Global Hydrogen Compressors Market Forecast Report 2024: A USD 2.6 Billion Market By 2028, With 4.5% CAGR - Increasing Emphasis On Net-Zero Carbon Emission Goals


(MENAFN- GlobeNewsWire - Nasdaq) Dublin, April 04, 2024 (GLOBE NEWSWIRE) -- The "Global Hydrogen Compressors Market by Lubrication Type (Oil-based, Oil-free), Type (Mechanical, Non-mechanical), Application (Hydrogen Infrastructure, Industrial (Oil Refining, Chemicals & Petrochemicals), Design Region - Forecast to 2028" report has been added to ResearchAndMarkets's offering.
The global hydrogen compressors market is estimated to grow from USD 2.1 billion in 2023 to USD 2.6 billion by 2028; it is expected to record a CAGR of 4.5% during the forecast period. Growing investments in hydrogen-related infrastructure and projects from both the public and private sectors contribute to the growth of the hydrogen compressor industry. These investments accelerate the adoption and commercialization of hydrogen compressor technology. Government subsidies and regulatory frameworks aimed at promoting clean energy technologies further drive the growth of the hydrogen compressor market.

Oil-based compressor: The largest segment of the hydrogen compressors market, by lubrication type
Based on lubrication type, the hydrogen compressors market is split into two segments: oil-based & oil-free. Oil-based compressors dominate the hydrogen compressor industry because they are more efficient than oil-free compressors. Oil-based compressors employ oil as a cooling medium, absorbing around 80% of the heat generated by the compressor during compression, resulting in higher efficiency. They are deemed appropriate for a variety of industrial applications that demand increased compression. The increased investment in the oil and gas sector is expected to raise demand for hydrogen compressors.
The hydrogen value chain/infrastructure, by end-use application, is expected to be the fastest growing segment during the forecast period
Based on end-use application, the hydrogen compressors market has been split into hydrogen value chain/infrastructure & Industrial application. The hydrogen compressors market for hydrogen value chain/infrastructure is anticipated to be the fastest growing market share over the forecast period. It is further divided into Hydrogen production & storage, Transportation, hydrogen refueling stations, hydrogen fuel cells. There are lot of initiatives & billions of dollars being invested in the market by both government & private companies. For example, The Biden-Harris Administration stated that seven regional clean hydrogen hubs in the United States will receive a total of USD 7 billion in funding.
These centers are planned to produce more than three million metric tons of clean hydrogen per year, helping the United States meet its clean hydrogen production goal by 2030. Efforts are being made to construct new hydrogen pipeline networks, with an emphasis on overcoming the specific problems posed by hydrogen's characteristics to pipeline materials and compressor design. One of the major initiatives in Europe is a partnership between Phillips 66 and H2 Energy Europe to build a network of around 250 hydrogen refueling stations by 2026.
North America is expected to be the second largest growing region in the hydrogen compressor market
North America is expected to be the second largest region in the hydrogen compressors market during the forecast period. The region's emphasis on sustainable energy, as well as the increasing usage of hydrogen fuel cell vehicles, are all contributing to market growth. Furthermore, the United States Department of Energy's financing and support for R&D efforts has resulted in multiple patents and new technologies in the market, cementing North America's position as a pioneer in hydrogen compressor production.
One of the recent contracts in the region includes collaboration between the National Renewable Energy Laboratory (NREL) and Toyota Motor North America in developing a one-megawatt proton exchange membrane fuel cell system showcases advancements in large-scale power production using hydrogen fuel cells which will lead to need in hydrogen compressors. Companies in the United States have been making investments to increase their market share in the hydrogen compressor sector. This includes the development of improved compressor technologies specifically designed for hydrogen production, transit, and use. Ariel Corporation, Atlas Copco Group, and Burckhardt Compression AG are among the prominent players in the region.
Key Attributes:

Report Attribute Details
No. of Pages 197
Forecast Period 2023 - 2028
Estimated Market Value (USD) in 2023 $2.1 Billion
Forecasted Market Value (USD) by 2028 $2.6 Billion
Compound Annual Growth Rate 4.5%
Regions Covered Global


Key Topics Covered:

Executive Summary

  • Hydrogen Compressors Market Snapshot
  • Mechanical Compressors Segment to Dominate Hydrogen Compressors Market, by Type, in 2028
  • Industrial Segment to Account for Larger Share of Hydrogen Compressors Market, by Application, During Forecast Period
  • Multi-Stage Segment to Lead Hydrogen Compressors Market, by Design, in 2028
  • Oil-based Segment to Account for Larger Share of Hydrogen Compressors Market, by Lubrication Type, During Forecast Period
  • Asia-Pacific Held Largest Share of Hydrogen Compressors Market in 2022

Premium Insights

  • Attractive Opportunities for Players in Hydrogen Compressors Market -Increasing Demand for Clean Energy and Industrial Growth to Drive Market During Forecast Period
  • Hydrogen Compressors Market, by Region - Hydrogen Compressors Market to Witness Fastest Growth in Asia-Pacific During Forecast Period
  • Hydrogen Compressors Market, by Type -Mechanical Compressors Segment Dominated Hydrogen Compressors Market in 2022
  • Hydrogen Compressors Market, by Design -Multi-Stage Segment Held Larger Share of Hydrogen Compressors Market in 2022
  • Hydrogen Compressors Market, by Lubrication Type - Oil-based Segment Accounted for Larger Share of Hydrogen Compressors Market in 2022
  • Hydrogen Compressors Market, by Application - Industrial Segment Accounted for Larger Share of Hydrogen Compressors Market in 2022
  • Asia-Pacific: Hydrogen Compressors Market, by Application and Country - Industrial Application and China Dominated Hydrogen Compressors Market in Asia-Pacific in 2022

Market Dynamics

Drivers

  • Government Initiatives and Policies to Curb Greenhouse Gas (GHG) Emissions
  • Substantial Clean Energy Investments in Developing Economies
  • Rising Demand for Oil-Free Hydrogen Compressors

Restraints

  • High Maintenance Cost of Hydrogen Compressors
  • Safety Standards Associated with Hydrogen Compressors

Opportunities

  • Increasing Emphasis on Net-Zero Carbon Emission Goals
  • Expansion of Hydrogen Refueling Infrastructure
  • Increased Demand for Hydrogen Compressors from Oil & Gas Industry

Challenges

  • Underdeveloped Hydrogen Infrastructure

Technology Analysis

  • Reciprocating Compressors
  • Rotary Compressors
  • Ionic Compressors
  • Centrifugal Compressors
  • Non-Mechanical Compressors

Case Study Analysis

  • Adoption of Hydrogen Compression for Fueling Stations
  • Howden and Pioneer EPC Contractor Partnered to Integrate Hydrogen Compressors in Refineries

Companies Featured

  • Atlas Copco
  • Linde
  • Air Products and Chemicals
  • Ingersoll Rand
  • Siemens Energy
  • Mitsubishi Heavy Industries
  • Kobe Steel
  • Hitachi Industrial Products
  • Sundyne
  • Howden Group
  • Neuman & Esser Group
  • Haug Sauer Kompressoren
  • Ariel Corporation
  • Indian Compressors
  • Adicomp
  • Keepwin Technology Hebei
  • Pure Energy Centre
  • Fluitron
  • Cyrus
  • Aerotecnica Coltri
  • Hydro-Pac
  • Sollant
  • Idex India
  • Mehrer Compression
  • Gruppo Siad

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