Hydrogen Compressor Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Hydrogen Compressor Market
The hydrogen compressor market size was valued at USD 1.89 billion in 2022, and the market is now projected to grow from USD 1.97 billion in 2023 to USD 2.81 billion by 2030, exhibiting a CAGR of 5.19% during the forecast period of 2023-2030.
The restriction in the logistic system and lockdown decreased demand for compressors. The supply chain disruption caused delay in delivery of raw material which has slowed down the production of the device. The downturn of the financial situation unfavorably affected the growth of renewable energy which consequently has hampered the rising spending in hydrogen assignments. Hence, the hydrogen compressor market growth witnessed obstruction due to the COVID-19 pandemic
The hydrogen compressor market share globally has increased because of the acceptance of hydrogen by various sectors. It is one of the highest energy content fuels. Using this device, renewable energy sources can be transformed into hydrogen. This can then be stored and transported, propelling the demand for the tool. Light and heavy trucks, freight transportation, and semis are the main attraction of hydrogen-fueled road transport is impelling the market enlargement.
The trend is rising employment of hydrogen compressors in the hydrogen economy is propelling the market expansion. The equipment can reach a compression ratio of 2.0-3.0. These are fundamental for storage, feed compression, and pipeline. There is an extensive technology under development to propose high-speed compressors enhanced for hydrogen compression. Though, this progress is doubtful in future but can boost the market growth.
Comprehensive Analysis of Hydrogen Compressor Market
The hydrogen compressor market and power & energy industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the power & energy industry. These segmentations are methodically segregated by type and application. The types include reciprocating and centrifugal. The applications are power plants, hydrogen refueling stations, industrial furnaces, petrochemical & chemical, pharmaceuticals, oil & gas, and others.
The Asia Pacific region is conducive to the global hydrogen compressor market, leading to a recall of USD 0.97 billion owing to the expansion of several areas that are major consumers of hydrogen gas and the rising heavy investment by developing nations.
The top players in the market play a critical role in the power & energy industry assuring industrial prospectus growth and setting market standards. These players include Siemens (Germany), Mitsubishi Power (Japan), Neuman & Esser Group (Germany),Atlas Copco AB (Sweden), Howden Group (U.K.), Ingersoll Rand (U.S.), Pure Energy Centre (U.K.), Hoerbiger (Switzerland), Cook Compression (U.S.), Hycomp Inc. (U.S.), Mehrer Compression GmbH (Germany), PDC Machines (U.S.), Baker Hughes (U.S.), SIAD Macchine Impianti S.p.A. (Italy), Sundyne (U.S.), CYRUS S.A. (Greece), HIPERBARIC (Spain), Burckhardt Compression AG (Switzerland), Ariel Corporation (U.S.), HYDRO-PAC, INC. (U.S.), HyET Group (Netherlands), Fluitron (U.S.), and Lenhardt & Wagner GmbH (Germany), these market players provide a level-playing competitive landscape.
In June 2023, BMW Group has declared that they will test the second generation of their hydrogen fuel cell train in a range of BMW ix5 hydrogen, enhanced by Garrett’s new generation advancement which is hydrogen EVs of modular fuel cell compressors. Garrett Motion is serving the promise of BMW Group for making hydrogen FCV with zero emission along with an electric fuel cell compressor (FCC) produced by Garrett’s research and development team.
Segmentation Table
Global Hydrogen Compressor Market Scope
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 5.19% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Type, Application, and Region
Segmentation By Type
Reciprocating
Centrifugal
By Application
Power Plants
Hydrogen Refuelling Station
Industrial Furnaces
Petrochemical & Chemical
Pharmaceuticals
Oil & Gas
Others
By Region
North America (By Type, Application, and Country)
U.S.
Canada
Europe (By Type, Application, and Country)
Germany
France
U.K.
