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

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

Published: Nov 2021 120 Pages SKU: IRTNTR44071

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

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Table of Contents not available.

Research Methodology

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

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Frequently Asked Questions

Hydrogen Compressor market growth will increase by $ 841.18 mn during 2021-2025.

The Hydrogen Compressor market is expected to grow at a CAGR of 2.36% during 2021-2025.

Hydrogen Compressor market is segmented by Technology( multistage, single-stage) End User( oil and gas, chemicals, others)

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 are a few of the key vendors in the Hydrogen Compressor market.

APAC will register the highest growth rate of 44% among the other regions. Therefore, the Hydrogen Compressor market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.

China, US, Germany, India, France, Brazil

  • Growing focus on using hydrogen in refineriesThe refining industry is one of the major users of hydrogen. Refineries require hydrogen for various applications is the driving factor this market.
  • such as processing crude oil into refined fuels and removing impurities or contaminants is the driving factor this market.
  • including sulfur is the driving factor this market.
  • from refined fuels. Moreover is the driving factor this market.
  • 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. For instance is the driving factor this market.
  • in October 2016 is the driving factor this market.
  • the International Maritime Organization's (IMO) Marine Environment Protection Committee (MEPC) 70 decided that a global sulfur cap of 0.5% m/m on marine fuels should apply from January 1 is the driving factor this market.
  • 2020 is the driving factor this market.
  • which would require all ships to comply with the regulations. The current global sulfur cap is 3.50% is the driving factor this market.
  • which has been in effect since January 1 is the driving factor this market.
  • 2012.Even though the demand for hydrogen is increasing from the refining industry is the driving factor this market.
  • carbon-emitting hydrogen generation technologies is the driving factor this market.
  • which use natural gas or other hydrocarbons is the driving factor this market.
  • still dominate hydrogen production in the refining industry. Hence is the driving factor this market.
  • the increasing adoption of hydrogen in refining processes has increased the demand for hydrogen compressors. For instance is the driving factor this market.
  • the REFHYNE project is one of the flagship projects that promote the use of clean hydrogen in refineries. The project began in January 2018 and will run until December 2022. It is funded by the EC's FCH JU and includes the installation of the world's largest hydrogen electrolyzer at the Rhineland refinery in Germany. The electrolysis plant will be manufactured by ITM Power and will be operated by Shell. It will have a peak capacity of 10 MW and will produce about 1 is the driving factor this market.
  • 300 tons of hydrogen every year. The carbon-free hydrogen produced will be integrated into the processes of the refinery is the driving factor this market.
  • including the desulphurization of fuels. The hydrogen produced will be used for other applications as well is the driving factor this market.
  • 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 is the driving factor this market.
  • transport is the driving factor this market.
  • heating is the driving factor this market.
  • and industrial processes. Therefore is the driving factor this market.
  • owing to the rising demand for hydrogen from the refining industry is the driving factor this market.
  • coupled with the increasing focus on using clean hydrogen is the driving factor this market.
  • the demand for hydrogen compressors is expected to increase during the forecast period. is the driving factor this market.

The Hydrogen Compressor market vendors should focus on grabbing business opportunities from the multistage segment as it accounted for the largest market share in the base year.