Hydrogen Compressor Market by Technology, End-user, Type, Power Range, and Geography - Forecast and Analysis 2021-2025

Hydrogen Compressor Market Forecast 2020-2025

The hydrogen compressor market share is expected to increase by USD 841.18 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 2.36%.

This hydrogen compressor market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hydrogen compressor market segmentation by technology (multistage and single-stage), end-user (oil and gas, chemicals, and others), and geography (APAC, Europe, North America, MEA, and South America). 

What will the Hydrogen Compressor Market Size be During the Forecast Period?

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Hydrogen Compressor Market: Key Drivers, Trends, and Challenges

 Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the hydrogen compressor industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Hydrogen Compressor Market Driver

The growing focus on using hydrogen in refineries is a major driver fueling the hydrogen compressor market growth.  The demand for hydrogen from the refining industry is growing due to the rising global demand for distillate fuel oil and the strict regulations related to sulfur content. The increasing adoption of hydrogen in refining processes has increased the demand for hydrogen compressors.

For instance, the REFHYNE project is one of the flagship projects that promote the use of clean hydrogen in refineries. The hydrogen produced will be used for other applications as well, such as testing the PEM hydrogen electrolysis technology. It will also be used to explore the feasibility of hydrogen in applications such as power generation, transport, heating, and industrial processes. Hence, the demand for hydrogen compressors is expected to increase, owing to the rising demand for hydrogen from the refining industry and the increasing focus on using clean hydrogen.

Key Hydrogen Compressor Market Trend

The rising applications in the power industry are a major trend influencing the hydrogen compressor market growth.  In developing countries, distributed energy generation is used to increase the electrification rate. Customers are seeking for increased reliability and resiliency due to various instances of natural calamities disrupting the continuous flow of power. The advantages of the self-generation of prime power include the following: Elimination of grid dependency, Energy cost savings due to improved efficiency control over power generation resources among the various technologies, renewable-based hybrid systems, energy storage systems, and diesel generators have been the most common technologies used for distributed energy generation.

However, hydrogen fuel cells offer greater advantages when compared to these technologies, which are as follows: They are ideal for continuous prime power as they make less noise during operations compared with diesel generators. They are not affected by weather conditions; hence, power generation is not intermittent in nature. They have a higher energy density; thus, they occupy smaller space. They have no moving parts; hence, they require less maintenance. Owing to the advantages of hydrogen fuel cells, many government organizations are supporting the research of hydrogen fuel cell technologies through funding.

Key Hydrogen Compressor Market Challenge

The volatility in crude oil prices will be a major challenge for the hydrogen compressor market during the forecast period. Fluctuations in global crude oil prices have a direct impact on the profitability and performance of oil and gas E&P companies. Low crude oil prices compel these companies to cancel or postpone oil and gas E&P projects. In the US, the surplus production of shale oil led to a reduction in crude oil imports and an increase in global crude oil supply. As unexpected price fluctuations affect the market, the recent frequent variations in crude oil prices have severely affected the petroleum industry. Since the oil and gas industry is the major contributor to the global hydrogen compressor market, uncertainties in crude oil prices negatively affect the investments in the oil and gas industry and reduce the sales of hydrogen compressors.

This hydrogen compressor market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

What are the Revenue-generating Technology Segments in the Hydrogen Compressor Market?

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The hydrogen compressor market share growth by the multistage segment will be significant during the forecast period. Multistage oil-based compressors are widely adopted in various end-user segments due to the high level of compression requirements in different production environments.

This report provides an accurate prediction of the contribution of all the segments to the growth of the hydrogen compressor market size and actionable market insights on post COVID-19 impact on each segment.

Which are the Key Regions for Hydrogen Compressor Market?

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44% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for hydrogen compressors in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

The increase in the number of offshore and onshore oil and gas activities will facilitate the hydrogen compressor market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

Who are the Major Hydrogen Compressor Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Ariel Corp.
• Atlas Copco AB
• Colfax Corp.
• Hitachi Ltd.
• Hydro-Pac Inc.
• IDEX Corp.
• J.P. Sauer and Sohn Maschinenbau GmbH
• Mitsui E&S Holdings Co. Ltd.
• Siemens AG
• Trane Technologies Plc

This statistical study of the hydrogen compressor market encompasses successful business strategies deployed by the key vendors. The hydrogen compressor market is fragmented and the vendors are deploying growth strategies such as forming strategic partnerships to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The hydrogen compressor market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

 

Hydrogen Compressor Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 2.36%
Market growth 2021-2025	USD 841.18 million
Market structure	Fragmented
YoY growth (%)	1.52
Regional analysis	APAC, Europe, North America, MEA, South America, APAC, Europe, North America, MEA, South America, APAC, Europe, North America, MEA, South America, APAC, Europe, North America, MEA, and South America
Performing market contribution	APAC at 44%
Key consumer countries	China, US, Germany, India, France, and Brazil
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Ariel Corp., Atlas Copco AB, Colfax Corp., Hitachi Ltd., Hydro-Pac Inc., IDEX Corp., J.P. Sauer and Sohn Maschinenbau GmbH, Mitsui E&S Holdings Co. Ltd., Siemens AG, and Trane Technologies Plc
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Hydrogen Compressor Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive hydrogen compressor market growth during the next five years
• Precise estimation of the hydrogen compressor market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the hydrogen compressor industry across APAC, Europe, North America, MEA, South America, APAC, Europe, North America, MEA, South America, APAC, Europe, North America, MEA, South America, APAC, Europe, North America, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of hydrogen compressor market vendors

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