According to a new report published by Allied Market Research, titled, “Hydrogen Compressor Market by Technology Type, Lubricant Type, and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global Hydrogen compressors market size was valued at $1,789.1 million in 2020, and is projected to reach $2,662.1 million by 2030, registering a CAGR of 4.0% from 2021 to 2030.
Hydrogen compressor is a device that is 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 market.
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 re-calibrate the country's massive fossil fuel and power infrastructure for decarbonized energy and commodity production. 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 hybrid system that uses powered hydrogen fuel cells and storage batteries as their source of electricity. Hence, these innovations in automotive sectors are expected to have a positive impact on the Hydrogen compressor market growth.
However, owing to 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 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.
The key companies profiled in the hydrogen compressors market 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 Findings Of The Study
- The report provides an extensive analysis of the current trends and future estimations of the hydrogen compressor market.
- Depending on technology type, the mechanical compressors segment dominated the market, in terms of revenue, in 2020.
- By lubricant type, the oil-based segment registered the highest revenue in 2020.
- Oil & gas segment is projected to register highest growth rate in the coming years.
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 2021 and 2030.