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Hydrogen Compressor Market Size, Share & COVID-19 Impact Analysis, By Type (Reciprocating and Centrifugal), By Application (Power Plants, Hydrogen Refueling Station, Industrial Furnaces, Petrochemical & Chemical, Pharmaceuticals, Oil & Gas, and Others), and Regional Forecast, 2023-2030

Last Updated: June 03, 2024 | Format: PDF | Report ID: FBI105669

 

KEY MARKET INSIGHTS

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The global hydrogen compressor market size was valued at USD 1.89 billion in 2022. The market is projected to grow from USD 1.97 billion in 2023 to USD 2.81 billion by 2030, exhibiting a CAGR of 5.19% compressor market during the forecast period.  


The drive behind hydrogen remained strong when nine countries around the world covering half of the global energy sector released new strategies for achieving their target of net zero emissions by 2050. Hydrogen technology is developing rapidly on a global scale as countries aim to reduce carbon emissions and transition to clean energy sources. The development of hydrogen compression units is a vital part of this transition, as it enables the storage and transport of hydrogen in a safe and efficient manner. On a global scale, the development of hydrogen technology has been gaining momentum in recent years.


COVID-19 IMPACT:


Shutdown of Business during COVID-19 Pandemic Hampered Market Growth 


The pandemic affected the operations of various industries across different countries since the early 2020s. This situation prompted governments to enforce strict protocols on transportation globally. Due to travel bans, business shutdowns, and mass lockdowns, the pandemic continued to disrupt industries and economies in different countries. The oil & gas, energy & power, chemical, and other industries observed a decline in operations due to temporary shutdown activities. All types of businesses faced consequences, however small & medium enterprises have witnessed the worst due to the pandemic. These situations have also negatively impacted the hydrogen compressor market growth.


Hydrogen Compressor Market Trends


Growing Utilization of Hydrogen Compressors in Hydrogen Economy is a Critical Part of the Trend in the Market


The utilization of hydrogen compression units in the hydrogen economy differs from that currently used in industrial applications. Compressors that can reach a compression ratio of 2.0-3.0 are required for applications, such as storage, feed compression, and pipeline. For applications, such as explosive safety, material compatibility, light gas head rise, and static and dynamic sealing, multifarious challenges must be considered when designing compressors. There is a substantial technology under development to design high-speed centrifugal compressors enhanced for hydrogen compression. However, this development is in the far-fetched future.  


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Hydrogen Compressor Market Growth Factors


Growing Efforts to Achieve Net Zero Emissions Ultimately Increase the Demand for Hydrogen Compressors


The driving force behind hydrogen was still strong when countries were acquiring half of the global energy sector and presented new strategies for accomplishing their target of net zero emissions by 2050 globally. The announcement of new projects in the steel sector where the use of pure electrolytic hydrogen has resulted in the reduction of iron and the enhanced deployment of fuel-cell electric vehicles has boosted the hydrogen demand in various sectors. Hydrogen and hydrogen-based fuels can play a major role in sectors where emissions are difficult to reduce. Hydrogen fuels are considered to be one of the emerging technologies in the automotive industry. A hydrogen compressor is used to escalate the pressure of hydrogen gas by dropping its volume.


Increasing Adoption of Hydrogen across Various End-use Industries to Propel Market Growth 


Hydrogen is an important base in chemical, petrochemical, and other industrial processes. It is one of the fuels with the highest energy content. Countries are concentrating on the storage and transport of energy-consuming compressed hydrogen. Other energy carriers and storage techniques are essential to make the mandatory energy transition and to connect the industry, heat, and mobility sectors with the electricity sector, irrespective of the weather. Hydrogen (H2) has a lot of prospects as a medium for storing energy. Using hydrogen compressors, renewable energy sources, such as solar, wind, and hydropower, can be converted into hydrogen, which can then be stored and transported. Light and heavy trucks, freight transportation, and semis are the primary focus of hydrogen-fueled road transport.


RESTRAINING FACTORS


Development of Non-mechanical Compression Techniques to Obstruct the Demand for Mechanical Hydrogen Compressors  


Mechanical compressors are largely used for compressing hydrogen. Hydrogen compression is an important part of the hydrogen value chain. Mechanical hydrogen compressors work based on mature technology and are used in particular when high hydrogen flow rates have to be processed. Various types of mechanical hydrogen compression units are available in the market, however they have a few drawbacks, making it necessary to seek alternate compression systems. Mechanical compressors have various complexities, such as many moving parts, hydrogen embrittlement, and high energy consumption.


