DUBLIN, April 4, 2024 (GLOBE NEWSWIRE) — “Global Hydrogen Compressor Market: By Lubrication Type (Oil-Based, Oil-Free), Type (Mechanical, Non-Mechanical), Application (Hydrogen Infrastructure, Industrial (Oil Refining, Chemical/Petrochemical), Design Region) – 2028 Predictions up to Report added ResearchAndMarkets.com Recruitment.
The global hydrogen compressor market is estimated to grow from USD 2.1 billion in 2023 to USD 2.6 billion by 2028. It is expected to register a CAGR of 4.5% during the forecast period. Increasing investment in hydrogen-related infrastructure and projects by both the public and private sectors is contributing to the growth of the hydrogen compressor industry. These investments will accelerate the adoption and commercialization of hydrogen compressor technology. Government subsidies and regulatory framework aimed at promoting clean energy technologies will further fuel the growth of the hydrogen compressor market.
Oil-based compressors: largest segment of the hydrogen compressor market by lubrication type
Based on lubrication type, the hydrogen compressor market is divided into two segments: oil-based and oil-free. Oil-based compressors dominate the hydrogen compressor industry because they are more efficient than oil-free compressors. Oil-based compressors use oil as a cooling medium and absorb approximately 80% of the heat generated by the compressor during compression, increasing efficiency. These are considered suitable for various industrial applications requiring improved compression. Increased investment in the oil and gas sector is expected to increase the demand for hydrogen compressors.
Hydrogen value chain/infrastructure by end use is expected to be the fastest growing segment during the forecast period
Based on end use, the hydrogen compressor market is segmented into hydrogen value chain/infrastructure and industrial applications. The hydrogen compressor market for hydrogen value chain/infrastructure is expected to witness the fastest growth in market share during the forecast period. It is further divided into hydrogen production/storage, transportation, hydrogen refueling stations, and hydrogen fuel cells. Many efforts are being made and billions of dollars invested in the market by both governments and private companies. For example, the Biden-Harris administration has said that her seven regional clean hydrogen hubs in the US will receive a total of US$7 billion in funding.
These centers are planned to produce more than 3 million tons of clean hydrogen per year, helping the U.S. reach its clean hydrogen production goals by 2030. Efforts are being made to build a new hydrogen pipeline network, with a focus on overcoming specific problems. Impact of hydrogen properties on pipeline materials and compressor design. One of the key initiatives in Europe is a partnership between Philips 66 and H2 Energy Europe to create a network of around 250 hydrogen refueling stations by 2026.
North America is expected to be the second largest growth region in the hydrogen compressor market
North America is expected to become the second largest region for the hydrogen compressor market during the forecast period. The region’s focus on sustainable energy and increasing use of hydrogen fuel cell vehicles are all contributing to market growth. Additionally, the U.S. Department of Energy’s funding and support of research and development efforts has brought multiple patents and new technologies to market, solidifying North America’s position as a pioneer in hydrogen compressor production.
One of the recent agreements in the region is a collaboration between the National Renewable Energy Laboratory (NREL) and Toyota Motor North America in the development of a 1-megawatt proton exchange membrane fuel cell system. This represents progress in large-scale power generation using hydrogen fuel cells. Which leads to the need for a hydrogen compressor. US companies are making investments to increase their market share in the hydrogen compressor field. This includes the development of improved compressor technology specifically designed for the production, transportation and use of hydrogen. Ariel Corporation, Atlas Copco Group and Burckhardt Compression AG are among the prominent companies in the region.
Key attributes:
report attributes | detail |
number of pages | 197 |
Forecast period | 2023-2028 |
Estimated market value in 2023 (USD) | $2.1 billion |
Projected market value to 2028 (USD) | $2.6 billion |
compound annual growth rate | 4.5% |
Target area | global |
Main topics covered:
executive summary
- Snapshot of the hydrogen compressor market
- Mechanical Compressor Segment to Dominate the Hydrogen Compressor Market by Type in 2028
- Industrial sector will account for larger share in the hydrogen compressor market by application during the forecast period
- Multi-stage segment leading the hydrogen compressor market in 2028 by design
- During the forecast period, oil-based segment will account for major share in the hydrogen compressor market by lubrication type
- Asia Pacific will capture the largest share of the hydrogen compressor market in 2022
premium insights
- Attractive Opportunities for Hydrogen Compressor Market Players – Increasing demand for clean energy and industrial growth to drive the market during the forecast period
- Hydrogen Compressor Market, by Region – Hydrogen Compressor Market fastest growing in Asia Pacific during forecast period
- Hydrogen Compressor Market, By Type – Mechanical Compressor Segment To Dominate Hydrogen Compressor Market In 2022
- Hydrogen Compressor Market (by Design) – Multi-stage segment will gain larger share in Hydrogen Compressor Market in 2022
- Hydrogen Compressor Market, By Lubrication Type – Petroleum-based segment will hold larger share in Hydrogen Compressor Market in 2022
- Hydrogen Compressor Market, By Application – Industrial segment will account for larger share in Hydrogen Compressor Market in 2022
- Asia Pacific: Hydrogen Compressor Market by Application and Country – Hydrogen Compressor Market Dominated by Industrial Applications and China in Asia Pacific in 2022
Market trend
driver
- Government initiatives and policies to curb greenhouse gas (GHG) emissions
- Significant investment in clean energy in developing countries
- Growing demand for oil-free hydrogen compressors
restraints
- High maintenance costs of hydrogen compressors
- Safety standards related to hydrogen compressors
opportunity
- Increased focus on net-zero carbon emissions targets
- Expansion of hydrogen filling infrastructure
- Increasing demand for hydrogen compressors from the oil and gas industry
assignment
- Untapped hydrogen infrastructure
technical analysis
- reciprocating compressor
- rotary compressor
- ion compressor
- centrifugal compressor
- non-mechanical compressor
case study analysis
- Adoption of hydrogen compression technology at gas stations
- Howden and Pioneer EPC Contractor Partner to Integrate Hydrogen Compressors at Refinery
Featured companies
- atlas copco
- Linde
- Air products and chemicals
- Ingersoll Rand
- siemens energy
- Mitsubishi Heavy Industries
- Kobe Steel
- Hitachi Industrial Products
- Sundyne
- hoden group
- Neumann & Esser Group
- haug sauer compressoren
- Ariel Co., Ltd.
- Indian compressor
- Adicomp
- Keepwin Technology Hebei
- pure energy center
- Fluitron
- cyrus
- Aerotechnica Coltoli
- hydro pack
- sorant
- idex india
- mailer compression
- Gruppo Chiado
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