North America Hydrogen Compressor Market Forecast to 2028

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)

Report Code : TIPRE00023020 | Region : North America | Industry : Energy and Power | Published Date : 25/Mar/2022

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.

The scope of our recent study on the "North America Hydrogen Compressor Market Forecast to 2028 – COVID-19 Impact and Analysis" includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments, along with the market share analysis of the hydrogen compressor market.

The North America hydrogen compressor market is projected to reach US$ 643.6 million by 2028 from US$ 448.7 million in 2021; it is expected to register a CAGR of 5.3% from 2020 to 2028. Major countries in North America, such as the US, Canada, and Mexico, have a huge oil & gas industry. The growing investments in the oil & gas sector boost the growth of North America hydrogen compressor market. As of January 2019, the US had 130 operational petroleum refineries, while Canada had 18 complete refineries. In addition, enterprises in the region are striving to increase the production of green energy fuels. For instance, Pemex, Mexico's national oil business operating six petroleum refineries, revealed its plans to build a massive oil refinery in May 2019. Furthermore, the company aided natural gas production in the US by increasing its export business of LNG capacity and expanding its power to influence new segments in North America hydrogen compressor market. As a result, the growing oil & gas industry necessitates efficient energy storage in times of need in multiple regions. Furthermore, North America, notably the US, has historically been the most significant market for oil & gas. Also, drilling activity is expected to increase in the coming years across the region. The increasing government investments in oil and gas projects in the region propel the demand for hydrogen compressors integrated with energy storage systems in the North America hydrogen compressor market. Several active oil and gas projects in North America also boost the growth of the North America hydrogen compressor market in the region. The Government of Canada has been working with commercial sector players, Indigenous organizations, non-government organizations, and governments at all levels for the past three years to develop Hydrogen Strategy for Canada, led by Natural Resources Canada. The Hydrogen Strategy for Canada lays out a bold plan of action that will solidify hydrogen as a tool for achieving the goal of net-zero emissions by 2050 and establishing Canada as a global leader in clean, renewable fuels.

Impact of COVID-19 Pandemic on North America hydrogen compressor market

The Covid-19 pandemic is wreaking havoc on energy networks across North America, stifling investment and slowing the spread of crucial clean energy technology. Prior to the crisis, clean energy technology progress had been promising but uneven. According to the International Energy Agency's (IEA) annual Tracking Clean Energy Progress report, only 6 out of 46 technologies and sectors were "on pace" to reach long-term sustainability goals in 2019. Also, numerous projects using Carbon Capture, Utilization, and Storage CCUS to manufacture hydrogen from fossil fuels are in the works or have initiated plans for their operations in the early 2020s and to be completed by 2025. The global economic slump, supply chain interruptions, and lower capital spending by firms, which may also prioritize other business sectors, may jeopardize these projects and potential future advancements. These obstacles could stymie the demonstration of critical end-use technologies required for hydrogen's inclusion into the economy.

1.1.1 North America Hydrogen Compressor Market Breakdown – by Region, 2020

The report segments the North America hydrogen compressor market as follows:

Based on type, the market is segmented into oil-based and oil-free. Based on stage, the market is segmented into single-stage and multi-stage. Based on end user, the market is segmented into chemical, oil & gas, automotive & transportation, renewable industries, and others. Based on country, the market is segmented into the US, Canada, and Mexico.

TABLE OF CONTENTS

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

1.3.1 North America Hydrogen Compressor Market – By Type

1.3.2 North America Hydrogen Compressor Market – By Stage

1.3.3 North America Hydrogen Compressor Market – By End-User

1.3.4 North America Hydrogen Compressor Market – By Country

2. Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. North America Hydrogen Compressor Market Landscape