In addition, they still do not meet the safety and reliability criteria necessary for their use. Hydrogen can possibly leak through the moving seals of mechanical compressors. This sealing problem certainly implies a substantial reduction in the possibly achievable efficiency. Non-mechanical hydrogen compressors have been established to be a better alternative to mechanical compressors. It has numerous advantages over mechanical compressors, including no moving components, quiet operation, high reliability and safety, and structural simplicity with greater compactness.


Hydrogen Compressor Market Segmentation Analysis


By Type Analysis


Reciprocating Segment to Lead the Market Due to its Varied Usage


Based on type, the market is segmented into reciprocating and centrifugal.


The reciprocating type segment dominates the market. These compressors are favored in the hydrogen industry due to their ability to manage a wide range of hydrogen flow rates and discharge pressures. They are quite efficient when it comes to energy consumption and have a longer lifespan than other compressor types comparatively. Reciprocating compressors are perfect for small-scale hydrogen production applications, such as laboratories or fuel cell vehicles. Therefore, the preference for reciprocating compressors is increasing globally.


Centrifugal type hydrogen compressors are witnessing significant growth due to the swift pace of industrial application and increasing usage of hydrogen compression units.


By Application Analysis


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Wide Application Base in the Petrochemical and Chemical to Augment the Petrochemical & Chemicals Segment Growth


Based on application, the market is segmented into power plants, hydrogen refueling station, industrial furnaces, petrochemical & chemical, pharmaceuticals, oil & gas, and others.


The petrochemical & chemicals segment holds the largest hydrogen compressor market share. Hydrogen is broadly used to produce ammonia, methanol, and other chemicals, attracting attention to the use of hydrogen compression units in the industry.


Oil & gas segment is taking over the market after petrochemical & chemical owing to the fact that hydrogen compressors are used in refineries, which is the pillar of refining crude oil.


REGIONAL INSIGHTS


By geography, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.


Asia Pacific Hydrogen Compressor Market Size, 2022 (USD Billion)

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Asia Pacific dominates the global hydrogen compressor market. Asia Pacific is the largest producer and consumer of hydrogen. The region has witnessed significant growth in industries such as petrochemicals, chemicals, and oil & gas, which are major consumers of hydrogen gas. As a result, the demand for hydrogen compression units in these industries has increased. Moreover, Japan, South Korea, and China are investing heavily in the development of hydrogen fuel cell technology and infrastructure driving the growth of the market in the region.


North America, especially the U.S., has shown substantial growth in hydrogen compressor technology in recent years. The U.S. government has endorsed hydrogen as a clean energy source and invested in hydrogen infrastructure development. One of the major initiatives in the U.S. is the Hydrogen and fuel cell technologies office (HFTO), which is part of DOE. The HFTO emphasizes developing hydrogen & fuel cell technologies and supporting research, development, and demonstration projects.


Europe with numerous companies and countries leading the way in the development of new technologies and applications for hydrogen. Various companies in Europe are also investing in hydrogen technology and infrastructure. For Instance, the Air Liquid hydrogen production plant in France has opened a new hydrogen station in the Netherlands.


List of Key Hydrogen Compressor Market Companies


Growing Key Players’ Focus on Expanding their Product Capabilities and New Product Development


The global market comprises a few global players and numerous small and medium-scale players. New product development has been the major market strategy adopted by major players. For instance, Pure Energy Centre (PEC) has been developing, manufacturing, designing, and installing low-high-pressure compressors globally. They are offering services and products for hydrogen compression units globally, aiming at various industries, which include energy storage, renewables, chemical, oil and gas and manufacturing, hydrogen filling stations, and other applications.


Major players include Siemens, Mitsubishi Power, Neuman & Esser Group, Atlas Copco AB, and Howden Group Ingersoll Rand. The major companies have more than half of the market share, and many regional and local players for various applications dominate the remaining market.


List of Key Companies Profiled:



  • Siemens (Germany)

  • Mitsubishi Power (Japan) 

  • Neuman & Esser Group (Germany)

  • Atlas Copco AB (Sweden)

  • Howden Group (U.K.)

  • Ingersoll Rand (U.S.)

  • Pure Energy Centre (U.K.)

  • Hoerbiger (Switzerland)

  • Cook Compression (U.S.)

  • Hycomp Inc. (U.S.)

  • Sundyne (U.S.)

