Fuel Cell Air Compressor Market Size, Share, Growth, and Industry Analysis by Type (Centrifugal, Roots, Screw, Scroll & Others), By Application (Passenger Vehicle & Commerce Vehicle) Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2022 To 2030

Updated On: 11 September 2023

Fuel Cell Air Compressor Market Report Overview

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The global fuel cell air compressor market size is USD 225.5 million in 2022 and is expected to reach USD 338.9 million in 2028, exhibiting a CAGR of 7.0% during the forecast period.

Air is injected into the fuel cell stack using a fuel cell air compressor. To allow the reaction to happen at the cathode, the fuel cell removes oxygen from the incoming air. The air compressor is also referred to as an air blower in fuel cell systems. The amount of air available has a big impact on how well a fuel cell system works. This makes the compressor one of the most important parts, especially in high-performance fuel cell systems where the air feed to the fuel cell stack may occasionally be compressed by an electrically powered turbocharger or a supercharger.

It is frequently crucial that the air compressor used in fuel cell systems not introduce any impurities, such as oil, into the air flow, as this could harm the fuel cell air compressor. Commercial, industrial, and residential stationary fuel cells are used for primary and backup power generation. In remote locations like spacecraft, remote weather stations, large parks, communications centers, rural locations like research stations, and in some military applications, fuel cell air compressor are very useful as power sources. It generates electricity in a clean and effective manner using the chemical energy of hydrogen or other fuels. Electricity, water, and heat are the only byproducts if hydrogen is the fuel.

COVID-19 Impact: Industry Imbalance Causes Market Distortion

The global COVID-19 pandemic has been unprecedented and staggering, with fuel cell air compressor market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 outbreak caused unstable markets, a drop in consumer confidence, and problems with import and export commerce for producers of machinery and equipment. Markets were shuttered as a result of the lockdown, and many people stayed inside. Supply chain breaches, stock market inefficiencies, and vendor instability are results of this evolution. The market as a whole was impacted by the shutdown of the machinery and equipment industry. Because there was no longer a market for the product, fuel cell air compressor became obsolete as those markets closed. In order to maintain stability amidst the disruptions, organizations were forced to redesign their entire operational structures as a result of the pandemic. The financial imbalance brought on by the closure of numerous stores and significant sectors was the primary factor that distorted the entire market. In addition, the outbreak has a negative impact on the business operations of the enterprises, which affects the market as a whole. The fuel cell air compressor market has been somewhat impacted by this.

LATEST TRENDS

"Increasing Procurement of Screw to Boost the Market Growth"

Compressor sales are rising on the international market as a result of numerous new rotary screw compressor installations and the replacement of traditional compressors with rotary compressors. Better operational reliability and energy efficiency are provided by screw compressors. The use of these air compressors and their increased integration into manufacturing facilities are an emerging global market worldwide. These compressors' reliable and efficient performance enables manufacturers to increase productivity while lowering operating costs, which benefits both parties. The strict rules and regulations imposed by the governing authorities in various regions are encouraging the facility operators to deploy screw compressors to meet specified performance targets in addition to the efforts made by the companies to meet energy optimization standards. Thus, it is anticipated that the increasing procurement of screw will increase overall market sales. These new developments and varieties in product are mostly to blame for the market's overall growth.

Fuel Cell Air Compressor Market Segmentation

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• By Types 

Based on type, the market is classified into Centrifugal, Roots, Screw, Scroll & Others.

• By Application

Based on the market is categorized into Passenger Vehicle & Commerce Vehicle.

DRIVING FACTORS

"Innovative Manufacturing Infrastructure that Gives the Market Extra Boost  "

Manufacturers all over the world are driven to create manufacturing facilities that are technologically advanced, atomized, and technology-integrated. High-end compressors are being used by the producers, which can produce more for the consumers and have a high energy throughput. High-performance portable fuel cell air compressor will be used in the facilities as portable equipment. The use of compressors for passenger and commercial vehicles in accordance with business operations will also open up new opportunities for market growth. This is then anticipated to support market growth over the course of the forecast period. As a result, the growth, and the new innovative infrastructure will boost the market. It will contribute to the expansion of the machinery and equipment industry and it will improve the overall fuel cell air compressor market growth.

"Requirement of Highly Durable Compressor to Encourage Market Expansion"

The demand for crude oil and renewable resources has grown significantly due to an increase in the use of machinery and equipment across many end-use sectors and significant development in the manufacturing sector. Harnessing the oil with effective machinery and cutting-edge technology is now essential to meeting the world's needs. Thus, it is anticipated that the use of products that can withstand harsh environments will increase demand for these products on the global market. The advancement of the product is helping the market to grow.

RESTRAINING FACTORS

"High Installation Cost to Impede Market Expansion"

The initial purchase and installation costs for fuel cell air compressor were high. Additionally, regular servicing and maintenance are necessary for the proper operation of these compressors. Furthermore, the deployment of knowledgeable and experienced operators is crucial for the system's efficient and trouble-free operation due to the higher complexity of the design, installation, and operations. To prevent issues like condensate formation and rust formations, the user must also maintain minimal daily use of the compressors. The proper management of the complex system and the scheduled maintenance of the compressor machine raise the costs associated with maintaining the processes, somewhat lowering their profitability. But as time goes on, this issue will be resolved in some way. If this problem is fixed, the market will start to grow right away.

Fuel Cell Air Compressor Market Regional Insights

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"North America Dominating the Market Across the Globe"

The market for fuel cell air compressor in North America has benefited from the region's expanding industrial development and a number of driving factors that have boosted the potential sectors because this region is the product's primary user. The passenger vehicle & commerce vehicle sector rising product demand is the primary factor boosting the fuel cell air compressor market share. Trends toward rapid urbanization will support the market as a whole even more.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

•   UQM Technologies (U.S.)
•   Air Squared (U.S.)
•   Garret Motion (Switzerland)
•   Toyota Industries Corporation (Japan)
•   Liebherr (Switzerland)

REPORT COVERAGE

The research goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including current and potential market leaders. A sizable market expansion is anticipated as a result of a number of important factors. The research also examines factors that may increase the fuel cell air compressor market share in order to provide market insights. The report makes forecasts for market expansion over the anticipated time period. The objective of the regional research is to explain why one region dominates the global market. A number of properly taken into account factors prevent the industry from growing. The research also includes a strategic analysis of the market. It includes thorough market information.