North America Hydrogen Compressor Market Forecast to 2030 - Regional Analysis

Description

List of Tables

The North America hydrogen compressor market was valued at US$ 472.74 million in 2022 and is expected to reach US$ 698.09 million by 2030; it is estimated to register a CAGR of 5.0% from 2022 to 2030.

Growing Adoption of Hydrogen Fuels Cell Vehicles Fuel North America Hydrogen Compressor Market

The rise in government investments in the development of hydrogen fuel infrastructure and incentives offered to the buyers are allowing the original equipment manufacturers (OEMs) to expand their revenue stream as well as their geographical presence. There is an increase in demand for low-emission and cost-efficient vehicles owing to associated government initiatives and a growing number of high-performance commercial vehicles across the globe. Numerous government policies have been deployed to reduce emissions by vehicles. For instance, in the US, the state of California dedicated funds for the development of 100 hydrogen refueling stations and is aiming to reach ~1.5 million zero-emission vehicles by 2025, driving the demand for hydrogen fuel cell vehicles. Due to rising concerns regarding the depletion of natural resources and environmental degradation, several technologies have been developed and introduced in the market that favor the eco-friendly concept of sustainability. Similarly, rising awareness related to the effects of air pollution and the surge in greenhouse gas emissions is propelling the demand for hydrogen fuel cell vehicles that offer higher fuel economy than internal combustion engine (ICE) vehicles. This vehicle has a fuel economy of more than 63 miles per gallon, while ICE vehicle has 29 miles per gallon on roads. Hydrogen fuel cell vehicles enhance the fuel economy by approximately 3.2%.

Moreover, the fuel cell vehicles can travel approximately 300 miles without refueling.

For instance, the recently launched Honda Clarity offers a zero-emission vehicle in the US with a range of ~366 miles. Hence, achieving better fuel economy and increased driving range is driving the demand for hydrogen compressors. Globally, the adoption of hydrogen fuel cell vehicles is increasing with government support and funding, which boosted investments in hydrogen fuel stations across the globe. According to the Green Car Congress Organization, in 2022, more than 1,000 hydrogen fuel stations were deployed across the globe, and this is growing rapidly with an increase in government investment in hydrogen fuel projects. China has the largest, nearly one-third of the global deployments of hydrogen fuel stations, followed by the US and Japan according to the International Energy Agency. Thus, the growing adoption of hydrogen fuel cell vehicles drives the North America hydrogen compressor market.

North America Hydrogen Compressor Market Overview

The North America hydrogen compressor is segmented into the US, Canada, and Mexico, which have a significant demand for hydrogen compressors owing to the growth in the oil & gas sector. According to the Energy Information Administration in the US, crude oil production in 2022 reached a 0.6 million per day increase of 5.6% compared to 2021. Hydrogen compressor is used in petroleum refineries to ensure leakage-free compression of the oil and gas. In October 2023, Pemex Mexican oil and gas company announced its plan to invest ~US$ 9.2 billion for the expansion of its petroleum refineries.

In North America, the US has the largest market share in 2022, owing to the rapid growth in the oil & gas sector, and is also expected to witness growth in drilling activities in the coming years. The government's growing investment in oil and gas projects in the region is likely to increase the demand for hydrogen compressors. Various oil & gas projects in North America are expected to boost the North America hydrogen compressor market growth. For instance, the US Department of Energy planned to invest US$ 7 billion in launching the seven clean hydrogen hubs across the nation, and the government planned to accelerate the commercial-scale deployment of clean hydrogen. North America is witnessing significant growth in the renewable energy & power sector owing to growing demand for power transmission projects. Hydrogen compressors are used to compress and store energy efficiently. For instance, in November 2021, the US government passed the Bipartisan Infrastructure Law and invested US$ 9.5 billion in the clean hydrogen project initiatives. This funding will help promote clean hydrogen production over the next five years.

North America Hydrogen Compressor Market Revenue and Forecast to 2030 (US$ Million)

North America Hydrogen Compressor Market Segmentation

The North America hydrogen compressor market is categorized into type, stage, end user, and country.

Based on type, the North America hydrogen compressor market is bifurcated into oil-based and oil-free. The oil-based segment held a larger market share in 2022.

In terms of stage, the North America hydrogen compressor market is bifurcated into single-stage and multi-stage. The multi-stage segment held a larger market share in 2022

By end user, the North America hydrogen compressor market is segmented into chemicals, oil and gas, automotive and transportation, renewable energy, refueling station, and others. The oil and gas segment held the largest market share in 2022.

By country, the North America hydrogen compressor market is segmented into the US, Canada, and Mexico. The US dominated the North America hydrogen compressor market share in 2022.

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. are among the leading companies operating in the North America hydrogen compressor market.