4.1 Market Overview

4.2 North America PEST Analysis

4.3 Ecosystem Analysis

4.4 Expert Opinions

5. North America Hydrogen Compressor Market – Key Industry Dynamics

5.1 Key Market Drivers

5.1.1 Rising Adoption of Hydrogen Fuel Cell Vehicles

5.1.2 Flourishing Oil and gas Sector

5.2 Key Market Restraints

5.2.1 Elevated Recurring Cost in Maintenance

5.3 Key Market Opportunities

5.3.1 Growing Investments in New Energy & Power Projects Worldwide

5.4 Future Trends

5.4.1 Advancements of Electrochemical Hydrogen Compressor (EHC)

5.5 Impact Analysis of Drivers and Restraints

6. Hydrogen Compressor Market – North America Market Analysis

6.1 North America Hydrogen Compressor Market Overview

6.2 North America Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

7. Hydrogen Compressor Market Analysis – By Type

7.1 Overview

7.2 North America Hydrogen Compressor Market Breakdown, By Type (2020 and 2028)

7.3 Oil-Based

7.3.1 Overview

7.3.2 Oil-Based: North America Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

7.4 Oil-Free

7.4.1 Overview

7.4.2 Oil-Free: North America Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

8. North America Hydrogen Compressor Market Analysis– By Stage

8.1 Overview

8.2 North America Hydrogen Compressor Market Breakdown, By Stage (2020 and 2028)

8.3 Single-Stage

8.3.1 Overview

8.3.2 Single-Stage: North America Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

8.4 Multi-Stage

8.4.1 Overview

8.4.2 Multi-Stage: North America Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

9. North America Hydrogen Compressor Market Analysis – By End-user

9.1 Overview

9.2 North America Hydrogen Compressor Market, By End-user (2020 and 2028)

9.3 Chemicals

9.3.1 Overview

9.3.2 Chemicals: North America Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

9.4 Oil and Gas

9.4.1 Overview

9.4.2 Oil and Gas: North America Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

9.5 Automotive and Transportation

9.5.1 Overview

9.5.2 Automotive and Transportation: North America Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

9.6 Renewable Energy

9.6.1 Overview

9.6.2 Renewable Energy: North America Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

9.7 Other End-users

9.7.1 Overview

9.7.2 Other End-users: North America Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

10. North America Hydrogen Compressor Market – Country Analysis

10.1 Overview

10.1.1 North America: Hydrogen Compressor Market, by Key Country

10.1.1.1 US: Hydrogen Compressor Market – Revenue and Forecast to 2028 (US$ Million)

10.1.1.1.1 US: Hydrogen Compressor Market, by Type

10.1.1.1.2 US: Hydrogen Compressor Market, by Stage

10.1.1.1.3 US: Hydrogen Compressor Market, by End-Users

10.1.1.2 Canada: Hydrogen Compressor Market – Revenue and Forecast to 2028 (US$ Million)

10.1.1.2.1 Canada: Hydrogen Compressor Market, by Type

10.1.1.2.2 Canada: Hydrogen Compressor Market, by Stage

10.1.1.2.3 Canada: Hydrogen Compressor Market, by End-Users

10.1.1.3 Mexico: Hydrogen Compressor Market – Revenue and Forecast to 2028 (US$ Million)

10.1.1.3.1 Mexico: Hydrogen Compressor Market, by Type

10.1.1.3.2 Mexico: Hydrogen Compressor Market, by Stage

10.1.1.3.3 Mexico: Hydrogen Compressor Market, by End-Users

11. North America Hydrogen Compressor Market- COVID-19 Impact Analysis

11.1 Overview

12. Industry Landscape

12.1 Overview

12.2 Market Initiative

12.3 New Product Development

13. Company Profiles

13.1 Atlas Copco AB

13.1.1 Key Facts

13.1.2 Business Description

13.1.3 Products and Services

13.1.4 Financial Overview

13.1.5 SWOT Analysis

13.1.6 Key Developments

13.2 Burckhardt Compression AG

13.2.1 Key Facts

13.2.2 Business Description

13.2.3 Products and Services

13.2.4 Financial Overview

13.2.5 SWOT Analysis

13.2.6 Key Developments

13.3 Fluitron, Inc.

13.3.1 Key Facts

13.3.2 Business Description

13.3.3 Products and Services

13.3.4 Financial Overview

13.3.5 SWOT Analysis

13.3.6 Key Developments

13.4 Gardner Denver Nash, LLC

13.4.1 Key Facts

13.4.2 Business Description

13.4.3 Products and Services

13.4.4 Financial Overview

13.4.5 SWOT Analysis

13.4.6 Key Developments

13.5 Howden Group

13.5.1 Key Facts

13.5.2 Business Description

13.5.3 Products and Services

13.5.4 Financial Overview

13.5.5 SWOT Analysis

13.5.6 Key Developments

13.6 NEUMAN & ESSER GROUP

13.6.1 Key Facts

13.6.2 Business Description

13.6.3 Products and Services

13.6.4 Financial Overview

13.6.5 SWOT Analysis

13.6.6 Key Developments

13.7 Hydro-Pac, Inc.

13.7.1 Key Facts

13.7.2 Business Description

13.7.3 Products and Services

13.7.4 Financial Overview

13.7.5 SWOT Analysis

13.7.6 Key Developments

13.8 Lenhardt & Wagner GmbH

13.8.1 Key Facts

13.8.2 Business Description

13.8.3 Products and Services

13.8.4 Financial Overview

13.8.5 SWOT Analysis

13.8.6 Key Developments

13.9 PDC Machines Inc.

13.9.1 Key Facts

13.9.2 Business Description

13.9.3 Products and Services

13.9.4 Financial Overview

13.9.5 SWOT Analysis

13.9.6 Key Developments

14. Appendix

14.1 About The Insight Partners

14.2 Word Index

LIST OF TABLES.

