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) | 5.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
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 Market Trends
Oil-based Segment Expected to Dominate the Market
- Oil-based lubricated compressors cost less and provide a longer service life than oil-free compressors. They are considered ideal for commercial and industrial applications until and unless they are used in industries where the 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 oil-free compressors, as oil acts as a cooling medium, taking out approximately 80% of the compressor's heat during the compression process. They are also 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 compressors, they require continuous maintenance and greater attention to 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, welding, annealing, and heat-treating metals in power plants (coolant for generators), aerospace applications, pharmaceuticals, etc.
- According to the United States Geological Survey, in 2023, raw steel production in the United States was estimated to be 80 million metric tons. The US iron and steel industry produced raw steel in 2023 with an estimated value of about USD 110 billion, a 15% decrease from USD 128 billion in 2022. With the increasing industrialization, steel production may continue to increase, which, in turn, may create demand for oil-based hydrogen compressors.
- Furthermore, according to the World Steel Association, steel demand is expected to increase by 1.7% in 2024 and grow by 1.2% in 2025 to reach 1,815 million tonnes. Thus, the increase in demand for steel will drive the market's growth in the future.
- Insufficient lubrication persistently threatens premature wear of hydrogen compressor components, which may increase 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, China has been investing in increasing its ethylene and benzene production capacities.
- Furthermore, several compressor companies are investing in Asian countries to expand the compressor market. For instance, in April 2024, PDC Machines and Kirloskar Pneumatic Company Limited agreed to provide hydrogen compression solutions throughout India. As per the agreement, PDC will support the local Indian hydrogen market, amplifying its reach in Asia by leveraging KPCL鈥檚 existing customer base. This will boost the significance of the hydrogen compressor market in the region.
- 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, according to AIRIA (Japan), as of March 2023, 7.47 thousand fuel-cell electric vehicles were in use in Japan, increasing from less than 200 in 2015. The majority of these vehicles were primarily hydrogen-fueled passenger cars. This, in turn, is expected to drive the demand for hydrogen compressors 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 Indsutry Overview
The hydrogen compressor market is moderately 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
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Corken Inc.
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Ariel Corporation
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Burckhardt Compression AG
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Howden Group Ltd
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Atlas Copco Group
*Disclaimer: Major Players sorted in no particular order
Hydrogen Compressor Market News
- April 2024: MITSUI E&S Co. Ltd announced the beginning of the sale of high-flow hydrogen compressors tailored for hydrogen station facilities and hydrogen production equipment. The compressor can compress hydrogen to up to 50 MPa at a flow rate of 95 kg/h
- 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 in compliance with North American or European requirements.
- March 2023: The Southwest Research Institute developed a new hydrogen compressor that can improve the efficiency and reliability of hydrogen compression used in the refueling of fuel-cell electric vehicles.
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 billion, till 2029
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 Rest of North America
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 Russia
5.4.2.6 NORDIC
5.4.2.7 Spain
5.4.2.8 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 Australia
5.4.3.5 Malaysia
5.4.3.6 Indonesia
5.4.3.7 Thailand
5.4.3.8 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 Qatar
5.4.4.4 United Arab Emirates
5.4.4.5 Nigeria
5.4.4.6 Egypt
5.4.4.7 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 Colombia
5.4.5.4 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
6.4 Market Ranking/Share (%) Analysis
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 size and forecasts are provided in terms of revenue (USD).
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| 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 5.20% 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.
What years does this Hydrogen Compressor Market cover, and what was the market size in 2023?
In 2023, the Hydrogen Compressor Market size was estimated at USD 1.61 billion. The report covers the Hydrogen Compressor Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Hydrogen Compressor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hydrogen Compressor Industry Report
Statistics for the 2024 Hydrogen Compressor market share, size and revenue growth rate, created by 糖心vlog传媒鈩� 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.
