Growth Opportunities in Hydrogen Compressors Industry

Hydrogen Compressors

A hydrogen compressor is a mechanical device that increases the pressure of hydrogen gas by reducing its volume. The hydrogen compressors are vital for several applications such as refueling stations, oil & gas industries, chemical industries, and other end use applications that require hydrogen to be stored, transported, or used at higher pressures than what is normally produced or provided.

The global hydrogen compressors market is projected to reach USD 2.6 billion by 2028 from an estimated USD 2.1 billion in 2023, at a CAGR of 4.5 % during the forecast period.

Market Overview

The rising investment in renewable energy projects and the growing concern on environment sustainability is expected to accelerate the growth of the hydrogen compressors market.

Top Key Players in Global Hydrogen Compressors Market,

  • Atlas Copco AB (Sweden)
  • Linde plc (Ireland)
  • Siemens Energy (Germany)
  • Air Products and Chemicals, Inc. (US)
  • Ingersoll Rand (US), etc

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This report segments the hydrogen compressors market based on type into two categories: Mechanical Compressor, and Non-mechanical Compressor. The Mechanical Compressor is expected to be the largest segment during the forecast period as it is a viable technology. For various applications, including storage, transportation, and utilization in industrial processes or fuel cell vehicles, it is necessary to compress hydrogen to higher pressures. Mechanical hydrogen compressors play a crucial role in various applications within the hydrogen industry, particularly in the compression of hydrogen gas for storage, transportation, and industrial processes. These compressors increase the pressure of hydrogen gas, making it suitable for various applications. The scope of mechanical compressors includes reciprocating compressors, rotary compressors, centrifugal compressors, and ionic compressors.

Hydrogen compressor Market Size: Bottom-Up Approach
Hydrogen compressor Market Size: Bottom-Up Approach

Based on the end-use application, the hydrogen compressor market is segmented into hydrogen value chain/infrastructure and Industrial application. The hydrogen infrastructure segment is expected to be fastest growing segment during the forecast period. One of the primary drivers of hydrogen infrastructure is the increasing demand for hydrogen compressors in the hydrogen refueling stations as the compressors take the low pressure hydrogen (20-30 bar) delivered from production site and crank it up to higher pressures (350 bar or 700 bar) needed for fueling hydrogen-powered vehicles.

Based on the design, the hydrogen compressor market is segmented into single stage and multistage. Multi-stage segment is expected to be the largest market during the forecast period. Multistage compressors are made up of two or more piston cylinders with varying sizes. The atmospheric air passes through the compression stage twice. The heat exchanger cools the air before it enters the second cylinder, reducing the strain on the chambers during the second and third compression phases. The multistage compressors create higher volumes of pressure (PSI) at medium to high capacities (CFM) and are suitable for heavy-duty industrial applications such as fueling stations, food and beverage, automotive and transportation, aerospace, electronics, laboratories, and power generation industries. Multistage compressors achieve higher compression ratios compared to single-stage compressors.

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This report segments the hydrogen compressors market based on region into North America, Europe, Asia Pacific, Middle East & Africa, and South America. During the forecast period, the Asia Pacific segment holds the largest share because of the growing number of green hydrogen initiatives, large manufacturing hub as well as government funding for hydrogen-related projects, including the deployment of hydrogen compressor. Key trend in the market include the rising adoption of hydrogen in various sectors, technological advancements, international collaboration, and a growing emphasis on renewable hydrogen production to achieve sustainability goals and combat climate change.