The world has been demanding alternatives for conventional energy resources. To promote green energy, decarbonization needs to be increased. To achieve this, cleaner energy resources are supposed to be exploited.
Wilmington, Delaware, United States, Transparency Market Research Inc. -, Oct. 25, 2024 (GLOBE NEWSWIRE) — The global hydrogen compressor market (수소 압축기 시장) valuation 2022 was about US$ 2.2 billion. The subject market is forecasted to grow to a US$ 3.6 billion valuation by 2031. This market advancement is subjected to a CAGR of 5.8% between the estimated periods. However, it needs to be noted that various market forces are influential in driving the subject market.
The automobile market has been exploring new horizons by constructing fuel cell-supporting vehicles. Hydrogen compressors are integral parts of fuel cells used to refuel at fuel stations. Consequently, this rise in the allied market helps the subject market grow substantially.
Due to excellent high compression ratios, reciprocating compressors are preferred more in the compressor industry. This helps these compressors to compress hydrogen at a high pressure. Also, the usability of these compressors is versatile in different load conditions. These factors increase compressor demand, proving to be a crucial market driver.
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Various industries use hydrogen as an alternative fuel to reduce their carbon footprint. The usability of hydrogen in the end-user industry is increasing. The hydrogen-centric energy landscape has been growing, which favors the subject market. Hence, this is another market driver that propels market growth.
Key Findings from the Market Report
- Based on various parameters, the global hydrogen compressor market can be segmented into multiple segments. The compressor type is one of the essential market segments that fuels market growth. Reciprocating compressors are a niche within the market with wide applications for hydrogen compression due to their excellent pressure ratio.
- The subject market is segmented into hydrogen refueling stations based on application. The automobile market has started to utilize hydrogen as fuel, which needs to be refueled, creating demand for the market.
- In the hydrogen production segment, a high-pressure storage system is demanded, where the role of a hydrogen compressor is seen.
- Lastly, fuel cells are the market segment that adds significant value to the subject market. It is explored and experimented by scientists on a large level.
Key Developments in the Hydrogen Compressor Market
- In January 2024, Rejool collaborated with Siemens to use digital twin software. It intends to develop a hydrogen compressor using the said technology.
- In February 2024, Burckhardt Compression AG came to the limelight, as it was asked to supply three vertical, oil-free, and high-performance H2 compressors.
- In March 2024, Atlas Copco AB acquired Zahroof Valves Inc. The business produces reciprocating compression valves, creating a niche for the enterprise.
Competitive Landscape
Various players have influenced the competitive landscape of the global hydrogen compressor market.
- Atlas Copco AB is a large-scale business producing diverse air and gas compressors. It also manufactures air blowers along with air filters.
- Ingersoll Rand is famous for its oil-free compressors. The product portfolio of the business includes a wide range of compressors, like piston air compressors, centrifugal compressors, screw air compressors, reciprocating air compressors, and many more products.
- Indian Compressors Ltd. includes products like cryogenic pumps, cylinder filling stations, LNG pumps, and oxygen compressors.
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Key Players
- Atlas Copco AB
- Ingersoll Rand
- Indian Compressors Ltd.
- Siemens
- Hitachi Ltd.
- BAUER COMP Holding GmbH
- Chart Industries
- Kobe Steel, Ltd.
- Ariel Corporation
- HAUG Sauer Kompressoren AG
- Sundyne Corp.
- Fluitron Inc.
- Burckhardt Compression AG
Regional Profile
- China, Japan, India, and South Korea are some Asian countries that have implemented policies to promote a hydrogen economy. Due to this, the Asia Pacific region is estimated to advance in the global hydrogen compressor market at a moderate CAGR of 6.2%. Hence, it is a significant contributor to the market.
- Due to North America’s technological development, the quality of hydrogen compressors is top-notch. Furthermore, the demand generated within the continent is greater. As a result, it is also a significant contributor to the subject market.
- Apart from this, Europe, the Middle East, and Africa have also been significant contributors to the market under consideration.
Market Segmentation
By Type
- Centrifugal
- Reciprocating
- Diaphragm
- Scroll
- Others
By Lubrication
- Oil-injected
- Oil-free
By Technology
- Single Stage
- Multistage
By Application
- Hydrogen Refueling Station
- Hydrogen Production
- Fuel Cell System
- Hydrogen Storage
- Pipeline
- Industrial
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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