Hydrogen Compressor Market Expected to Reach $3.3 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hydrogen Compressor Market," The Hydrogen Compressor Market size was valued at $2.3 billion in 2022, and is estimated to reach $3.3 billion by 2032, growing at a CAGR of 4% from 2023 to 2032.

Hydrogen compressors are similar to hydrogen pumps and gas compressors in that they both increase fluid pressure and may transfer it through a pipe. The compressor decreases the volume of hydrogen gas because gases are compressible, but a pump raising the pressure of a liquid allows the liquid hydrogen to be transferred elsewhere.

The hydrogen compressors are capable of compressing small to medium volumes of hydrogen to high pressures, and depending on the application, they may even reach pressures of more than 5,000 bar (75,000 PSI). Furthermore, lubricated compression can attain discharge pressures of more than 600 bar (9,000 PSI) if oil traces are permitted in the gas, which is one of the key drivers anticipated to boost the market throughout the projected period.

In addition, an increase in investments and government initiatives in the chemical and energy sectors is expected to create opportunities for the hydrogen compressor market growth. For instance, the U.S. Department of Energy's (DOE) Office of Fossil Energy (FE) stated in January 2021 that it will allocate USD 160 million in federal funds to assist re-calibrate the country's massive fossil fuel and power infrastructure for decarbonized energy and commodity production. Similarly, in March 2022, Sinopec, China’s second-largest oil company invested $476 million in hydrogen technology research and development and planned a number of pilot green hydrogen projects. The company will prioritize the development of renewable-energy projects, particularly those involving hydrogen, in its transition to a low-carbon business structure. The funds will be used to assist a variety of research initiatives aimed at developing hydrogen compressors.

To strengthen the market position, competitors in the hydrogen compressor market have adopted key strategic moves such as collaboration, product launches, mergers, acquisitions, and partnerships. For instance, in June 2022, Ariel Corporation and Hoerbiger, a global leader in reciprocating gas compressor components technology, announced their partnership to provide non-lube compressor solutions capable of fulfilling the hydrogen compression requirements of the future hydrogen mobility market such as public transportation, large fleet vehicles, private trucking companies, trains, boats/ships and other high volume, high pressure, vehicle-fueling applications. Hence, strategies are expected to have a positive impact on the market growth.

The hydrogen compressors market has witnessed significant growth in the past few years, due to the development of the automotive sector and the increase in investments in oil, gas, and energy sectors. In addition, hydrogen compressors are more effective and can be utilized for compressing small & medium amount of hydrogen to high pressure, and hence are widely used in chemical and oil & gas industries.

Key companies profiled in the report having significant hydrogen compressor market share are Ariel Corporation, Atlas Copco, Burckhardt Compression AG, Fluitron, HAUG Sauer Kompressoren AG, Hitachi, Ltd., Howden Group, IDEX Corporation, Ingersoll Rand, Inc., Nel ASA.

Key Findings Of The Study

• The report provides an extensive analysis of the current and emerging hydrogen compressor market trends and dynamics.
• On the basis of technology type, the mechanical segment has dominated the hydrogen compressor market, in terms of revenue in 2022.
• On the basis of lubricant type, the oil-free segment has registered highest revenue in 2022.
• Oil & gas industry is projected to register the highest growth rate in the coming years.
• Region wise, Asia-Pacific region garnered the largest share in hydrogen compressor market in 2022.
• The key players within the hydrogen compressor market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand competitive outlook of the hydrogen compressor industry.
• The report provides an extensive analysis of the current trends and emerging opportunities of the market.
• In-depth hydrogen compressor market analysis is conducted by constructing estimations for the key segments between 2022 and 2032.
• Extensive analysis of the hydrogen compressor market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
• A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
• The hydrogen compressor market forecast analysis from 2022 to 2032 is included in the report.