Table 1. North America Hydrogen Compressor Market – Revenue and Forecast to 2028 (US$ Million)

Table 2. North America Hydrogen Compressor Market, by Country – Revenue and Forecast to 2028 (US$ Million)

Table 3. US: Hydrogen Compressor Market, by Type –Revenue and Forecast to 2028 (US$ Million)

Table 4. US: Hydrogen Compressor Market, by Stage –Revenue and Forecast to 2028 (US$ Million)

Table 5. US: Hydrogen Compressor Market, by End-Users –Revenue and Forecast to 2028 (US$ Million)

Table 6. Canada: Hydrogen Compressor Market, by Type – Revenue and Forecast to 2028 (US$ Million)

Table 7. Canada: Hydrogen Compressor Market, by Stage – Revenue and Forecast to 2028 (US$ Million)

Table 8. Canada: Hydrogen Compressor Market, by End-Users –Revenue and Forecast to 2028 (Canada$ Million)

Table 9. Mexico: Hydrogen Compressor Market, by Type – Revenue and Forecast to 2028 (US$ Million)

Table 10. Mexico: Hydrogen Compressor Market, by Stage – Revenue and Forecast to 2028 (US$ Million)

Table 11. Mexico: Hydrogen Compressor Market, by End-Users –Revenue and Forecast to 2028 (Mexico$ Million)

Table 12. List of Abbreviation

LIST OF FIGURES.

Figure 1. North America Hydrogen Compressor Market Segmentation

Figure 2. North America Hydrogen Compressor Market Segmentation – By Country

Figure 3. North America Hydrogen Compressor Market Overview

Figure 4. Oil-Based Segment held the Largest Share of North America Hydrogen Compressor Market

Figure 5. Multi-Stage Segment held the Largest Share of North America Hydrogen Compressor Market

Figure 6. Oil and Gas segment held the Largest Share of North America Hydrogen Compressor Market

Figure 7. US to Show Great Traction During Forecast Period in North America Hydrogen Compressor Market

Figure 8. North America – PEST Analysis

Figure 9. Hydrogen Compressor Market Ecosystem

Figure 10. Expert Opinions

Figure 11. North America Hydrogen Compressor Market Impact Analysis of Drivers and Restraints

Figure 12. North America Hydrogen Compressor Market - Revenue and Forecast to 2028 (US$ Million)

Figure 13. North America Hydrogen Compressor Market Breakdown, By Type (2020 and 2028)

Figure 14. North America Oil-Based: Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

Figure 15. North America -Free: Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

Figure 16. North America Hydrogen Compressor Market Breakdown, By Stage (2020 and 2028)

Figure 17. North America Single-Stage: Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

Figure 18. North America Multi-Stage: Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

Figure 19. North America Hydrogen Compressor Market Breakdown, By End-user (2020 and 2028)

Figure 20. North America Chemicals : Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

Figure 21. North America Oil and Gas : Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

Figure 22. North America Automotive and Transportation : Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

Figure 23. North America Renewable Energy : Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

Figure 24. North America Other end-users : Hydrogen Compressor Market- Revenue and Forecast to 2028 (US$ Million)

Figure 25. North America: Hydrogen Compressor Market, by Key Country- Revenue 2020 (US$ Million)

Figure 26. North America: Hydrogen Compressor Market Revenue Share, by Key Country (2020 & 2028)

Figure 27. US: Hydrogen Compressor Market – Revenue and Forecast to 2028 (US$ Million)

Figure 28. Canada: Hydrogen Compressor Market – Revenue and Forecast to 2028 (US$ Million)

Figure 29. Mexico: Hydrogen Compressor Market – Revenue and Forecast to 2028 (US$ Million)

Figure 30. Impact of COVID-19 Pandemic in North American Country Markets

List of key Players

• Atlas Copco

• Burckhardt Compression AG

• Fluitron, Inc.

• Gardner Denver

• HAUG Sauer Kompressoren AG

• Howden Group

• HYDRO-PAC, INC.

• Lenhardt & Wagner

• NEUMAN & ESSER GROUP

• PDC MACHINES INC.

• 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

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