Hydrogen Compressor Market Projections: $2.2 Billion in 2022, Anticipated to Hit $3.6 Billion by 2031

The Global Hydrogen Compressor Market (Marché des compresseurs à hydrogène) was valued at US$ 2.2 billion in 2022. It is estimated to grow at a CAGR of 5.8% from 2023 to 2031, reaching a value of US$ 3.6 billion by the end of 2031.

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Analyst Viewpoint

The hydrogen compressor market size is driven by the rise in the development of hydrogen refueling infrastructure and the increase in the adoption of hydrogen in various end-use industries. The global push toward decarbonization and the recognition of hydrogen as a clean energy carrier have spurred investments in hydrogen-related technologies, including compressors.

Hydrogen is gaining prominence as a versatile and efficient energy source as major countries across the globe strive to meet ambitious climate targets. The surge in the usage of hydrogen in industries such as transportation, manufacturing, and energy storage is augmenting the hydrogen compressor market trajectory. Key players are focusing on the development of high-efficiency and cost-effective hydrogen compressors. The growth in emphasis on green energy solutions and the increase in integration of hydrogen into diverse industrial applications are likely to offer lucrative opportunities to vendors in the hydrogen compressor market.

Market Introduction

Hydrogen compressors are critical components in the hydrogen supply chain, designed to compress hydrogen gas to high pressures for storage, transportation, and various industrial applications. The compression process is essential to reduce the volume of hydrogen gas, making it more practical for storage and transportation.

The two major types of compressors used for the compression of hydrogen are reciprocating and centrifugal compressors. Hydrogen compressors operate across a range of pressure levels, depending on the specific application. These compressors have the ability to handle pressures from a few hundred psi (pounds per square inch) to several thousand psi. Hydrogen compressors are employed in various applications such as hydrogen refueling stations and various industrial processes, including chemical manufacturing and petrochemical refining, hydrogen storage, transportation, and distribution infrastructure.

The hydrogen compressor market landscape is experiencing growth, driven by the increase in adoption of hydrogen as a clean energy carrier and the development of hydrogen infrastructure globally. As the hydrogen economy expands, hydrogen compressors become integral in supporting the production, distribution, and utilization of hydrogen across sectors.

Market Drivers

Rise in Development of Hydrogen Refueling Infrastructure

The rise in development of hydrogen refueling infrastructure is a significant driver for the hydrogen compressor market. As countries and regions invest in building hydrogen fueling stations to support fuel cell vehicles, the corresponding need for hydrogen compressors increases. These compressors play a crucial role in pressurizing and storing hydrogen at fueling stations, ensuring that vehicles can be refueled quickly and efficiently.

The increase in adoption of fuel cell vehicles, especially in the automotive sector, is a major driver for the development of hydrogen refueling infrastructure. This, in turn, is augmenting the hydrogen compressor market revenue. Hydrogen compressors are integral components of hydrogen refueling stations, facilitating the compression and delivery of hydrogen to vehicle fuel tanks at high pressures. The rise of hydrogen as a key player in the transition toward a low-carbon economy is leading to a surge in investment in hydrogen-related infrastructure.

The demand for hydrogen compressors at refueling stations, production facilities, and other points along the hydrogen supply chain is likely to escalate as the hydrogen economy grows. Hence, the growth in hydrogen refueling infrastructure is a crucial factor driving the hydrogen compressor market demand.

Increase in Adoption of Hydrogen in Various End-use Industries

The increase in adoption of hydrogen in various end-use industries is fueling market progress. As global industries strive to transition toward more sustainable and low-carbon practices, hydrogen has emerged as a versatile and clean energy carrier, gaining high traction in applications ranging from transportation to industrial processes.

The rise of hydrogen-powered vehicles, fuel cells for stationary power generation, and its integration into industrial processes, such as chemical manufacturing and refining, have significantly led to growth in demand for hydrogen compression technology. This, in turn, is expected to spur the hydrogen compression market in the near future.

