Hydrogen Compressor Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 1.7 Billion |
| Market Size (2029) | USD 2.19 Billion |
| CAGR (2024 - 2029) | 5.28 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hydrogen Compressor Market Analysis
The Hydrogen Compressor Market size is estimated at USD 1.7 billion in 2024, and is expected to reach USD 2.19 billion by 2029, growing at a CAGR of 5.28% during the forecast period (2024-2029).
- Over the medium term, factors such as the increase in demand for hydrogen from end-user industries, such as fertilizers and oil refineries, and increasing deployment of hydrogen pipeline infrastructure globally for transportation are likely to drive the hydrogen compressor market during the forecast period.
- On the other hand, the slowdown in industrial and economic activities due to a sharp decline in manufacturing activity and global trade, with higher tariffs and prolonged trade policy uncertainty, is expected to decrease the demand for capital goods from industries using hydrogen, thereby restraining the growth of the market studied.
- Nevertheless, the technological advancements and emerging sources for hydrogen production using electrolysis in combination with cleaner sources, such as solar and wind, are likely to provide ample opportunities for the market's growth.
- Asia-Pacific is expected to dominate the hydrogen compressor market during the forecast period, with the majority of the demand coming from China, India, and Japan.
Hydrogen Compressor Market Trends
Oil-based Type Segment Expected to Dominate the Market
- Oil-based lubricated compressors cost less, provide a longer service life compared to oil-free compressors, and are considered ideal for commercial and industrial applications until and unless in industries where consequences of oil contamination are considered very high and having an oil-free compressor is a must.
- Oil-based compressors are considered more efficient than the oil-free type compressors, as oil acts as a cooling medium, taking out approximately 80% of the compressor's heat during the compression process, and considered more suitable for industrial usage with requirements of a high compression ratio.
- In terms of capital outlay, lubricated oil-based compressors are often considered less expensive than oil-free compressors, with price differences often varying in the range of 30-40%. It may even reach 50%, depending upon factors such as capacity and industry-specific requirements, resulting in increased demand for oil-based hydrogen compressors.
- Although oil-based compressors are more affordable than oil-free, these compressors require continuous maintenance and greater attention in replacing filters and other components used to eliminate the risk of oil leakage. Ongoing oil contamination may result in severe consequences, such as spoiled or unsafe products, production downtime, and legal issues.
- Oil-based hydrogen compressors are mostly preferred in the manufacturing industry for glass purification, iron and steel industry, semiconductor manufacturing, etc., for welding, annealing and heat-treating of metals, in power plants (coolant for generators), aerospace applications, pharmaceuticals, etc.
- According to the United States Geological Survey, in 2022, the United States' raw steel production was estimated to be 82 million metric tons. With the increasing industrialization, steel production may continue to increase, which, in turn, may create demand for oil-based hydrogen compressors.
- There is a persistent threat of premature wear of hydrogen compressor components due to insufficient lubrication, which may add to the maintenance cost of oil-based hydrogen compressors and limit their demand.
- Therefore, based on such factors, the oil-based type segment is expected to dominate the hydrogen compressor market during the forecast period.
Asia-Pacific Expected to Dominate the Market
- Asia-Pacific is expected to be a promising market for fuel cells in the coming years because of the favorable government policies in countries such as China, Japan, and India.
- China is one of the world's largest and fastest-growing hydrogen compressor markets. The country has witnessed significant growth in its chemical, oil, gas, and manufacturing sectors in recent years.
- Hydrogen centrifugal compressors are used in refining and petrochemical industries such as ethylene plants for cracked-gas compression and refrigeration services. Due to ethylene and benzene production shortages, the country has been investing to increase its ethylene and benzene production capacity.
- For instance, in May 2022, Neuman & Esser Beijing supplied four compressor systems to China Inner Mongolia Sanwei New Material Co. Ltd (CIMSNM). The compressors were likely used for hydrogen boosting and recycling while manufacturing 1,4-Butanediol (BDO). BDO is used in industry as a solvent and in producing specific polymers, elastic fibers, and polyurethanes.
- The development of hydrogen fuel cell vehicles and Japan's aim to build hydrogen fuel stations for recharging the vehicles are expected to drive the hydrogen compressor market.
- For instance, in Japan, 11 domestic firms, including automakers and energy firms, made a consortium to build 80 fueling stations for hydrogen fuel cell vehicles by 2022 to create a market for the next-gen fuel cell vehicle. As of September 2021, Japan has 154 hydrogen fueling stations and another 11 in the planning or construction stage. This, in turn, is expected to drive the hydrogen compressor demand for hydrogen fuel stations during the forecast period.
