Market research, 18 April 2024
The rising global demand for distillate fuel oil and strict regulations pertaining to sulfur content has increased the use of hydrogen in the refining industry. Hydrogen is used in refineries for various applications such as processing crude oil and in removing contaminants such as sulfur from refined oils. The REFHYNE project, one of the flagship projects that promote the use of clean hydrogen in refineries began last year and will run until the end of 2022. The project includes the installation of the world’s largest hydrogen electrolyzer at the Rhineland refinery in Germany. The electrolysis plant installed under this project will produce about 1,300 tons of hydrogen every year. A majority of the carbon-free hydrogen produced under this project will be integrated into the processes of refinery, including the desulfurization of fuels. The hydrogen produced will also be used for many applications such as power generation, transport, heating, and industrial processes. The rising demand for hydrogen from the refining industry will have a positive impact on the demand for hydrogen compressors.
The rising application of hydrogen compressors will also influence market growth during the forecast period. Hydrogen fuel cells are gaining popularity as they offer greater advantages compared to other technologies such as renewable-based hybrid systems, energy storage systems, and diesel generators. Hydrogen fuel cells provide continuous electricity and are not affected by changing weather conditions. Moreover, they are quieter, compact, require less maintenance, and have a higher energy density. These features are increasing their popularity, which will have a strong impact on the demand for hydrogen compressors. The hydrogen compressor market forecast predicts that as a result of these factors, the market will register a CAGR of nearly 5% during 2019-2023.
The global market is highly fragmented. To help clients improve their market positions, this report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies. This report also includes information on the upcoming hydrogen compressor market trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
The report offers a detailed analysis of several leading hydrogen compressor manufacturers, including:
The oil-based hydrogen compressor segment held the largest market share in 2018. Factors such as low maintenance and effective lubrication of compressor parts make oil-based hydrogen compressors effective in oil refineries and chemical applications. Also, the availability of single-stage and multi-stage compressor types have increased the growth of the segment among many end-users. The hydrogen compressor market analysis predicts that this segment will account for the highest market share over the forecast period as well. This report provides an accurate prediction of the contribution of all the segments to the growth of the hydrogen compressor market size.
With a complete study of the growth opportunities for companies, it has been identified that APAC will account for the highest hydrogen compressor market share throughout the forecast period. China is making significant efforts to adopt hydrogen-based technologies to reduce carbon emissions. The country has planned to install 1,000 hydrogen refueling stations to serve 1 million FCEVs by 2030. Many such roadmap plans are expected to boost the hydrogen compressor market growth in APAC.
