Hydrogen Compressor Market Size to Hit $2.60 Billion, Globally, by 2030 | Exclusive Report by The Insight Partners
Hydrogen Compressor Market is growing at a CAGR of 5.0% from 2022 to 2030.
Pune, India, Nov. 10, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Hydrogen Compressor Market Forecast to 2030 –Global Analysis – by Type (Oil-based and Oil-free), Stage (Single-Stage and Multi-Stage), End Users (Chemical, Oil & Gas, Automotive & Transportation, Renewable Energy, Hydrogen Fueling Stations, and Others) and Geography,” the market is expected to grow from US$ 1.76 billion in 2022 to US$ 2.60 billion by 2030; it is anticipated to grow at a CAGR of 5.0% from 2022 to 2030.
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Hydrogen Compressor Market: Competitive Landscape and Key Developments
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 profiled during this study. In addition, several other important hydrogen compressor market players have been studied and analyzed during the study to get a holistic view of the hydrogen compressor market and its ecosystem.
In May 2022, Shenyang Yuanda Compressor Co. Ltd., a fully owned subsidiary of Burckhardt Compression, has signed a contract with Sinopec Guangzhou Engineering Co. to supply three skid-mounted fully balanced hydrogen compressors for Sinopec Xinjiang KuChe Green Hydrogen Project.
Global Hydrogen Compressor Market Scope:
|Market Size Value in||USD 1.76 Billion in 2022|
|Market Size Value by||USD 2.60 Billion by 2030|
|Growth rate||CAGR of 5.0% from 2022 to 2030|
|Segments covered||Type, Stage, End Users, Geography|
|Regional scope||North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
The key players operating in the hydrogen compressor market include 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.; among others. In addition to the ten players that are profiled in the report, there are several other global, regional, and local players operating in the global hydrogen compressor market ecosystem which were also studied during the course of the study to get a holistic view of the entire market. Some of these players include Ingersoll Rand, Hitachi Industrial Products, Siemens Energy, and MAN Energy Solutions SE among others.
Growing Adoption of Hydrogen Fuel Cell Vehicles
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. Numerous government policies have been deployed to reduce emissions by vehicles. For instance, in the US, the state of California dedicated funds for the development of 100 hydrogen refueling stations and is aiming to reach ~1.5 million zero-emission vehicles by 2025, driving the demand for hydrogen fuel cell vehicles. Due to rising concerns regarding the depletion of natural resources and environmental degradation, several technologies have been developed and introduced in the market that favor the eco-friendly concept of sustainability. Similarly, rising awareness related to the effects of air pollution and the surge in greenhouse gas emissions is propelling the demand for hydrogen fuel cell vehicles that offer higher fuel economy than internal combustion engine (ICE) vehicles. This vehicle has a fuel economy of more than 63 miles per gallon, while ICE vehicle has 29 miles per gallon on roads. Hydrogen fuel cell vehicles enhance the fuel economy by approximately 3.2%.
Moreover, the fuel cell vehicles can travel approximately 300 miles without refueling. For instance, the recently launched Honda Clarity offers a zero-emission vehicle in the US with a range of ~366 miles. Hence, achieving better fuel economy and increased driving range is driving the demand for hydrogen compressors. Globally, the adoption of hydrogen fuel cell vehicles is increasing with government support and funding, which boosted investments in hydrogen fuel stations across the globe. According to the Green Car Congress Organization, in 2022, more than 1,000 hydrogen fuel stations were deployed across the globe, and this is growing rapidly with an increase in government investment in hydrogen fuel projects. China has the largest, nearly one-third of the global deployments of hydrogen fuel stations, followed by the US and Japan according to the International Energy Agency.
Thus, the growing adoption of hydrogen fuel cell vehicles drives the global hydrogen compressor market.
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Hydrogen Compressor Market Analysis: Type Overview
Based on type, the market is divided into oil-based and oil-free compressors.
The majority of hydrogen compressors used across industries are oil-based, owing to long stroke and slow speed types. As per the historical data, these are the most reliable compressors accessible in the market. Other popular hydrogen compressors include vertical and horizontal compressors, moderate-speed types, and short-stroke compressors. Oil-based hydrogen compressors use lubricating oil, which maintains the piston or rotary element operating smoothly without damaging the mechanism. The oil in the compressor maintains higher air compression efficiency to dissipate heat. The oil-based hydrogen compressor requires higher maintenance and needs to change oil frequently. It has better filtration capabilities using coalescing and separator filters that remove the oil and protect downstream equipment and processes from contamination. Several companies that offer oil-based hydrogen compressors worldwide include NEUMAN & ESSER GROUP, Lenhardt & Wagner, and J.P. Sauer & Sohn Maschinenbau GmbH.
Hydrogen Compressor Market Analysis: End User Overview
By end user, the Hydrogen Compressor market is segmented into commercial and public infrastructure, residential and industrial. Green cement is an environment-friendly cement that utilizes a low to zero-carbon-emission production process. The key raw materials leveraged to develop green cement include the remaining waste or byproducts from the industry. The fly ash or slag from the blast furnace is the primary material applied in Hydrogen Compressor fabrication. The application of advanced technology makes the fabrication process substantially energy-efficient and cost-effective. The carbon dioxide released during this process is considerably low. The growing concern for mitigating and lowering the construction industry’s carbon footprint to save the environment from the hostile effects of greenhouse gas emissions is boosting the application of Hydrogen Compressor in the industrial, residential, commercial, and public infrastructure sectors. In 2022, the commercial and public infrastructure segment held the largest share of the market and is expected to hold the largest share through the forecast period 2022–2030.
Go through further research published by The Insight Partners:
Turbo-compressor Market – Global Analysis and Forecast to 2030
Industrial Air Compressor Market– Global Analysis and Forecast to 2030
Automotive E-Compressor Market– Global Analysis and Forecast to 2030
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