Hydrogen Compressors Market Is Set for Explosive Growth, With Projections Indicating a Surge To $3.74 Billion by 2035 - Exclusive Report by The Insight Partners
Hydrogen Compressors Market expansion is driven by development of electrochemical hydrogen compressor (EHC), the rising investments in renewable energy & hydrogen generation projects worldwide and increasing shift toward green hydrogen.
NEW YORK, Nov. 27, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, "the global Hydrogen Compressors Market Size and Forecast (2023 - 2035), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: Type (Lubricated and Oil-Free), Technology (Reciprocating Hydrogen Compressors, Diaphragm Hydrogen Compressors, Nonmechanical Hydrogen Compressor, and Others), End-user (Power Plants, Oil and Gas, Food and Beverages, Petrochemical and Chemical, Hydrogen Fueling Station, Hydrogen Storage, and Others), and Geography ". For Detailed Market Insights, Visit: https://www.theinsightpartners.com/reports/hydrogen-compressor-market
The report carries out an in-depth analysis of market trends, key players, and future opportunities. In general, the hydrogen compressors market comprises a vast array of hardware, and sensors which are expected to register strength during the coming years.
With projected growth to $3.74billion by 2035, the Hydrogen Compressors Market represents a significant opportunity for component, provides several stakeholders—including component providers, system technology integrators, system manufacturers and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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Market Overview and Growth Trajectory:
Hydrogen Compressors Market Growth: According to a new comprehensive report from The Insight Partners, the global Hydrogen Compressors market is observing significant growth owing to rapid industrialization and an increase in hydrogen production across the globe. Hydrogen production reached 94 million metric tons in 2021, a rise from 91 million metric tons in 2019. Hydrogen compressors are used in the oil & gas and refinery industries for compression.
The hydrogen compressors market was valued at US$ 1,913.04 million in 2023 and is projected to reach US$ 3,740.52 million by 2035; it is expected to register a CAGR of 6.0% during 2023–2035. The rise in government investments in the development of hydrogen fuel infrastructure and incentives offered to the buyers are allowing the original equipment manufacturers (OEMs) to expand their revenue stream as well as their geographical presence. There is an increase in demand for low-emission and cost-efficient vehicles owing to associated government initiatives and a growing number of high-performance commercial vehicles across the globe. Numerous government policies have been deployed to reduce emissions by vehicles. For instance, in the US, the state of California dedicated funds for the development of 100 hydrogen refueling stations and is aiming to reach ~1.5 million zero-emission vehicles by 2025, driving the demand for hydrogen fuel cell vehicles. Due to rising concerns regarding the depletion of natural resources and environmental degradation, several technologies have been developed and introduced in the market that favor the eco-friendly concept of sustainability. Similarly, rising awareness related to the effects of air pollution and the surge in greenhouse gas emissions is propelling the demand for hydrogen fuel cell vehicles that offer higher fuel economy than internal combustion engine (ICE) vehicles. This vehicle has a fuel economy of more than 63 miles per gallon, while ICE vehicle has 29 miles per gallon on roads. Hydrogen fuel cell vehicles enhance the fuel economy by approximately 3.2%.
The oil & gas sector is rapidly expanding in several countries, such as China, the US, Saudi Arabia, Russia, and Mexico. The industry's growth is driven by increasing oil and gas exploration activities in these countries. There is a rising adoption of advanced technologies for drilling and completing operations to optimize oil and gas production. Governments of various countries are investing in the mining, refineries, and oil & gas sectors. According to the Indian Brand Equity Foundation Organization, the Indian government planned to invest US$ 2.86 billion in oil and gas exploration activities to increase domestic natural gas production in 2022. With rising favorable government support, numerous investments in oil and gas projects have been made. For instance, in August 2020, despite the impact of the COVID-19 pandemic, the Ministry of Petroleum and Natural Gas has resumed 8,363 oil and gas projects worth US$ 79.56 trillion in India, which, in turn, promotes the integration of hydrogen compressors for the oil and gas flow control.
Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by North America and Europe. Asia Pacific is expected to register the highest CAGR during the forecast period.
Hydrogen Compressors Market Segmentation, Applications, Geographical Insights:
- Based on type, the Hydrogen Compressors market is divided into lubricated and oil-free. The lubricated segment held a larger share of the market in 2023.
