Asia Pacific Hydrogen Compressor Market Forecast to 2030
Asia Pacific Hydrogen Compressor Market Forecast to 2030 – Regional Analysis – by Type (Oil-based and Oil-free), Stage (Single-stage and Multi-stage), and End user (Chemicals, Oil and Gas, Automotive and Transportation, Renewable Energy, Refueling Stations, and Others)
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Description
Rising Investments in Renewable Energy and Hydrogen Generation Projects Worldwide Fuel Asia Pacific Hydrogen Compressor Market
With rising urbanization and rapid industrial growth, energy consumption across the globe has proliferated. Thus, to meet this huge demand for power, there is a rapid increase in the launch of hydrogen-generated power projects. According to the Ember Climate Organization, total global energy demand reached ~13,393 TWh in the first quarter of 2022, an increase from 13,004 TWh compared to 2021. Such an increase in demand for energy and power, owing to rising residential and industrial manufacturing requirements, is driving the demand for hydrogen compressors. Renewable energy plays a significant role in making electricity. Per the International Energy Agency (IEA), the global demand for electricity is anticipated to increase by 2.1% annually by 2040. Further, the growth in electricity demand is higher in Asia Pacific countries such as China, Japan, and India. In APAC, India is the third largest producer of electricity, generating higher capacity with favorable government support and the initiation of numerous power generation projects. For instance, the Khargone Transmission Project was initiated to connect NTPC’s 1,320 MW thermal power project at Khandwa in Madhya Pradesh with a transmission system to serve Maharashtra and southern states. Along with the new power transmission projects, the deployment of hydrogen compressors is also increasing. Therefore, development in the renewable energy & power sector is surging the demand for power generation projects worldwide, thereby boosting the demand for hydrogen compressors.
There is a rise in investments in the renewable energy sector due to increased government initiatives and funding, which promotes the adoption of hydrogen compressors. Per the IEA, global investments in the renewable energy sector reached US$ 358.0 billion in the first six months of 2023, an increase of 22% rise compared to the start of last year and an all-time high for any six months. Renewable energy companies compared to last year, 2022. The venture capital firms and private equity companies are expanding their operations in the renewable energy sector, reaching US$ 10.4 billion in the first quarter of 2023. China accounted for the largest market share in the first quarter of 2023, with investment reaching US$ 177 billion, increased by 16% compared to the first quarter of 2022. Also, the US secured an investment of ~US$ 36 billion, followed by Germany, with an investment of US$ 11.9 billion for the expansion of the renewable energy sector. Further, many hydrogen production projects are being launched due to government support and funding. According to the International Energy Agency Organization and McKinsey Report, globally, more than 680 large-scale investment projects announced with investments of US$ 240 billion by 2022. The report estimates that investment is expected to reach US$ 700 billion by 2030 to achieve the net-zero target. Also, investment in building hydrogen fuel stations across the globe is rising, owing to a surge in investments in fuel cell technology by private equity firms and venture capital.
Thus, rising investments in renewable energy and hydrogen generation projects owing to government support and funding are anticipated to create ample opportunity for the market growth in the coming years.
Asia Pacific Hydrogen Compressor Market Overview
The APAC hydrogen compressor market is further segmented into Australia, India, China, Japan, South Korea, and the Rest of APAC. The rapid industrialization of several sectors, including food & beverages, automotive, chemical, and oil & gas, owing to rising government support, is driving the hydrogen compressors market growth. The growth in these industries led to the adoption of innovative devices, including hydrogen compressors and centrifugal compressors, among others.
The growth in the oil and gas sector can boost the upstream and downstream activities. The rise in of oil and gas exploration activities boosts the demand to integrate hydrogen compressors in both downstream and upstream oil and natural gas industries, as well as operate under harsh environmental conditions. In APAC’s oil and gas production, India, China, and Indonesia have the largest contribution. Also, gas production is highest among Australia, China, Indonesia, and Malaysia. In 2023, governments of Southeast Asian countries invested US$ 16 billion in oil and gas greenfield projects. Further, APAC’s demand for hydrogen compressors is largest in 2022 owing to rapid investments in the energy & power sector with several government projects in the region. The region is expected to dominate owing to ample investment by the government in the renewable energy sector. Renewable energy investment in Asia Pacific is expected to reach US$ 1.3 trillion by 2030. The fossil fuel expenditures were recorded to be US$ 54 billion annually in Asia Pacific. Further, India and China are the leading contributors to the hydrogen compressors market growth. The installation of large-scale solar power projects across India is likely to promote the adoption of hydrogen compressors. Besides, due to rising power demand in other developing countries of APAC, coupled with the growing investment in R&D activities, it is expected to boost the growth of the Asia Pacific hydrogen compressor market. Additionally, the APAC hydrogen compressor market is led by China and Japan and further anticipates significant growth with growing fuel cell stack shipments for the transport industry.
