According to a new report published by Allied Market Research, titled, "Hydrogen Compressor Market," The hydrogen compressor market 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 compressor is a device that is used to reduce volume in order to raise hydrogen pressure, results in liquid hydrogen, also known as compressed hydrogen. Hydrogen compressors are employed to pressurize the hydrogen. The technique is frequently employed in refineries to help with crude oil refinement. Hydrogen has increasingly been used in refineries for processing fuels, eliminating impurities, and other uses. The hydrogen fuel cell provides continuous electricity while needing less maintenance, space, and noise.
Hydrogen compressors are used in a variety of industries such as oil & gas, chemical and automotive. Many automotive manufacturers have attempted to develop hydrogen fuel cell automobiles. These vehicles are currently undergoing R&D. As a result, this might be a major driver of the hydrogen compressor industry. Furthermore, hydrogen refueling stations have grown in various nations across the globe. One of the most significant components of a hydrogen refueling station is the hydrogen compressor. As a result, demand for hydrogen compressors is predicted to increase throughout the forecast period.
Various key players have strengthened their market position and expanded their business by acquiring other companies which are expected to enhance their product portfolio. For instance, in August 2022, Ingersoll Rand Inc. a global provider of mission-critical flow creation and industrial solutions, entered into agreements to acquire Holtec Gas Systems LLC, Shanghai Hanye Air Purifying Technology Co., Ltd, and Hydro Prokav Pumps (India) Private Limited. Holtec and Hanye expand Ingersoll Rand's air treatment capabilities and enhance the breadth of solutions provided for the larger compressor ecosystem. Hence, this acquisition is anticipated to increase the distribution of hydrogen compressors, which is likely to be opportunistic for the growth of the global market during the forecast period.
The hydrogen compressor market is segmented on the basis of technology type, lubricant type, end user and region. On the basis of technology type, the market is bifurcated into mechanical and non-mechanical. On the basis of lubricant type, it is bifurcated into oil-based and oil-free. On the basis of end user industry, it is divided into oil & gas, chemical, automotive and others. On the basis of region, the market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, Netherlands, and rest of Europe), Asia-Pacific (China, Japan, India, Thailand, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
COMPETITION ANALYSIS
Key companies profiled in the hydrogen compressor market report include: Ariel Corporation, Atlas Copco, Burckhardt Compression AG, Fluitron, HAUG Sauer Kompressoren AG, Hitachi, Ltd., Howden Group, IDEX Corporation, Ingersoll Rand, Inc., Nel ASA.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hydrogen compressor market analysis from 2022 to 2032 to identify the prevailing hydrogen compressor market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the hydrogen compressor market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global hydrogen compressor market trends, key players, market segments, application areas, and market growth strategies.
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- Senario Analysis & Growth Trend Comparision
- Supply Chain Analysis & Vendor Margins
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Key Market Segments
By Technology Type
- Mechanical Compressors
- Non-Mechanical Compressors
By Lubrication Type
By End User Industry
- Oil and Gas
- Chemical
- Automotive
- Others
By Region
- North America
- Europe
- Germany
- France
- UK
- Italy
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Thailand
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players:
- NEL ASA
- Fluitron Inc.
- IDEX CORPORATION
- ARIEL CORPORATION
- Ingersoll Rand Inc.
- Chart Industries, Inc. (Howden Group)
- Burckhardt Compression Holding AG
- HAUG SAUER KOMPRESSOREN AG
- ATLAS COPCO AB
- Hitachi Ltd.