Italy
Russia & CIS
Spain
Rest of Europe
Asia Pacific (By Type, Application, and Country)
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia Pacific
Latin America (By Type, Application, and Country)
Brazil
Mexico
Rest of Latin America
Middle East & Africa (By Type, Application, and Country)
Saudi Arabia
UAE
Oman
Qatar
Rest of the Middle East & Africa
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions & Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Insight on Regulatory Landscape
- 4.4. Porters Five Forces Analysis
- 4.5. Impact of COVID-19 on the Hydrogen Compressor Market
- 5. Global Hydrogen Compressor Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
- 5.1. Key Findings
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. Reciprocating
- 5.2.2. Centrifugal
- 5.3. Market Analysis, Insights and Forecast – By Application
- 5.3.1. Power Plants
- 5.3.2. Hydrogen Refuelling Station
- 5.3.3. Industrial Furnaces
- 5.3.4. Petrochemical & Chemical
- 5.3.5. Pharmaceuticals
- 5.3.6. Oil & Gas
- 5.3.7. Others
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
- 6. North America Hydrogen Compressor Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
- 6.1. Key Findings
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Reciprocating
- 6.2.2. Centrifugal
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Power Plants
- 6.3.2. Hydrogen Refuelling Station
- 6.3.3. Industrial Furnaces
- 6.3.4. Petrochemical & Chemical
- 6.3.5. Pharmaceuticals
- 6.3.6. Oil & Gas
- 6.3.7. Others
- 6.4. Market Analysis, Insights, and Forecast – By Country
- 6.4.1. U.S.
- 6.4.2. Canada
- 7. Europe Hydrogen Compressor Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
- 7.1. Key Findings
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Reciprocating
- 7.2.2. Centrifugal
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Power Plants
- 7.3.2. Hydrogen Refuelling Station
- 7.3.3. Industrial Furnaces
- 7.3.4. Petrochemical & Chemical
- 7.3.5. Pharmaceuticals
- 7.3.6. Oil & Gas
- 7.3.7. Others
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. Germany
- 7.4.2. France
- 7.4.3. UK
- 7.4.4. Italy
- 7.4.5. Russia & CIS
- 7.4.6. Spain
- 7.4.7. Rest of Europe
- 8. Asia Pacific Hydrogen Compressor Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
- 8.1. Key Findings
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Reciprocating
- 8.2.2. Centrifugal
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Power Plants
- 8.3.2. Hydrogen Refuelling Station
- 8.3.3. Industrial Furnaces
- 8.3.4. Petrochemical & Chemical
- 8.3.5. Pharmaceuticals
- 8.3.6. Oil & Gas
- 8.3.7. Others
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. China
- 8.4.2. Japan
- 8.4.3. South Korea
- 8.4.4. Southeast Asia
- 8.4.5. India
- 8.4.6. Australia
- 8.4.7. Rest of Asia Pacific
- 9. Latin America Hydrogen Compressor Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
- 9.1. Key Findings
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Reciprocating
- 9.2.2. Centrifugal
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Power Plants
- 9.3.2. Hydrogen Refuelling Station
- 9.3.3. Industrial Furnaces
- 9.3.4. Petrochemical & Chemical
- 9.3.5. Pharmaceuticals
- 9.3.6. Oil & Gas
- 9.3.7. Others
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
- 10. Middle East & Africa Hydrogen Compressor Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
- 10.1. Key Findings
- 10.2. Market Analysis, Insights and Forecast – By Type
- 10.2.1. Reciprocating
- 10.2.2. Centrifugal
- 10.3. Market Analysis, Insights and Forecast – By Application
- 10.3.1. Power Plants
- 10.3.2. Hydrogen Refuelling Station
- 10.3.3. Industrial Furnaces
- 10.3.4. Petrochemical & Chemical
- 10.3.5. Pharmaceuticals
- 10.3.6. Oil & Gas
- 10.3.7. Others
- 10.4. Market Analysis, Insights and Forecast – By Country
- 10.4.1. Saudi Arabia
- 10.4.2. UAE
- 10.4.3. Oman
- 10.4.4. Qatar
- 10.4.5. Rest of Middle East & Africa
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2022
- 11.2. Company Profile
- 11.2.1. Siemens
- 11.2.1.1. Business Overview
- 11.2.1.2. Product & Services Offerings
- 11.2.1.3. Recent Developments
- 11.2.1.4. Financials (Based on Availability)
- 11.2.2. Pure Energy Centre
- 11.2.2.1. Business Overview
- 11.2.2.2. Product & Services Offerings
- 11.2.2.3. Recent Developments
- 11.2.2.4. Financials (Based on Availability)
- 11.2.3. Ingersoll Rand
- 11.2.3.1. Business Overview
- 11.2.3.2. Product & Services Offerings
- 11.2.3.3. Recent Developments
- 11.2.3.4. Financials (Based on Availability)
- 11.2.4. Cook Compression
- 11.2.4.1. Business Overview
- 11.2.4.2. Product & Services Offerings
- 11.2.4.3. Recent Developments
- 11.2.4.4. Financials (Based on Availability)
- 11.2.5. Hycomp, Inc.
