Hydrogen Compressor Market Growth Report – Size, Share 2028

Hydrogen Compressors Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Oil-based and Oil-free), Stage (Single-Stage and Multi-Stage), End Users (Chemical, Oil & Gas, Automotive & Transportation, Renewable Energy, Hydrogen Fueling Stations, and Others) and Geography

Publication Month : Nov 2023

  • Report Code : TIPRE00019472
  • Category : Manufacturing and Construction
  • Status : Published
  • No. of Pages : 173
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[Research Report] The hydrogen compressors market was valued at US$ 1,765.40 million in 2022 and is projected to reach US$ 2,609.69 million by 2030; it is expected to grow at a CAGR of 5.0% during 2022–2030. 

Analyst Perspective:

The hydrogen compressor market is driven by rapid industrialization and an increase in hydrogen production across the globe. Hydrogen production reached 94 million metric ton in 2021, a rise from 91 million metric ton in 2019. Hydrogen compressors are used in the oil & gas and refinery industries for compression.

Asia Pacific has dominated the global hydrogen compressor market owing to the presence of several industries, including automotive, chemicals, oil & gas, and renewable energy, among others. According to Car Group Organization, in 2021, automotive manufacturers announced an investment of US$ 36 billion for building manufacturing facilities for batteries and EVs. In the first quarter of 2022, automakers in Asia Pacific announced an investment of US$ 24 billion in electric vehicles. Hydrogen compressor is widely used in automotive manufacturing. Increased adoption of Industry 4.0, along with a surge in the advancements in consumer electronics manufacturing and machinery tools, is driving the hydrogen compressor market growth. Hydrogen plays a vital role in energy production; this supports the aim of the decarbonization of carbon-intensive sectors, including chemical, processing, automotive, mobility, and power generation, among others. Compressors are used in the hydrogen gas production value chain and are essential for efficiently transporting hydrogen.

Market Overview:

Hydrogen is one of the most efficient fuels with the highest energy content per weight. However, the hydrogen density in ambient conditions is ~90 g per cubic meter. Therefore, to attain functional levels of energy density, the efficient compression of hydrogen is necessary. The hydrogen compressors effectively used to compress small to medium quantities of hydrogen to high and, as per the requirement it can also be used for extremely high pressures of more than 5,000 bar (75,000PSI). Moreover, less than 250 bar (3,600 PSI) pressure is required to compress high quantities of oil-free hydrogen. In case of above 10 Megawatts of drive power is used to achieve any hydrogen compression necessity. Further, in case the oil traces are permitted in the gas, the discharge pressures in the range of more than 600 bar (9,000 PSI) are possible with lubricated compression.

The oil and gas and chemical industries experience tremendous growth across the world; moreover, various renewable energy projects are in the pipeline, especially in Southeast Asian countries. Thus, the requirement for better-conducting channels in various industries is offering future growth opportunities for the global hydrogen compressor market. The current growth of the hydrogen compressor market is primarily attributed to the introduction of advanced products by the hydrogen compressor manufacturers. The hydrogen compressor market has been segmented on the bases of type, stage, and end user. Based on type, the market is segmented into oil-based and oil-free. Based on stage, the market is segmented into single-stage and multi-stage. The hydrogen compressor market, by end user, is segmented into chemical, oil and gas, automotive and transportation, renewable energy, and others. On the basis of geography, the market is segmented into five regions: North America, Europe, APAC, MEA, and SAM.  

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Hydrogen Compressors Market: Strategic Insights

hydrogen-compressor-market
Market Size Value inUS$ 1,765.40 million in 2022
Market Size Value byUS$ 2,609.69 million by 2030
Growth rateCAGR of 5.0% from 2022-2030
Forecast Period2022-2030
Base Year2022
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Market Driver:

Increasing Industrial Production Activities is Boosting the Hydrogen Compressor Market

Hydrogen compressors are widely used for several applications in various industries. It is used to supply the dry, clean, and oil-free air that is required in food & beverages, pharmaceuticals, consumer electronics, and textiles industries. Further, the food & beverages sector witnessed rapid growth due to government support and initiatives. Per the Food and Agriculture Organization Report in 2022, the government's support and funding toward the food & agriculture industry reached ~US$ 630 billion annually across the globe.

Also, hydrogen compressors majorly contribute to making low-carbon societies as it is used in making green hydrogen, compressing the LNG, and in the battery manufacturing plants of electric vehicles. Compressed air is also used in industrial automation in various sectors, as well as hospitals and high-speed trains. Hydrogen is used for high-temperature heating in industrial plants for the feedstock in chemical processing. According to the Chemical Industries Association Survey, the world's 50 largest chemical industry sales reached US$ 1.2 trillion in 2022, which increased by 17% compared to 2021. Such rising investment in the industrial sectors across the globe boosts production activities, which drives the global hydrogen compressor market growth.