- Therefore, based on such factors, Asia-Pacific is expected to dominate the hydrogen compressor market during the forecast period.
Hydrogen Compressor Industry Overview
The hydrogen compressor market is semi fragmented. Some of the major companies include (in no particular order) Corken Inc., Ariel Corporation, Burckhardt Compression AG, Howden Group Ltd, and Atlas Copco Group.
Hydrogen Compressor Market Leaders
Corken Inc.
Ariel Corporation
Burckhardt Compression AG
Howden Group Ltd
Atlas Copco Group
*Disclaimer: Major Players sorted in no particular order
Hydrogen Compressor Market News
- In August 2023, Sundyne announced four new standard PPI diaphragm compressor packages designed to make it more comfortable, faster, and more cost-effective to purchase, deploy, and maintain PPI hydrogen compressors. The new compressor packages cover a pressure range from 20 bar (290 psi) suction to 550 bar (8,000 psi) discharge, with flows from 10 kg/hr (22 lbs/hr) up to 60 kg/hr (132 lbs/hr). Each package can be delivered compliant with North American or European requirements.
- In June 2022, Ariel Corporation, the world's largest manufacturer of separable reciprocating gas compressors, and Hoerbiger announced a partnership to provide non-lube compressor solutions capable of meeting the hydrogen compression requirements of the future hydrogen mobility market, including public transportation, large fleet vehicles, private trucking companies, trains, boats/ships, and another high volume, high-pressure vehicle-fueling applications.
Hydrogen Compressor Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increase in Demand for Hydrogen from End-user Industries
4.5.1.2 Increasing Deployment of Hydrogen Pipeline Infrastructure for Transportation
4.5.2 Restraints
4.5.2.1 The Slowdown in Industrial and Economic Activities Due to a Sharp Decline in Manufacturing Activity and Global Trade
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Technology
5.1.1 Single-stage
5.1.2 Multistage
5.2 Type
5.2.1 Oil-based
5.2.2 Oil-free
5.3 End-user Industry
5.3.1 Chemical
5.3.2 Oil and Gas
5.3.3 Other End-user Industries
5.4 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 India
5.4.3.2 China
5.4.3.3 Japan
5.4.3.4 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 Saudi Arabia
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Corken Inc.
6.3.2 Ariel Corporation
6.3.3 Burckhardt Compression AG
6.3.4 Hydro-Pac Inc.
6.3.5 Haug Kompressoren AG
6.3.6 Sundyne Corp.
6.3.7 Howden Group Ltd
6.3.8 Indian Compressors Ltd
6.3.9 Atlas Copco Group
6.3.10 Ingersoll Rand Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Technological Advancements and Emerging Sources for Hydrogen Production
Hydrogen Compressor Industry Segmentation
A hydrogen compressor is a device that reduces the volume of hydrogen to increase its pressure, resulting in compressed or liquid hydrogen.
The hydrogen compressor market is segmented by technology, type, end user, and geography. By technology, the market is segmented into single-stage and multistage. By type, the market is segmented into oil-based and oil-free. By end user, the market is segmented into chemical, oil and gas, and other end users. The report also covers the market size and forecasts for the hydrogen compressor market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD).
| Technology | |
| Single-stage | |
| Multistage |
| Type | |
| Oil-based | |
| Oil-free |
| End-user Industry | |
| Chemical | |
| Oil and Gas | |
| Other End-user Industries |
| Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)}) | |||||||
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Hydrogen Compressor Market Research FAQs
How big is the Hydrogen Compressor Market?
The Hydrogen Compressor Market size is expected to reach USD 1.7 billion in 2024 and grow at a CAGR of 5.28% to reach USD 2.19 billion by 2029.
What is the current Hydrogen Compressor Market size?
In 2024, the Hydrogen Compressor Market size is expected to reach USD 1.7 billion.
Who are the key players in Hydrogen Compressor Market?
Corken Inc., Ariel Corporation, Burckhardt Compression AG, Howden Group Ltd and Atlas Copco Group are the major companies operating in the Hydrogen Compressor Market.
Which is the fastest growing region in Hydrogen Compressor Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Hydrogen Compressor Market?
In 2024, the Asia Pacific accounts for the largest market share in Hydrogen Compressor Market.
Hydrogen Compressor Industry Report
Statistics for the 2024 Hydrogen Compressor market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Hydrogen Compressor analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