- 11.2.5.1. Business Overview
- 11.2.5.2. Product & Services Offerings
- 11.2.5.3. Recent Developments
- 11.2.5.4. Financials (Based on Availability)
- 11.2.6. Sundyne
- 11.2.6.1. Business Overview
- 11.2.6.2. Product & Services Offerings
- 11.2.6.3. Recent Developments
- 11.2.6.4. Financials (Based on Availability)
- 11.2.7. Howden Group
- 11.2.7.1. Business Overview
- 11.2.7.2. Product & Services Offerings
- 11.2.7.3. Recent Developments
- 11.2.7.4. Financials (Based on Availability)
- 11.2.8. NEUMAN & ESSER GROUP
- 11.2.8.1. Business Overview
- 11.2.8.2. Product & Services Offerings
- 11.2.8.3. Recent Developments
- 11.2.8.4. Financials (Based on Availability)
- 11.2.9. HIPERBARIC
- 11.2.9.1. Business Overview
- 11.2.9.2. Product & Services Offerings
- 11.2.9.3. Recent Developments
- 11.2.9.4. Financials (Based on Availability)
- 11.2.10. Mehrer Compression GmbH
- 11.2.10.1. Business Overview
- 11.2.10.2. Product & Services Offerings
- 11.2.10.3. Recent Developments
- 11.2.10.4. Financials (Based on Availability)
- 11.2.11. PDC Machines
- 11.2.11.1. Business Overview
- 11.2.11.2. Product & Services Offerings
- 11.2.11.3. Recent Developments
- 11.2.11.4. Financials (Based on Availability)
- 11.2.12. HOERBIGER
- 11.2.12.1. Business Overview
- 11.2.12.2. Product & Services Offerings
- 11.2.12.3. Recent Developments
- 11.2.12.4. Financials (Based on Availability)
- 11.2.13. Baker Hughes
- 11.2.13.1. Business Overview
- 11.2.13.2. Product & Services Offerings
- 11.2.13.3. Recent Developments
- 11.2.13.4. Financials (Based on Availability)
- 11.2.14. SIAD Macchine Impianti S.p.A.
- 11.2.14.1. Business Overview
- 11.2.14.2. Product & Services Offerings
- 11.2.14.3. Recent Developments
- 11.2.14.4. Financials (Based on Availability)
- 11.2.15. CYRUS S.A.
- 11.2.15.1. Business Overview
- 11.2.15.2. Product & Services Offerings
- 11.2.15.3. Recent Developments
- 11.2.15.4. Financials (Based on Availability)
- 11.2.16. Burckhardt Compression AG
- 11.2.16.1. Business Overview
- 11.2.16.2. Product & Services Offerings
- 11.2.16.3. Recent Developments
- 11.2.16.4. Financials (Based on Availability)
- 11.2.17. Ariel Corporation
- 11.2.17.1. Business Overview
- 11.2.17.2. Product & Services Offerings
- 11.2.17.3. Recent Developments
- 11.2.17.4. Financials (Based on Availability)
- 11.2.18. Fluitron
- 11.2.18.1. Business Overview
- 11.2.18.2. Product & Services Offerings
- 11.2.18.3. Recent Developments
- 11.2.18.4. Financials (Based on Availability)
- 11.2.19. HYDRO-PAC, INC.
- 11.2.19.1. Business Overview
- 11.2.19.2. Product & Services Offerings
- 11.2.19.3. Recent Developments
- 11.2.19.4. Financials (Based on Availability)
- 11.2.20. HyET Group
- 11.2.20.1. Business Overview
- 11.2.20.2. Product & Services Offerings
- 11.2.20.3. Recent Developments
- 11.2.20.4. Financials (Based on Availability)
- 11.2.21. Atlas Copco
- 11.2.21.1. Business Overview
- 11.2.21.2. Product & Services Offerings
- 11.2.21.3. Recent Developments
- 11.2.21.4. Financials (Based on Availability)
- 11.2.22. Lenhardt & Wagner GmbH
- 11.2.22.1. Business Overview
- 11.2.22.2. Product & Services Offerings
- 11.2.22.3. Recent Developments
- 11.2.22.4. Financials (Based on Availability)
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