The Hydrogen Compressor Market Growth impelled by booming oil and gas sector, growing adoption of hydrogen fuel cell vehicles and rising Investments in new energy & power projects.
New York, Aug. 26, 2021 (GLOBE NEWSWIRE) — Hydrogen Compressor Market: Key Insights
According to our new research study on “Hydrogen Compressor Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Stage, End-user, and Geography,” the Hydrogen Compressor Market is projected to reach US$ 2,813.27 million by 2028 from US$ 1,894.15 million in 2020; it is expected to grow at a CAGR of 5.2% during 2021–2028.
Hydrogen compressor Market: Competitive Landscape and Key Developments
The key players operating in the hydrogen compressor market include Atlas Copco AB; Burckhardt Compression AG; Fluitron, Inc.; Gardner Denver Nash, LLC; Howden Group; HAUG Sauer Kompressoren AG; NEUMAN & ESSER GROUP; Hydro-Pac, Inc.; Lenhardt & Wagner GmbH; and PDC Machines Inc.; among others. In addition to the 10 key players that are profiled in the report, there are several other global, regional, and local players operating in the global hydrogen compressor market ecosystem, and these companies were also studied during the course of the study to get a holistic view of the entire market. A few of these players include Ingersoll Rand, Hitachi Industrial Products, Siemens Energy, and MAN Energy Solutions SE.
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In 2021, HAUG Sauer Kompressoren AG received an order from a France-based client from the research sector for a NanoLoc hydrogen compressor with 250 bar discharge pressure.
Surge in government investments for the development of hydrogen fuel infrastructure is allowing the original equipment manufacturers (OEMs) to further diversify their revenue streams and expand their geographic presence. Increasing demand for low-emission and cost-efficient vehicles owing to incentives offered by governments to the buyers, and growing high-performance commercial vehicle across the world. Numerous government policies have been deployed to reduce emissions by vehicles. California dedicated funds for the development of 100 hydrogen refueling stations and is aiming to reach ~1.5 million zero-emission vehicle count by 2025, which is driving the demand for hydrogen fuel cell vehicles. Due to soaring concerns regarding the depletion of natural resources and environment degradation, several technologies have been developed and introduced that favor the eco-friendly operations and environmental sustainability.
Moreover, rise in awareness related to the ill-effects of air pollution, and elevating levels of traffic and greenhouse gas emissions is driving the implementation of hydrogen fuel-driven vehicles. Developments in fuel cell electric vehicles (FCEVs) have improved their fuel economy, especially compared to internal combustion engine (ICE) vehicles. The FCEVs have a fuel economy of ~63 miles per gallon gasoline equivalent (MPGge), while ICE vehicles have a fuel economy of 29 MPGge on road. Hybridization enhances the fuel economy of an FCEV by ~3.2%. Moreover, the FCEVs can travel almost 300 miles without refueling. Honda Clarity has the highest EPA driving rating for any zero-emission vehicle in the US. It has a driving range of up to 366 miles. Thus, better fuel efficiency and increased driving range are the factors boosting the demand for FCEVs, which would, in turn, drive the automotive fuel cell market in the coming years.
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APAC led the hydrogen compressor market in 2020. The dominance of APAC in the global market is attributed to high demand for hydrogen compressors in industries such as automotive and transportation, oil and gas, and renewable energy. Further, the presence of technologically advanced industries in China and Japan, among others, is contributing to the market growth. The increased adoption of Industry 4.0, together with advancements in electronics manufacturing and machinery tools, is propelling the hydrogen compressor market growth. Furthermore, several manufacturers of FCEVs are majorly focusing on entering into collaborations and partnerships with automobile OEMs to expand their reach. For instance, in June 2020, Toyota entered into a joint venture with five different companies—Dongfeng Motor Corp., China FAW Corp., Beijing Automobile Group Co., Beijing SinoHytec Co., and Guangzhou Auto—for the development of fuel cells in China. Such developments are boosting the fuel cell deployment in automobiles.
The global energy consumption has risen manifolds due to the mounting urbanization and industrial growth. Thus, to meet the soaring demand for power, various countries have sped up the sub-transmission and intrastate transmission network development projects. The escalating demand for energy & power, owing to rising household incomes as well as increasing manufacturing and heavy industries, is boosting the deployment of hydrogen compressors. Renewable energy generation plants are playing a significant role in extending the access to electricity worldwide. As per the International Energy Agency (IEA), the demand of electricity is projected to expand at 2.1% per year by 2040 globally. The need of electricity in Southeast Asia is growing at the fastest pace in the world. Moreover, in APAC, India is the third-largest producer of electricity, and the generating capacity is exponentially expanding due to favorable government support and initiation of numerous power generation projects. For instance, Khargone Transmission Project was initiated to connect NTPC's 1,320 MW thermal power project at Khandwa in Madhya Pradesh with a transmission system to serve Maharashtra and other southern states. The deployment of hydrogen compressors is increasing with the surge in new power transmission projects. The growth in electrical infrastructure projects worldwide is driving the use of hydrogen compressors, thus creating huge opportunities for the market players.
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Hydrogen compressor market: End User Overview
The hydrogen compressor market, by end user, is segmented into chemical, oil and gas, automotive and transportation, renewable energy, and other end users. The oil and gas segment held the largest market share in 2020. The oil and gas sector uses technologically advanced devices and solutions to optimize product quality and quantity. The requirement of hydrogen compressors is growing in this sector with surge in demand for cleaner fuels, general decline in crude oil quality, and rise in government regulations for the desulfurization of petroleum products. In oil refineries, hydrogen is required for applications such as removing impurities or contaminants (sulfur) and processing crude oil into refined fuel, which adds to the demand for hydrogen compressors. Additionally, rise in global demand for concentrated fuel oil and strict regulations associated with sulfur content are boosting the demand for hydrogen in the oil refinery industry.
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