The global hydrogen compressor market is expected to reach US$ 3.09 Bn by 2027, expanding at a CAGR of 6.8% during the forecast from 2019 to 2027.
Market Insights
Increasing demand for distillate fuel oil and strict regulations worldwide, with respect to sulfur content has gradually increased the use of hydrogen in the industrial segment. Hydrogen is basically used in refineries for various applications including processing of crude oil, removing contaminants such as sulfur from refined oils and several others. A hydrogen compressor is used to produce compressed or liquid hydrogen by increasing the pressure and reducing volume of hydrogen. Growing applications in power generation units, transportation, oil and gas refineries, chemical plants, and other industrial process is expected to drive the market for hydrogen Compressor.
Increasing applications of hydrogen in fuel cells and electronic gadgets, along with growing numbers of hydrogen fueling stations is expected to boost the demand for hydrogen compressor market. In addition, supportive government policies and efforts to incorporate hydrogen in transportation and other applications are expected to drive the hydrogen compressor market.
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Hydrogen fuel cells offer more advantage such as eliminates pollution, fuel efficient, compact size, and energy storage as compared to other technologies such as renewable hybrid systems, energy storage systems, and diesel generators. Apart from this, hydrogen fuel cells provide uninterrupted electricity without affected by dynamic weather conditions. Hydrogen fuel cells are very compact in size and requires less maintenance, which drive the market for hydrogen Compressor worldwide.
Increasing demand for Hydrogen in Transportation sector is going to drive the market
Hydrogen fuel cells are considered to be one of the most emerging technology in automotive segment which is expected to create ample opportunities for hydrogen Compressor market. Few manufacturers like Hitachi Ltd. and Howden Joinery Group PLC have started developing this technology in order to cater this emerging market. In the recent years, the hydrogen fueling stations are expected to be the major drivers boosting the use of hydrogen Compressor. The United Kingdom is investing more in building distribution infrastructures for hydrogen fuel stations. Out of 327 operational stations worldwide, around 139 stations are based in Europe, 118 stations in Asia Pacific, 68 stations in North America, and one each in South America and Australia.
In 2018, according to International Energy Agency (IEA) there are around 12,900 units of fuel cell vehicle and 376 number of hydrogen fueling stations (HFS) globally. Out of which Europe holds 172 number of HFS, followed by Asia Pacific with 132 HFS, North America with 70 HFS, and Rest of World with 2 HFS.
Asia Pacific to Dominate, North America to Witness Strong Growth
Asia Pacific is expected to be the growing market for hydrogen fuel cells due to government policies and regulations over automotive sectors on countries like China, Japan, and India. In 2015, the Japanese government have invested around USD 460 million for the development of hydrogen stations. The hydrogen Compressor market is expected to experience a tremendous demand for petrochemicals and hydrogen fuel cell vehicle industries. In India, manufacturers are coming up with hydrogen fuel cell technology in automotive segments such as buses, and cars which are expected to create some new opportunities for hydrogen Compressor market. Moreover, increase in number of automotive industries, construction industries, and SME’s in Asia Pacific region is expected to drive APAC hydrogen Compressor market.
Key Players & Competitive Landscape:
Some of the leading manufacturers profiled in the study includes Hydro-Pac Inc., Howden Group, Ariel Corporation, Corken Compressor, Atlas Copco AB, Burckhardt Compression AG, HAUG Sauer Kompressoren AG, Gardner Denver, and Hitachi Ltd.
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