Hydrogen Compressors Market Analysis | 2024-2030

Market Insights

The hydrogen compressors market was estimated at USD 2.02 billion in 2023 and is likely to grow at a CAGR of 4.62% during 2024-2030 to reach USD 2.76 billion in 2030.

Want to know more about the market scope? Register Here

Market Drivers

Introduction

A hydrogen compressor is a device that reduces the volume of hydrogen in order to increase the pressure, resulting in compressed or liquid hydrogen. Depending on the requirement, hydrogen compressors compress a small to medium amount of hydrogen gas to a high or extremely high pressure. These compressors aid in the safe handling and discharge of gas in a range of applications for maximum efficiency.

Processing of metals, cooling turbines in power plants, and wind or solar generation centers, purifying specialty gases, hydrogenating edible oil combinations, and other uses of hydrogen compressors are common. These compressors must be both, high-performing and dependable.

Covid-19 Impact-

The pandemic has impacted operations in a range of businesses across different countries, since 2020. The imposition of lockdown has resulted in lesser production of commodities, goods, and services, as well as supply chain disruption. Various industries, such as chemical, oil & gas, and energy and electricity, have seen a drop in their activities as a result of the temporary halt. These developments hindered the growth of the market.

Market Drivers

The hydrogen compressors market is driven by a host of factors, some of which are noted below:

• The rise in hydrogen fuel cell vehicles introduced by the automobile industry is projected to lead to an escalation in demand for hydrogen compressors.
• As more countries set targets for reducing greenhouse gas emissions, the demand for zero-emission vehicles is expected to increase, and hydrogen fuel cells are seen as a promising technology for achieving this goal.
• The market is closely tied to the oil and gas industry, as hydrogen is widely used in the refining process of petroleum products. The booming oil and gas industry has led to an increase in demand for hydrogen compressors, as they are essential for compressing and transporting hydrogen gas in the refining process.
• Growing consumption of hydrogen from various end-user industries such as chemical processing, petroleum refining, and electronics.
• The demand for oil-based compressors has been steadily increasing in recent years. 

Want to have a closer look at this market report? Click Here

Key Players

Most of the companies are deploying various strategies such as mergers, acquisitions, and other initiatives. The following are some of the key players in the hydrogen compressors market:

• 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
• PDC Machines Inc.

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Segment Analysis

By Type

"Oil-based hydrogen compressors are likely to capture a larger share of the market during the forecast period"

The market is bifurcated into oil-based and oil-free. Oil-based hydrogen compressors are likely to capture a larger share of the market during the forecast period due to their higher efficiency than oil-free hydrogen compressors.

These compressors are less expensive than oil-free compressors, have a longer service life, and can be utilized in applications such as glass purification, iron and steel, welding, and metal heating in commercial and industrial settings.

By End-user Type

"Oil & gas segment is likely to remain the biggest demand generator for hydrogen compressors during the forecast period" 

The market is segmented as chemicals, oil & gas, automotive and transportation, renewable energy, and other end-users. Among these end-user types, the oil & gas segment is likely to remain the biggest demand generator for hydrogen compressors during the forecast period. The growth of the oil & gas industry in several developing countries such as China and India is supporting the growth of the segment of the market.

The growth of the industry is likely to compel upstream and downstream activities in the aforementioned countries. Innovation and advanced technologies have released unconventional drilling and completion operations to optimize oil & gas production and change the economic power balance for the foreseeable future. The increasing investment in the oil & gas sector is likely to boost the development of hydrogen compressors over the coming years.

Regional Analysis

"Asia-Pacific is expected to remain the largest market for hydrogen compressors over the forecast period"

Asia-Pacific is expected to remain the largest market for hydrogen compressors over the forecast period on account of the escalation in demand for hydrogen compressors in various industries, including automotive and transportation, oil & gas, and renewable energy, and others.

Furthermore, the presence of technologically advanced industries in countries, including China and Japan is also supporting the dominance of the region in the market. The high adoption of Industry 4.0 along with growing advancements in electronics manufacturing and machinery tools is boosting the growth of the market.

Know the high-growth countries in this report. Register Here

Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s hydrogen compressors market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The hydrogen compressors market is segmented into the following categories:

By Type

• Oil-Based
• Oil-Free

By Stage Type

• Single-Stage
• Multi-Stage

By End-User Type

• Chemicals 
• Oil & Gas
• Automotive and Transportation
• Renewable Energy
• Other End-Users

By Region

• North America
• Europe
• Asia-Pacific
• Rest of the World

Click Here, to learn the market segmentation details.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com.