Product Code: TIPRE00023020

1. Introduction

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. North America Hydrogen Compressor Market Landscape

4.1 Overview
4.2 Ecosystem Analysis
- 4.2.1 List of Hydrogen Compressor Suppliers

5. North America Hydrogen Compressor Market - Key Industry Dynamics

5.1 North America Hydrogen Compressor Market - Key Industry Dynamics
5.2 Market Drivers
- 5.2.1 Growing Adoption of Hydrogen Fuel Cell Vehicles
- 5.2.2 Increasing Investments across Oil & Gas Sector
- 5.2.3 Increasing Industrial Production Activities
5.3 Market Restraints
- 5.3.1 High Recurring Cost in Maintenance
5.4 Market Opportunities
- 5.4.1 Rising Investments in Renewable Energy and Hydrogen Generation Projects Worldwide
5.5 Future Trends
- 5.5.1 Development of Electrochemical Hydrogen Compressor (EHC)
5.6 Impact of Drivers and Restraints:

6. Hydrogen Compressor Market - North America Market Analysis

6.1 North America Hydrogen Compressor Market Revenue (US$ Million), 2022 - 2030
6.2 North America Hydrogen Compressor Market Forecast and Analysis

7. North America Hydrogen Compressor Market Analysis - Type

7.1 Oil-based
- 7.1.1 Overview
- 7.1.2 Oil-based Market Revenue and Forecast to 2030 (US$ Million)
7.2 Oil-free
- 7.2.1 Overview
- 7.2.2 Oil-free Market Revenue and Forecast to 2030 (US$ Million)

8. North America Hydrogen Compressor Market Analysis - Stage

8.1 Single Stage
- 8.1.1 Overview
- 8.1.2 Single Stage Market, Revenue and Forecast to 2030 (US$ Million)
8.2 Multi Stage
- 8.2.1 Overview
  - 8.2.1.1 Multi Stage Market, Revenue and Forecast to 2030 (US$ Million)

9. North America Hydrogen Compressor Market Analysis - End user

9.1 Chemicals
- 9.1.1 Overview
- 9.1.2 Chemicals Market Revenue and Forecast to 2030 (US$ Million)
9.2 Oil and Gas
- 9.2.1 Overview
- 9.2.2 Oil and Gas Market Revenue and Forecast to 2030 (US$ Million)
9.3 Automotive and Transportation
- 9.3.1 Overview
- 9.3.2 Automotive and Transportation Market Revenue and Forecast to 2030 (US$ Million)
9.4 Renewable Energy
- 9.4.1 Overview
- 9.4.2 Renewable Energy Market Revenue and Forecast to 2030 (US$ Million)
9.5 Refueling Stations
- 9.5.1 Overview
- 9.5.2 Refueling Station Market Revenue and Forecast to 2030 (US$ Million)
9.6 Others
- 9.6.1 Overview
- 9.6.2 Others Market Revenue and Forecast to 2030 (US$ Million)

10. North America Hydrogen Compressor Market - Country Analysis

10.1 Overview
- 10.1.1 North America Hydrogen Compressor Market Revenue and Forecasts and Analysis - By Country
  - 10.1.1.1 North America Hydrogen Compressor Market Revenue and Forecasts and Analysis - By Country
  - 10.1.1.2 US: North America Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn)
    - 10.1.1.2.1 US: North America Hydrogen Compressor Market Breakdown by Type
    - 10.1.1.2.2 US: North America Hydrogen Compressor Market Breakdown by Stage
    - 10.1.1.2.3 US: North America Hydrogen Compressor Market Breakdown by End user
  - 10.1.1.3 Canada: North America Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn)
    - 10.1.1.3.1 Canada: North America Hydrogen Compressor Market Breakdown by Type
    - 10.1.1.3.2 Canada: North America Hydrogen Compressor Market Breakdown by Stage
    - 10.1.1.3.3 Canada: North America Hydrogen Compressor Market Breakdown by End user
  - 10.1.1.4 Mexico: North America Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn)
    - 10.1.1.4.1 Mexico: North America Hydrogen Compressor Market Breakdown by Type
    - 10.1.1.4.2 Mexico: North America Hydrogen Compressor Market Breakdown by Stage
    - 10.1.1.4.3 Mexico: North America Hydrogen Compressor Market Breakdown by End user

11. Competitive Landscape

11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration

12. Industry Landscape

12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions

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 HAUG Sauer Kompressoren AG
- 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 NEUMAN & ESSER GROUP
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
  - 13.7.4.1 SWOT Analysis
- 13.7.5 Key Developments
13.8 Hydro-Pac, Inc.
- 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 Lenhardt & Wagner GmbH
- 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
13.10 PDC Machines Inc.
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments

14. Appendix

14.1 Word Index