Asia Pacific Hydrogen Compressor Market Revenue and Forecast to 2030 (US$ Million)
Asia Pacific Hydrogen Compressor Market Segmentation
The Asia Pacific hydrogen compressor market is categorized into type, stage, end user, and country.
Based on type, the Asia Pacific 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 Asia Pacific hydrogen compressor market is categorized into single-stage and multi-stage. The multi-stage segment held a larger market share in 2022.
By end-user, the Asia Pacific 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 Asia Pacific hydrogen compressor market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific 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 Asia Pacific hydrogen compressor market.
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According to the Research Team’ research, the Asia Pacific hydrogen compressor market was valued at US$ 612.39 million in 2022 and is expected to reach US$ 975.49 million by 2030, registering a CAGR of 6.0% from 2022 to 2030. Increasing investments across oil & gas sector and rising investments in renewable energy & hydrogen generation projects worldwide are among the critical factors attributed to drive the Asia Pacific hearing market growth.
The industry’s growth is driven by increasing oil and gas exploration activities in these countries. There is a rising adoption of advanced technologies for drilling and completing operations to optimize oil and gas production. Governments of various countries are investing in the mining, refineries, and oil & gas sectors. According to the Indian Brand Equity Foundation Organization, the Indian government planned to invest US$ 2.86 billion in oil and gas exploration activities to increase domestic natural gas production in 2022. With rising favorable government support, numerous investments in oil and gas projects have been made. For instance, in August 2020, despite the impact of the COVID-19 pandemic, the Ministry of Petroleum and Natural Gas has resumed 8,363 oil and gas projects worth US$ 79.56 trillion in India, which, in turn, promotes the integration of hydrogen compressors for the oil and gas flow control. There is a rise in investments in the oil & gas, coal extraction, and low-carbon fuel industries. Per the International Energy Agency (IEA), the net income of the world’s leading oil and gas producers doubled in 2022, reaching US$ 4.0 trillion. In 2022, the key oil and gas companies invested US$ 200 billion in the capital investment responsible for boosting oil and gas capacity across the globe. The hydrogen compressor market is majorly related to the oil & gas industry, as hydrogen is majorly used in the oil refining process for petroleum products. The increase in investments in the oil & gas industry has created massive demand for hydrogen compressors as they are widely used for transportation and compression of hydrogen gas in the oil and gas refining process. Thus, growing investments in the development of the oil & gas sector are driving the hydrogen compressor market growth.
On the contrary, the high recurring cost in maintenance hampers the growth of Asia Pacific hydrogen compressor market.
Based on type, the Asia Pacific hydrogen compressor market is bifurcated into oil-based and oil-free. The oil-based segment held 65.4% market share in 2022, amassing US$ 399.57 million. It is projected to garner US$ 620.46 million by 2030 to register 5.7% CAGR during 2022–2030.
In terms of stage, the Asia Pacific hydrogen compressor market is bifurcated into single-stage and multi-stage. The multi-stage segment held 62.7% share of Asia Pacific hydrogen compressor market in 2022, amassing US$ 378.04 million. It is anticipated to garner US$ 615.74 million by 2030 to expand at 6.3% CAGR during 2022–2030.
By end user, the Asia Pacific 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 32.4% share of Asia Pacific hydrogen compressor market in 2022, amassing US$ 198.70 million. It is projected to garner US$ 294.96 million by 2030 to expand at 5.1% CAGR from 2022 to 2030.
By country, the Asia Pacific hydrogen compressor market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 38.7% share of Asia Pacific hydrogen compressor market in 2022. It was assessed at US$ 237.29 million in 2022 and is likely to hit US$ 387.84 million by 2030, registering a CAGR of 6.3% during 2022–2030.