- Based on technology, the hydrogen compressors market is segmented into reciprocating hydrogen compressors, diaphragm hydrogen compressors, nonmechanical hydrogen compressors, and others. The reciprocating hydrogen compressors segment dominated the market in 2023.
- Based on end user, the market is categorized into power plants, oil and gas, food and beverages, petrochemical and chemical, hydrogen fueling station, hydrogen storage, and others. The petrochemical and chemical segment held the largest share of the market in 2023.
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Key Players and Competitive Landscape:
The HYDROGEN COMPRESSORS Market is characterized by the presence of several major players, including:
- Atlas Copco AB
- Burckhardt Compression AG
- Fluitron, Inc
- Gardner Denver Nash, LLC
- Howden Group
- HAUG Sauer Kompressoren AG
- NEUMAN & ESSER GROUP
- Hydro-Pac, Inc.
- Lenhardt & Wagner GmbH
- PDC Machines Inc.
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Hydrogen Compressors Market Recent Developments and Innovations:
- "Atlas Copco launches variable speed driven hydrogen compressor 'H2P'. Atlas Copco has launched the H2P, a hydrogen compressor capable of following the electrolysis production profile. Thanks to its speed-controlled technology, the compressor can compensate for fluctuations in hydrogen production and ensure optimal efficiency, thereby reducing energy losses."
- "CIMC Enric successfully launched hydrogen 90MPa/1000kg liquid-driven compressor and 45 MPa diaphragm compressor Strengthening the overall solution capability of hydrogen energy. The Company's 90MPa/1000kg liquid-driven compressor and 45MPa diaphragm compressor were recently launched at the CIMC Hydrogen Shanghai Equipment Manufacturing and Bengbu Equipment Manufacturing Base respectively."
- The SIAD Group innovates and launches the new 550 bar, oil-free, high-pressure hydrogen compressor for hydrogen mobility. The group manufactures its first compressor, SIAD Macchine Impianti (SIAD MI), a SIAD Group company, which introduced its latest engineering innovation: a high-pressure, hydrogen compressor equipped with oil-free technology that delivers top performance and reliability. Designed specifically to meet the needs of the transportation and hydrogen refueling station sectors, and thanks to this initiative, SIAD Macchine Impianti becomes a leading player in the sustainable mobility supply chain, an area of priority for the company.
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Hydrogen Compressors Market Drivers and Opportunities:
A report from the Hydrogen Council, which includes over 150 multinational companies, predicts that the combined hydrogen demand from China, India, Japan, and South Korea is expected to reach ~285 metric ton by 2050, accounting for 43% of the global total. China, being the world's largest hydrogen consumer, is actively striving to gain the lead in green hydrogen production. As the demand for green hydrogen surges, companies are engaging in strategic partnerships and investing heavily to position themselves in the emerging green hydrogen industry in Asia Pacific, which propels the growth of the hydrogen compressors market.
Challenges and Future Outlook:
Asia Pacific is witnessing intense competition among companies aiming to establish green hydrogen production bases, recognizing its potential as a next-generation power source. The domestic players are teaming up with companies from Western countries for massive projects. Orsted, a Danish offshore wind power company exploring entry into the green hydrogen sector, partnered with POSCO, a South Korean steelmaker, for an offshore wind power project in May 2021. It is also studying the feasibility of green hydrogen production. Moreover, Western oil companies are making significant investments in Asia Pacific. In June 2022, BP became the largest shareholder in the Asian Renewable Energy Hub (AREH) project in Australia, aiming to produce up to 1.6 metric tons of green hydrogen annually and secure a 10% share of the global market. Such investments by companies are expected to fuel the hydrogen compressors market growth in Asia Pacific during the forecast period.
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Conclusion:
Many manufacturers worldwide are incorporating IoT, smart solutions, and automation in the oil & gas industry. According to Car Group Organization, in 2021, automotive manufacturers announced an investment of US$ 36 billion for building manufacturing facilities for batteries and EVs. In the first quarter of 2022, automakers in Asia Pacific announced an investment of US$ 24 billion in electric vehicles. Hydrogen compressors are widely used in automotive manufacturing. Increased adoption of Industry 4.0, along with a surge in the advancements in consumer electronics manufacturing and machinery tools, is driving the hydrogen compressor market growth. Hydrogen plays a vital role in energy production; this supports the aim of the decarbonization of carbon-intensive sectors, including chemical, processing, automotive, mobility, and power generation, among others. Compressors are used in the hydrogen gas production value chain and are essential for efficiently transporting hydrogen.
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