided into oil & gas, chemical, automotive and others. On the basis of region, the market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, Netherlands, and rest of Europe), Asia-Pacific (China, Japan, India, Thailand, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Hydrogen compressor is a device that is used to reduce volume in order to raise hydrogen pressure, results in liquid hydrogen, also known as compressed hydrogen. Hydrogen compressors are employed to pressurize the hydrogen. The technique is frequently employed in refineries to help with crude oil refinement. Hydrogen has increasingly been used in refineries for processing fuels, eliminating impurities, and other uses. The hydrogen fuel cell provides continuous electricity while needing less maintenance, space, and noise.
Hydrogen compressors are used in a variety of industries such as oil & gas, chemical and automotive. Many automotive manufacturers have attempted to develop hydrogen fuel cell automobiles. These vehicles are currently undergoing R&D. As a result, this might be a major driver of the hydrogen compressor industry. Furthermore, hydrogen refueling stations have grown in various nations across the globe. One of the most significant components of a hydrogen refueling station is the hydrogen compressor. As a result, demand for hydrogen compressors is predicted to increase throughout the forecast period.
Various key players have strengthened their market position and expanded their business by acquiring other companies which are expected to enhance their product portfolio. For instance, in August 2022, Ingersoll Rand Inc. a global provider of mission-critical flow creation and industrial solutions, entered into agreements to acquire Holtec Gas Systems LLC, Shanghai Hanye Air Purifying Technology Co., Ltd, and Hydro Prokav Pumps (India) Private Limited. Holtec and Hanye expand Ingersoll Rand’s air treatment capabilities and enhance the breadth of solutions provided for the larger compressor ecosystem. Hence, this acquisition is anticipated to increase the distribution of hydrogen compressors, which is likely to be opportunistic for the growth of the global market during the forecast period.
The hydrogen compressor market is segmented on the basis of technology type, lubricant type, end user and region. On the basis of technology type, the market is bifurcated into mechanical and non-mechanical. On the basis of lubricant type, it is bifurcated into oil-based and oil-free. On the basis of end user industry, it is divided into oil & gas, chemical, automotive and others. On the basis of region, the market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, Netherlands, and rest of Europe), Asia-Pacific (China, Japan, India, Thailand, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Competition Analysis
Key companies profiled in the hydrogen compressor market report include Ariel Corporation, Atlas Copco, Burckhardt Compression AG, Fluitron, HAUG Sauer Kompressoren AG, Hitachi, Ltd., Howden Group, IDEX Corporation, Ingersoll Rand, Inc., Nel ASA.Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hydrogen compressor market analysis from 2022 to 2032 to identify the prevailing hydrogen compressor market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the hydrogen compressor market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global hydrogen compressor market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Technology Type
- Mechanical Compressors
- Non-Mechanical Compressors
By Lubrication Type
- Oil-based
- Oil-free
By End User Industry
- Oil and Gas
- Chemical
- Automotive
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Thailand
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- NEL ASA
- Fluitron Inc.
- IDEX CORPORATION
- ARIEL CORPORATION
- Ingersoll Rand Inc.
- Chart Industries, Inc. (Howden Group)
- Burckhardt Compression Holding AG
- HAUG SAUER KOMPRESSOREN AG
- ATLAS COPCO AB
- Hitachi Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: HYDROGEN COMPRESSOR MARKET, BY TECHNOLOGY TYPE
CHAPTER 5: HYDROGEN COMPRESSOR MARKET, BY LUBRICATION TYPE
CHAPTER 6: HYDROGEN COMPRESSOR MARKET, BY END USER INDUSTRY
CHAPTER 7: HYDROGEN COMPRESSOR MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Hydrogen Compressor Market," the hydrogen compressor market size was valued at $1.9 billion in 2021, and is estimated to reach $2.8 billion by 2031, growing at a CAGR of 4% from 2022 to 2031.Hydrogen compressor is a device utilized to reduce the volume of hydrogen to increase the pressure resulting in compressed hydrogen or liquid hydrogen. The compressor decreases the volume of hydrogen gas as gases are compressible, but a pump raising the pressure of a liquid allows the liquid hydrogen to be transferred elsewhere.
Hydrogen compressors are capable of compressing small to medium volumes of hydrogen to high pressures and depending on the application, they may even reach pressures of more than 5,000 bar (75,000 PSI). Furthermore, lubricated compression can attain discharge pressures of more than 600 bar (9,000 PSI) if oil traces are permitted in the gas, which is one of the key drivers of the hydrogen compressor market growth.
In addition, increase in investments and government initiatives in the chemical and energy sectors is expected to create opportunities for the hydrogen compressor market. For instance, the U.S. Department of Energy's (DOE) Office of Fossil Energy (FE) stated in January 2021 that it will allocate USD 160 million in federal funds to assist in re-calibrate the country's massive fossil fuel and power infrastructure for decarbonized energy and commodity production. Similarly, in March 2022, Sinopec, China’s second-largest oil company has invested $476 million in hydrogen technology research and development and planned a number of pilot green hydrogen projects. The company will prioritize the development of renewable energy projects, particularly those involving hydrogen, in its transition to a low-carbon business structure. The funds will be used to assist a variety of research initiatives aimed at developing hydrogen compressors.
To strengthen the market position, competitors in the hydrogen compressor market have adopted key strategic moves such as collaboration, mergers, acquisitions, and partnerships. For instance, in October 2020, Hitachi Ltd. collaborated with Toyota Motor Corporation, which will develop vehicles equipped with a hybrid system that uses powered hydrogen fuel cells and storage batteries as their source of electricity. Hence, these innovations in the automotive sectors are expected to contribute towards the hydrogen compressor market share.
However, owing to the lockdown imposed in the countries such as China, the U.S., and India due to the outbreak of coronavirus, numerous manufacturers in the worldwide hydrogen air compressor market had to halt their business production. This disruption has a direct impact on the sales of hydrogen compressors. However, it is expected that the reopening of production facilities and the introduction of coronavirus vaccines will lead to the reopening of hydrogen compressor firms.
Key Findings of the Study
- The report provides an extensive analysis of the current hydrogen compressor market trends and future estimations of the market.
- Depending on technology type, the mechanical compressors segment dominated the market, in terms of revenue, in 2021.
- By lubricant type, the oil-based segment registered the highest revenue in 2021.
- Oil & gas segment is projected to register highest growth rate in the coming years.
- Based on region, Asia-Pacific region has dominated the market in 2021 and is expected to register the highest CAGR during the hydrogen compressor market forecast period.
- The key players within the hydrogen compressor market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the hydrogen compressor industry.
- In-depth hydrogen compressor market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
Companies Mentioned
- NEL ASA
- Fluitron Inc.
- IDEX CORPORATION
- ARIEL CORPORATION
- Ingersoll Rand Inc.
- Chart Industries, Inc. (Howden Group)
- Burckhardt Compression Holding AG
- HAUG SAUER KOMPRESSOREN AG
- ATLAS COPCO AB
- Hitachi Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 234 |
| Published | December 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 2254.6 million |
| Forecasted Market Value ( USD | $ 3321.1 million |
| Compound Annual Growth Rate | 3.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
