Increasing in number of hydrogen fueling stations, and growing oil & gas refineries across the globe are the key factors driving the demand for hydrogen Compressor

The global hydrogen compressor market is poised to reach US$ 3.53 Bn by 2030, expanding at a CAGR of 4.8% during the forecast period from 2023 to 2030. Increase in number of hydrogen gas pipelines, innovations in automotive industries, government policies for clean fuel, and growing demand for hydrogen fueling stations are identified as the major factors driving demand for hydrogen Compressor worldwide. However, higher initial cost, frequent maintenance, and dynamic price for raw materials are the major challenges faced by hydrogen compressor market. 

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.

North America to witness a strong growth in hydrogen Compressor, due to its wide variety of application in industries such as construction, mining, chemicals, and food processing units.

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.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Hydrogen Compressor market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Hydrogen Compressor market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Hydrogen Compressor market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Hydrogen Compressor market?
• Which is the largest regional market for Hydrogen Compressor market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Hydrogen Compressor market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Hydrogen Compressor market worldwide?