  • HIPERBARIC (Spain)

  • Mehrer Compression GmbH (Germany)

  • PDC Machines (U.S.)

  • Baker Hughes (U.S.)

  • SIAD Macchine Impianti S.p.A. (Italy)

  • CYRUS S.A. (Greece)

  • Burckhardt Compression AG (Switzerland)

  • Ariel Corporation (U.S.)

  • Fluitron (U.S.)

  • HYDRO-PAC, INC. (U.S.)

  • HyET Group (Netherlands)

  • Lenhardt & Wagner GmbH (Germany)


KEY INDUSTRY DEVELOPMENTS:



  • June 2023: A distinguished leader in technology for the automotive industry, Garrett Motion is supporting the commitment of BMW Group to develop hydrogen FCV with zero emission along with an electric fuel cell compressor (FCC) developed by Garrett’s research and development team. BMW Group has announced that they will test the second generation of their hydrogen fuel cell train in a range of BMW ix5 hydrogen, enhanced by Garrett’s new generation advancement, hydrogen electric vehicles of modular fuel cell compressors.

  • December 2022: India's Sundyne office has grown. Initially, the office was set up to support the company's headquarters in Arvada, U.S., and serve local opportunities. Collaboration between the India office and other Sundyne locations has increased exponentially over the past year, necessitating office expansion. Product development, hydraulic design, CFD, CAE, application engineering, technical documentation, order engineering, and instrumentation engineering are just a few services Sundyne's engineers in India offer for its pumps and compressors.

  • November 2022: Ingersoll Rand committed to financing its Indian operations to lead increased technological revolutions, hydrogen compressor testing and manufacturing, and manufacturing capacity expansion.

  • October 2022: Cook Compression has introduced COOK’s sealing system, which helps maintain near-zero levels by lowering fugitive methane emissions. This product is planned to help owners of reciprocating compressors meet operators' emission regulations, maximize natural gas recovery, increase compressor efficiency, and reduce maintenance costs.

  • June 2022: Hoerbiger, a global leader in the technology of reciprocating gas compressor components, and Ariel Corporation, the world's largest manufacturer of separable reciprocating gas compressors, have announced a partnership to provide without-lube compressor solutions that can meet the hydrogen compression necessities of the future hydrogen mobility market. These applications include private trucking companies, boats, public transportation, trains, large fleet vehicles, and other high-volume and pressure vehicle fueling applications.


REPORT COVERAGE


The market research report grants a complete industry assessment by proposing valuable insights, facts, industry-related information, competitive landscape, and past data. Various methodologies and approaches are accepted to make expressive assumptions and views to formulate the global hydrogen compressor market analysis.


An Infographic Representation of Hydrogen Compressor Market

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REPORT SCOPE & SEGMENTATION




















































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year 



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 5.19% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Type, Application, and Region



 


Segmentation



By Type



  • Reciprocating

  • Centrifugal



By Application



  • Power Plants

  • Hydrogen Refuelling Station

  • Industrial Furnaces

  • Petrochemical & Chemical

  • Pharmaceuticals

  • Oil & Gas

  • Others



By Region



  • North America (By Type, Application, and Country)

    • U.S. 

    • Canada



  • Europe (By Type, Application, and Country)

    • Germany

    • France

    • U.K.

    • Italy

    • Russia & CIS

    • Spain

    • Rest of Europe



  • Asia Pacific (By Type, Application, and Country)

    • China

    • Japan

    • South Korea

    • Southeast Asia

    • India

    • Australia

    • Rest of Asia Pacific



  • Latin America (By Type, Application, and Country)

    • Brazil

    • Mexico

    • Rest of Latin America



  • Middle East & Africa (By Type, Application, and Country)

    • Saudi Arabia

    • UAE

    • Oman

    • Qatar

    • Rest of the Middle East & Africa








Frequently Asked Questions

The Fortune Business Insights study shows that the global market was valued at USD 1.89 billion in 2022.

The global market is expected to grow at a CAGR of 5.19% during the forecasted period.

The market size of Asia Pacific stood at USD 0.97 billion in 2022.

Based on type, the reciprocating compressors segment leads by holding the dominating share of the global market.

The global market size is expected to reach USD 2.81 billion by 2030.

The key market driver is the growing efforts to achieve net zero emissions that ultimately increase the demand for hydrogen.

The top players in the market are Siemens, Mitsubishi Power, Neuman & Esser Group, and Atlas Copco AB.

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