Key players operating in the Asia Pacific hydrogen compressor market are 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., among others.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific hydrogen compressor market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the Asia Pacific hydrogen compressor market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
TABLE OF CONTENTS
1. Introduction
1.1 the Research Team 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. Asia Pacific Hydrogen Compressor Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Hydrogen Compressor Suppliers
5. Asia Pacific Hydrogen Compressor Market – Key Industry Dynamics
5.1 Asia Pacific 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 – Asia Pacific Market Analysis
6.1 Asia Pacific Hydrogen Compressor Market Revenue (US$ Million), 2022 – 2030
6.2 Asia Pacific Hydrogen Compressor Market Forecast and Analysis
7. Asia Pacific 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. Asia Pacific 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)
8.1.3 Multi Stage
8.1.3.1 Overview
8.1.3.2 Multi Stage Market, Revenue and Forecast to 2030 (US$ Million)
9. Asia Pacific 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. Asia Pacific Hydrogen Compressor Market – Country Analysis
10.1 Overview
10.1.1 Asia Pacific Hydrogen Compressor Market Revenue and Forecasts and Analysis – By Country
10.1.1.1 Asia Pacific Hydrogen Compressor Market Revenue and Forecasts and Analysis – By Country
10.1.1.2 Australia Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.2.1 Australia Hydrogen Compressor Market Breakdown by Type
10.1.1.2.2 Australia Hydrogen Compressor Market Breakdown by Stage
10.1.1.2.3 Australia Hydrogen Compressor Market Breakdown by End user
10.1.1.3 China Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.3.1 China Hydrogen Compressor Market Breakdown by Type
10.1.1.3.2 China Hydrogen Compressor Market Breakdown by Stage
10.1.1.3.3 China Hydrogen Compressor Market Breakdown by End user
10.1.1.4 India Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.4.1 India Hydrogen Compressor Market Breakdown by Type
10.1.1.4.2 India Hydrogen Compressor Market Breakdown by Stage
10.1.1.4.3 India Hydrogen Compressor Market Breakdown by End user
10.1.1.5 Japan Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.5.1 Japan Hydrogen Compressor Market Breakdown by Type
10.1.1.5.2 Japan Hydrogen Compressor Market Breakdown by Stage
10.1.1.5.3 Japan Hydrogen Compressor Market Breakdown by End user
10.1.1.6 South Korea Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.6.1 South Korea Hydrogen Compressor Market Breakdown by Type
10.1.1.6.2 South Korea Hydrogen Compressor Market Breakdown by Stage
10.1.1.6.3 South Korea Hydrogen Compressor Market Breakdown by End user
10.1.1.7 Rest of Asia Pacific Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.7.1 Rest of Asia Pacific Hydrogen Compressor Market Breakdown by Type
10.1.1.7.2 Rest of Asia Pacific Hydrogen Compressor Market Breakdown by Stage
10.1.1.7.3 Rest of Asia Pacific 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
13.7.5 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
LIST OF TABLES
Table 1.            Asia Pacific Hydrogen Compressor Market Segmentation
Table 2.            List of Vendors in the Value Chain
Table 3.            Asia Pacific Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Million)
Table 4.            Asia Pacific Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Million) – Type
Table 5.            Asia Pacific Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Million) – Stage
Table 6.            Asia Pacific Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Million) – End user
Table 7.            Asia Pacific Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By Country
Table 8.            Australia Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 9.            Australia Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By Stage
Table 10.         Australia Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By End user
Table 11.         China Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 12.         China Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By Stage
Table 13.         China Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By End user
Table 14.         India Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 15.         India Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By Stage
Table 16.         India Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By End user
Table 17.         Japan Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 18.         Japan Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By Stage
Table 19.         Japan Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By End user
Table 20.         South Korea Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 21.         South Korea Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By Stage
Table 22.         South Korea Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By End user
Table 23.         Rest of Asia Pacific Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 24.         Rest of Asia Pacific Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By Stage
Table 25.         Rest of Asia Pacific Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn) – By End user
Table 26.         Heat Map Analysis by Key Players
Table 27.         List of Abbreviation
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LIST OF FIGURES
Figure 1.          Asia Pacific Hydrogen Compressor Market Segmentation, By Country
Figure 2.          Ecosystem: Asia Pacific Hydrogen Compressor Market
Figure 3.          Impact Analysis of Drivers and Restraints
Figure 4.          Asia Pacific Hydrogen Compressor Market Revenue (US$ Million), 2022 – 2030
Figure 5.          Asia Pacific Hydrogen Compressor Market Share (%) – Type, 2022 and 2030
Figure 6.          Oil-based Market Revenue and Forecasts to 2030 (US$ Million)
Figure 7.          Oil-free Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8.          Asia Pacific Hydrogen Compressor Market Share (%) – Stage, 2022 and 2030
Figure 9.          Single Stage Market Revenue and Forecasts to 2030 (US$ Million)
Figure 10.       Multi Stage Market Revenue and Forecasts to 2030 (US$ Million)
Figure 11.       Asia Pacific Hydrogen Compressor Market Share (%) – End user, 2022 and 2030
Figure 12.       Chemicals Market Revenue and Forecasts to 2030 (US$ Million)
Figure 13.       Oil and Gas Market Revenue and Forecasts to 2030 (US$ Million)
Figure 14.       Automotive and Transportation Market Revenue and Forecasts to 2030 (US$ Million)
Figure 15.       Renewable Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 16.       Refueling Station Market Revenue and Forecasts to 2030 (US$ Million)
Figure 17.       Automotive and Transportation Market Revenue and Forecasts to 2030 (US$ Million)
Figure 18.       Asia Pacific Hydrogen Compressor Market Breakdown by Key Countries – Revenue (2022) (US$ Million)
Figure 19.       Asia Pacific Hydrogen Compressor Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 20.       Australia Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 21.       China Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 22.       India Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 23.       Japan Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 24.       South Korea Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 25.       Rest of Asia Pacific Hydrogen Compressor Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 26.       Company Positioning & Concentration
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The List of Companies – Asia Pacific Hydrogen Compressor Market
o Atlas Copco ABÂ
o Burckhardt Compression AGÂ
o Fluitron, Inc.Â
o Gardner Denver Nash, LLC
o Howden Group
o HAUG Sauer Kompressoren AG
o NEUMAN & ESSER GROUP
o Hydro-Pac, Inc.
o Lenhardt & Wagner GmbHÂ
o PDC Machines Inc.
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