The momentum toward a hydrogen-centric energy landscape, supported by technological advancements and a growing commitment to sustainability, is driving the hydrogen compressor market development. Hydrogen compressors are indispensable in facilitating the widespread use of hydrogen across diverse industrial sectors.

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

High Demand for Reciprocating Compressors

According to the latest hydrogen compressor market trends, the reciprocating type segment held the largest share in 2022. Reciprocating compressors are often preferred for hydrogen compression due to several key advantages that make them well-suited for this application.

These compressors excel in achieving high compression ratios, making them effective in applications requiring high-pressure hydrogen compression. This is crucial for various uses, including hydrogen refueling stations for fuel cell vehicles and industrial processes. Reciprocating compressors are well-adapted to variable load conditions. They can efficiently handle fluctuations in demand, making them suitable for applications with varying hydrogen consumption rates that experience fluctuating customer demand.

Centrifugal compressors are increasingly used for hydrogen compression in certain applications where a high flow rate of compressed hydrogen is essential. Their continuous flow design allows them to handle large volumes efficiently, making them suitable for scenarios where a constant and significant supply of hydrogen is needed, such as for storage and transportation.

Extensive Use of Hydrogen Compressors in Hydrogen Production

According to the latest hydrogen compressor market analysis, the hydrogen production application segment held the largest share in 2022. Hydrogen production is a major application for hydrogen compressors due to several reasons associated with the unique characteristics of hydrogen gas and the requirements of different production methods.

Hydrogen is often produced in gaseous form through processes such as steam methane reforming (SMR), electrolysis, and partial oxidation. To facilitate storage, transportation, and further utilization, hydrogen must be compressed to higher pressures, making compressors essential in these production processes. High-pressure storage allows for a more compact and energy-dense storage solution, making it practical for various industrial applications and distribution methods.

In electrolysis, which is a method of producing hydrogen using electricity to split water into hydrogen and oxygen, compressors are used to handle the gaseous hydrogen generated. The compression of hydrogen is a crucial step in electrolysis processes, ensuring its viability for storage and subsequent use.

Regional Outlook

Leading Region: Asia Pacific

According to the latest hydrogen compressor market (수소 압축기 시장) research, Asia Pacific accounted for a major share in 2022. The region is expected to witness a high growth rate of 6.2% during the forecast period, with a market value of US$ 828.6 million in 2022, projected to reach US$ 1.4 billion by 2031.

Several countries in Asia Pacific, including China, India, Japan, and South Korea, have implemented ambitious hydrogen strategies and policies to promote the development of the hydrogen economy. These initiatives are boosting the market dynamics of the region. Government support through financial incentives, research and development funding, and regulatory frameworks has accelerated the hydrogen sector growth in Asia Pacific, thereby augmenting the hydrogen compressor market share in the region.

Significant investments are being made in the development of hydrogen infrastructure, including production facilities, distribution networks, and refueling stations for fuel cell vehicles, contributing to the demand for hydrogen compressors in Asia Pacific.

Analysis of Major Players in the Hydrogen Compressor Market

Major players are contributing to the industry's growth through technological innovation, global presence, and advancing hydrogen-related solutions. Atlas Copco, a multinational industrial company headquartered in Sweden, has been actively involved in the hydrogen space, developing compressors to support the transition to cleaner energy.

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

Each of these players has been profiled in the hydrogen compressor market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.

Key Developments

February 2024: Burckhardt Compression AG was chosen to supply three high-performance, vertical, oil-free H2 compressors for a state-of-the-art hydrogen trailer filling facility set to be established in Northwestern Europe.
January 2024: Rejool, a Germany-based startup, announced that the company is using digital twin software from Siemens to develop a hydrogen compressor with a digital twin. Rejool is using the Siemens Xcelerator as a service portfolio of industry software to help bring its PIONYR hydrogen compressor technology to market. Rejool designs and manufactures compact, oil-less, and small-size hermetically gas-tight piston compressors for stationary high-pressure hydrogen applications.

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