Hydrogen Compressor Market

Hydrogen Compressor Market Research, 2031

The global hydrogen compressor market size was valued at $1.9 billion in 2021, and is projected to reach $2.8 billion by 2031, growing at a CAGR of 4% from 2022 to 2031.

The COVID 19 outbreak has affected the growth of the hydrogen compressor industry owing to the lockdown measure in the countries and delays in the production and manufacturing of hydrogen compressors which are utilized in oil & gas, chemical, automotive, and other sectors.

A hydrogen compressor reduces the volume of hydrogen gas to increase the pressure, resulting in compressed hydrogen or liquid hydrogen. Positive displacement or centrifugal compressors are the most common kind of compressors used to compress gaseous hydrogen. The oil-based hydrogen compressor exhibits various advantages in several end-user industries.

Factors such as increase in hydrogen consumption from end-user industries and construction of hydrogen pipeline infrastructure are expected to boost the growth of the global hydrogen compressor market. Furthermore, the demand for oil-based compressors has been witnessed to increase significantly in the recent years. This is attributed to the fact that oil-based compressors are more efficient than oil-free compressors, as oil functions as a cooling medium, eliminating around 80% of the heat generated by the compressor during compression. Thus, this factor is expected to notably contribute toward the hydrogen compressor market growth during the forecast period. However, risk of early wear and tear of hydrogen compressor components, owing to inadequate lubrication, potentially increases the maintenance cost of oil-based hydrogen compressors. Hence, high purchasing and maintenance costs of hydrogen compressor hamper the market growth. In the hydrogen compressor market, several firms are developing and launching new products. In addition, various key players in this market are signing agreement to develop new hydrogen compressors with latest technology.  For instance, in February 2021, Burckhardt Compression signed an agreement with Switzerland-based company, GRZ Technologies. The aim of this agreement is to develop new hydrogen compression technology. Thermal active metal hydrides will be used in the technology, which will be used in several hydrogen fuel stations, energy storage systems, and other applications. In the next years, such technical advancements are anticipated to generate huge potential for the industry during the forecast period.

Hydrogen compressor comes with two lubricant types, oil-based and oil-free. Oil-based compressor dominated the market in 2021, and is expected to maintain its position in the market during the hydrogen compressor market forecast period. These lubricated compressors are less expensive, have a longer service life than oil-free compressors, and are appropriate for commercial & industrial applications such as glass purification, iron & steel, and for welding operations and heating of metals.

The novel coronavirus (COVID-19) rapidly spread across various countries and regions in 2019, causing an enormous impact on the lives of people and the overall community. It began as a human health condition and has now become a significant threat to global trade, economy, and finance. The COVID-19 pandemic halted production of many products in the hydrogen compressor market, owing to lockdowns. Furthermore, the number of COVID-19 cases is expected to reduce in the future with the introduction of the vaccine for COVID-19 on the market. This has led to the reopening of hydrogen air compressor companies at their full-scale capacities. This is expected to help the market recover by the end of 2022. After COVID-19 infection cases begin to decline, equipment & machinery producers must focus on protecting their staff, operations, and supply networks to respond to urgent emergencies and establish new methods of working.

On the basis of region, Asia-Pacific dominated the market and is expected to register the highest hydrogen compressor market share during the forecast period. The availability of labor and increase in industrialization drive the market growth in Asia-Pacific. Moreover, China is the highest producer and exporter of hydrogen compressors in Asia-Pacific, followed by Japan and India, which is still expanding its manufacturing capabilities. Furthermore, rapid in industrialization and government initiatives for upliftment of manufacturing sector in automotive and chemical industries drive the growth of the hydrogen compressors market in Asia-Pacific.

The hydrogen compressor market is segmented into Technology Type, Lubrication Type and End User Industry. On the basis of technology type, the market is bifurcated into mechanical and nonmechanical. By lubricant type, it is segregated into oil-based and oil-free. Depending on the end-user industry, it is fragmented into oil & gas, chemical, automotive, and others. Region-wise, the market analysis is conducted across North America, Europe, Asia-Pacific, and LAMEA.

Competition Analysis

Key companies profiled in the hydrogen compressor industry report include Ariel Corporation, Atlas Copco AB, Burckhardt Compression AG, Fluitron, Inc, HAUG Sauer Kompressoren AG, Hitachi, Ltd., Howden Group, IDEX Corporation, Ingersoll Rand, Inc., and 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 2021 to 2031 to identify the prevailing hydrogen compressor market opportunity.
• 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.

 Hydrogen Compressor Market Report Highlights