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Hydrogen Compressor Market Size (2024 - 2029)

The hydrogen compressor market is projected to experience growth driven by increasing demand from end-user industries like fertilizers and oil refineries, alongside the expansion of hydrogen pipeline infrastructure for transportation. However, the market's expansion may face challenges due to a slowdown in industrial and economic activities, which could reduce the demand for capital goods in hydrogen-utilizing industries. Despite these challenges, advancements in technology and new hydrogen production methods, particularly through electrolysis with renewable sources, present significant growth opportunities. The Asia-Pacific region is anticipated to lead the market, with substantial demand originating from countries such as China, India, and Japan.

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Market Size of Hydrogen Compressor Industry

Hydrogen Compressor Market Summary
Study Period 2020 - 2029
Market Size (2024) USD 1.7 Billion
Market Size (2029) USD 2.19 Billion
CAGR (2024 - 2029) 5.20 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Hydrogen Compressor Market Major Players

*Disclaimer: Major Players sorted in no particular order

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).

  • 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 expected 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 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 size and forecasts are provided in terms of 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)})
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Russia
NORDIC
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
Australia
Malaysia
Indonesia
Thailand
Rest of Asia-Pacific
Middle East and Africa
Saudi Arabia
South Africa
Qatar
United Arab Emirates
Nigeria
Egypt
Rest of Middle East and Africa
South America
Brazil
Argentina
Colombia
Rest of South America
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Hydrogen Compressor Market Size Summary

The hydrogen compressor market is poised for significant growth over the forecast period, driven by increasing demand from end-user industries such as fertilizers and oil refineries, alongside the expansion of hydrogen pipeline infrastructure globally. However, challenges such as a slowdown in industrial activities and economic uncertainties could restrain market growth. Technological advancements and the integration of cleaner hydrogen production methods, like electrolysis powered by solar and wind energy, present substantial opportunities for market expansion. The Asia-Pacific region, particularly China, India, and Japan, is expected to lead the market, supported by favorable government policies and growing industrial sectors.

Oil-based hydrogen compressors are anticipated to dominate the market due to their cost-effectiveness and efficiency in industrial applications, despite the need for regular maintenance to prevent oil contamination issues. The demand for these compressors is bolstered by their use in various industries, including steel production, semiconductor manufacturing, and aerospace. The market is moderately fragmented, with key players like Corken Inc., Ariel Corporation, and Atlas Copco Group actively contributing to its development. Recent investments and agreements in Asia, such as those by PDC Machines and Kirloskar Pneumatic Company Limited, further underscore the region's growing significance in the hydrogen compressor market.

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Hydrogen Compressor Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Increase in Demand for Hydrogen from End-user Industries

        2. 1.5.1.2 Increasing Deployment of Hydrogen Pipeline Infrastructure for Transportation

      2. 1.5.2 Restraints

        1. 1.5.2.1 The Slowdown in Industrial and Economic Activities Due to a Sharp Decline in Manufacturing Activity and Global Trade

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Technology

      1. 2.1.1 Single-stage

      2. 2.1.2 Multistage

    2. 2.2 Type

      1. 2.2.1 Oil-based

      2. 2.2.2 Oil-free

    3. 2.3 End-user Industry

      1. 2.3.1 Chemical

      2. 2.3.2 Oil and Gas

      3. 2.3.3 Other End-user Industries

    4. 2.4 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (For Regions Only)})

      1. 2.4.1 North America

        1. 2.4.1.1 United States

        2. 2.4.1.2 Canada

        3. 2.4.1.3 Rest of North America

      2. 2.4.2 Europe

        1. 2.4.2.1 Germany

        2. 2.4.2.2 United Kingdom

        3. 2.4.2.3 France

        4. 2.4.2.4 Italy

        5. 2.4.2.5 Russia

        6. 2.4.2.6 NORDIC

        7. 2.4.2.7 Spain

        8. 2.4.2.8 Rest of Europe

      3. 2.4.3 Asia-Pacific

        1. 2.4.3.1 India

        2. 2.4.3.2 China

        3. 2.4.3.3 Japan

        4. 2.4.3.4 Australia

        5. 2.4.3.5 Malaysia

        6. 2.4.3.6 Indonesia

        7. 2.4.3.7 Thailand

        8. 2.4.3.8 Rest of Asia-Pacific

      4. 2.4.4 Middle East and Africa

        1. 2.4.4.1 Saudi Arabia

        2. 2.4.4.2 South Africa

        3. 2.4.4.3 Qatar

        4. 2.4.4.4 United Arab Emirates

        5. 2.4.4.5 Nigeria

        6. 2.4.4.6 Egypt

        7. 2.4.4.7 Rest of Middle East and Africa

      5. 2.4.5 South America

        1. 2.4.5.1 Brazil

        2. 2.4.5.2 Argentina

        3. 2.4.5.3 Colombia

        4. 2.4.5.4 Rest of South America

Hydrogen Compressor Market Size FAQs

The Hydrogen Compressor Market size is expected to reach USD 1.7 billion in 2024 and grow at a CAGR of 5.20% to reach USD 2.19 billion by 2029.

In 2024, the Hydrogen Compressor Market size is expected to reach USD 1.7 billion.

Hydrogen Compressor Market Report Snapshots

Hydrogen Compressor Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)