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Segmental Analysis:

Based on type, the market is divided into oil-based and oil-free compressors. Among these, oil-based hydrogen compressors have the largest share owing to their capability and wide range of applications in the industrial sectors, including in chemical plants, automotive, and electronic components manufacturing. Oil-based hydrogen compressors have higher efficiency than oil-free hydrogen-type compressors. Oil acts as the cooling medium that absorbs ~80% of the heat from the compressor during the compression cycle. It is considered suitable for various industrial applications which require a higher compression ratio. Rising global industrialization, along with the rapid development of advanced technologies-based industrial equipment, is driving the oil-based hydrogen compressor market growth. Also, rising investment towards green field projects across the globe, with significant support from government authorities, is driving the demand for oil-based hydrogen compressors. According to the United Nations Conference on Trade and Development Organization Report, the global greenfield project investment increased by 15% in 2022 compared to 2021, especially in developing countries, including Japan, India, Mexico, Brazil, and China.

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Regional Analysis:

Europe is growing moderately with government support and initiatives for clean hydrogen production. From 2021 to 2027, the EU government's budget announced an investment of ~US$ 578 billion for climate spending. The European Commission also launched a budget of US$ 847.2 billion for the production of renewable hydrogen from the climate change innovation fund. Hydrogen compressor is widely used in renewable energy with government support and initiatives.

Rising investments across the oil & gas industry further drive the Europe hydrogen compressor market growth. The region's oil & gas sector has several giant projects across the region, creating massive demand for hydrogen compressors. A few of the projects include Johan Sverdrup and Johan Castberg oil field Development in Norway, Lochnagar and Rosebank oil and gas exploration in the UK, and Aphrodite Gas Field in Cyprus.  

Key Player Analysis:

Atlas Copco AB; Burckhardt Compression AG; Fluitron, Inc.; Gardner Denver Nash, LLC; Howden Group; HAUG Sauer Kompressoren AG; NEUMAN & ESSER GROUP; Hydro-Pac, Inc.; Lenhardt & Wagner GmbH; and PDC Machines Inc are among the key hydrogen compressor market players operating in the market.

Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global hydrogen compressor market. A few recent developments by key the hydrogen compressor market players are listed below:

Year

News

Region

Jun-2022

HRS, a leading European designer and manufacturer of hydrogen refueling stations, and Burckhardt Compression, the world leader in reciprocating compressor systems, announced the signing of a supply contract for the delivery of several diaphragm compressors. They will be integrated into HRS hydrogen refueling stations with a capacity of over one ton per day.

Europe

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Stage, End Users and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


Which region to dominate the hydrogen compressor market in the forecast period?

The North America hydrogen compressor is segmented into the US, Canada, and Mexico, which have a significant demand for hydrogen compressors owing to the growth in the oil & gas sector. According to the Energy Information Administration in the US, crude oil production in 2022 reached a 0.6 million per day increase of 5.6% compared to 2021. Hydrogen compressor is used in petroleum refineries to ensure leakage-free compression of the oil and gas. In October 2023, Pemex Mexican oil and gas company announced its plan to invest ~US$ 9.2 billion for the expansion of its petroleum refineries.

What is the future trend for the hydrogen compressor market?

The electromechanical hydrogen compressors are presently in the research and development stage and electrochemical reactions, ionic liquids, and metal hydrides. The electrochemical compressors have the application of proton exchange membranes lined by electrodes and a peripheral power source to lead the recombination at higher pressures at the cathode and dissociation of hydrogen at the anode.

What are reasons behind the hydrogen compressor market growth?

The rise in government investments in the development of hydrogen fuel infrastructure and incentives offered to the buyers are allowing the original equipment manufacturers (OEMs) to expand their revenue stream as well as their geographical presence. There is an increase in demand for low-emission and cost-efficient vehicles owing to associated government initiatives and a growing number of high-performance commercial vehicles across the globe.

What are market opportunities for the hydrogen compressor market?

With rising urbanization and rapid industrial growth, energy consumption across the globe has proliferated. Thus, to meet this huge demand for power, there is a rapid increase in the launch of hydrogen-generated power projects.

Who are the major vendors in the hydrogen compressor market?

Atlas Copco AB; Burckhardt Compression AG; Fluitron, Inc.; Gardner Denver Nash, LLC; and NEUMAN & ESSER GROUP are the key market players operating in the global hydrogen compressor market.

The List of Companies - Hydrogen Compressors Market

  1. Atlas Copco AB
  2. Burckhardt Compression AG
  3. Fluitron, Inc
  4. Gardner Denver Nash, LLC
  5. Howden Group
  6. HAUG Sauer Kompressoren AG
  7. NEUMAN & ESSER GROUP
  8. Hydro-Pac, Inc
  9. Lenhardt & Wagner GmbH
  10. PDC Machines Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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