North America Hydrogen Compressor Market Forecast to 2028 - COVID-19 Impact and Analysis - by Type (Oil-Based and Oil-Free), Stage (Single-Stage and Multi-Stage), End User (Chemicals, Oil & Gas, Automotive & Transportation, Renewable Energy, and Others), Discharge Pressure Range (Less than 13000 PSIG, 13001 PSIG to 14000 PSIG, and More than 14000 PSIG), Power Range (Less than 1 MW, 1 MW to 5 MW, 5 MW to 10 MW and More than 10 MW), Application (H2 Liquid, H2 Pipeline, H2 for Industry/Ammonia, H2 Storage, H2 Trailer/Cylinder Filling, H2 Large Fuel Station, and H2 Small Fuel Station), and Compressor Type (Reciprocating and Diaphragm Compressors and Piston Ring Compressors)
The hydrogen compressor market was valued at US$ 448.7 million in 2021 and is projected to reach US$ 643.6 million by 2028; it is expected to grow at a CAGR of 5.3% from 2021 to 2028.
Rising government investments in the development of hydrogen fuel infrastructure and increasing incentives offered to the buyers are allowing the original equipment manufacturers (OEMs) to expand their revenue stream and geographical presence. The increasing demand for low-emission and cost-efficient vehicles, owing to the government initiatives the demand is growing for high-performance commercial vehicles across North America. When burnt in a fuel cell, hydrogen is a clean fuel that creates water. Natural gas, nuclear power, biomass, and renewable energy sources such as solar and wind energy can be used to produce hydrogen. Therefore, hydrogen is emerging as a suitable transportation and power generation fuel. Till the end of October 2021, there were ~ 166 operational fuel cell electric power generators at 113 locations in the US, with a total capacity of ~ 260 megawatts (MW). As a result, hydrogen is being viewed as a fuel of the future, with its applications in various industries such as oil & gas, automotive, chemical, and renewable energy. These trends would provide a bright future for hydrogen compressor manufacturers, thereby propelling the hydrogen compressor market growth.
The North America hydrogen compressor market is predicted to grow due to factors such as increased hydrogen consumption by end-user industries and the construction of hydrogen pipeline infrastructure. Furthermore, there has been a major increase in the need for oil-based compressors in recent years. This is because oil-based compressors are more efficient than oil-free compressors as oil acts as a cooling medium, removing around 80% of the heat created by the compressor during compression. Hence, the increase in demand for oil-based compressors is likely to have a significant impact on hydrogen compressor market growth over the forecast period.
Several companies are developing and introducing new hydrogen compressor products. In addition, a number of significant competitors in the hydrogen compressor market are in the process of establishing agreements to create new hydrogen compressors based on cutting-edge technologies. For example, Burckhardt Compression announced an agreement with Switzerland-based GRZ Technologies in February 2021. The goal of this agreement is the development of novel hydrogen compression technologies. The technique will utilize thermal active metal hydrides and will be used in a variety of hydrogen fuel stations, energy storage systems, and other applications. Such technological breakthroughs are expected to provide enormous potential for the hydrogen compressor market in the coming years.
The overall North America hydrogen compressor market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the hydrogen compressor market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the hydrogen compressor market.Reasons to buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America Hydrogen Compressor Market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the North America Hydrogen Compressor market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth North America market trends and outlook coupled with the factors driving Hydrogen Compressor market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
List of key Players
Burckhardt Compression AG
HAUG Sauer Kompressoren AG
Lenhardt & Wagner
NEUMAN & ESSER GROUP
PDC MACHINES INC.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook