The market for hydrogen compressor is expected to grow at a CAGR of more than 5. 35% during the forecast period of 2020 – 2025. Major factors driving the market include growing demand from end-user industries and the increasing development of hydrogen pipeline infrastructure.
New York, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hydrogen Compressor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06020208/?utm_source=GNW
Currently, the key challenges in hydrogen compressor technology include - volatility of the raw material prices (stainless steel), initial capital costs, and more frequent maintenance intervals from the on/off cycling of the compressors, due to low station demand.
- Oil & Gas Industry is expected to witness significant growth during the forecast period driven by the demand for cleaner fuels, government regulations for the desulfurization of petroleum products, and the general decline in crude oil quality.
- Hydrogen fuel cell vehicles are one of the latest innovations in the automotive industry, and are projected to create considerable opportunities for the growth of the global hydrogen compressor market.
- Asia-Pacific dominated the market across the globe in 2018 with the majority of the demand coming from countries such as China, India, and Japan.
Key Market Trends
Increasing Demand for Hydrogen from the Transportation Sector
- Hydrogen fuel cell vehicles are one of the latest innovations in the automotive industry, and are projected to create considerable opportunities for the growth of the market studied. Hydrogen compressor manufacturers, such as Howden Joinery Group PLC and Hitachi Ltd, have already started developing technologies, to cater this emerging market.
- Moreover, Hydrogen refueling station (HRS) is one of the rapidly growing applications of hydrogen compressors, during the recent years. By the end of 2018, Germany has become the second highest country, with nearly 60 operational hydrogen refueling stations, and has planned for another 38 stations.
- Of the 366 stations, worldwide, 152 stations are currently operational in Europe, 136 in Asia-Pacific, and 78 in North America. Out of 366, 273 stations are accessible to the public and can be used like normal refueling stations. The number of stations is expected to reach 1,306 by 2022 and 4,808 by 2032.
- The number of hydrogen refueling stations open to the public or fleets worldwide, is also increasing. The number of planned HRS over the short term and till 2030, is also rising. Therefore, the rapid growth in HRS is expected to drive the demand for hydrogen compressors, during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to be the promising market for fuel cells in the coming years, on account of the favorable government policies in countries, such as China, Japan and India.
- The Japanese Government invested USD 460 million and made significant contributions for setting up of hydrogen stations, in 2015. Japan has been striving to develop hydrogen economy, as a part of its energy and industrial policy, with an intent to prevent environmental pollutions.
- The market for hydrogen compressor in Japan is expected to witness a major demand for petrochemicals and the hydrogen fuel cell vehicle industry.
- India is likely to witness hydrogen as an economically viable energy resource. In January 2017, Tata Motors launched India’s first hydrogen fuel cell bus at its Pune facility. Such developments in the automotive industry, in the long run, are expected to create new opportunities for the hydrogen compressor market.
- Therefore, factors such as supportive government policies and efforts to incorporate hydrogen in transportation and other applications are expected to drive the hydrogen compressor market in the region during the forecast period.
The hydrogen compressor market is fragmented. Some of the major companies include Corken Inc, Ariel Corporation, Burckhardt Compression AG, Hydro-Pac Inc., and Howden Group Ltd.
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