Hydrogen Circulation Pump Size, Share, Growth, And Industry Analysis By Type (Roots, Claw, Scroll) By Application (Passenger Car and Commercial Vehicle), Regional Forecast To 2031

Updated On: 20 November 2023

HYDROGEN CIRCULATION PUMP MARKET REPORT OVERVIEW 

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The global hydrogen circulation pump market size was USD 62 million in 2022 and is projected to touch USD 2935.3 million by 2031, exhibiting a CAGR of 53.6% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with hydrogen circulation pump experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

The hydrogen circulation pump is a cutting-edge method of moving hydrogen that also performs compression and purification within the recirculation system. The effective circulation of both the created water and any hydrogen that did not react during power generation requires the use of the hydrogen circulation pump. The newly created hydrogen circulation pump's corrosion resistance was increased by using a redesigned seal structure, which also made it feasible to change the material from the original stainless steel to aluminium, resulting in a 41% weight reduction.

A  hydrogen circulation pump typically supplies H2 to the fuel cell regulating the output in fuel cell applications. Therefore, fuel cell pumps must provide fine adjustment and a wide range of flow rate modulation. This is particularly significant when the pump is used in a hydrogen fuel cell car since it controls the fuel cell's power output, which in turn affects the vehicle's speed and other functions. Companies produce clever motor drives with a wide range of flow rate modulation that guarantee such exact operations. Pumps with DC motors are produced by businesses and are suitable for use in fuel cell automobiles. A DC motor doesn't need a DC/AC converter since hydrogen fuel cell technology produces DC power, which reduces complexity and improves energy efficiency resulting to boost the demand of hydrogen circulation pump market share.

COVID-19 Impact: Sales Of Hydrogen Circulation Pumps Are Falling Amid COVID-19, Slowing Market Growth

Many nations are now experiencing economic chaos because to COVID-19. Different sectors have been impacted by the interruptions in activity throughout industrial facilities because of supply chain problems and decreasing consumer disposable money. Trade route closures and national lockdowns had a further negative impact on industry financial conditions.

The quick spread of the pandemic has consequently had a significant negative influence on the expansion of this sector. Additionally, the demand for FCEV has been slightly influenced by a minor reduction in customer sales of hydrogen circulation pumps. However, it is projected that the market for hydrogen fueling stations would remain stable in the post-COVID-19 world because to governments' optimistic perspective on starting to implement low carbon technology and promote decarbonization measures.

Latest Trends

"Tailored Solutions for Hydrogen Fuel Cell Vehicles to Positively Shape Industry Outlook"

A pump typically supplies H2 to the fuel cell regulating the output in fuel cell applications. Therefore, fuel cell pumps must provide fine adjustment and a wide range of flow rate modulation. This is particularly significant when the pump is used in a hydrogen fuel cell car since it controls the fuel cell's power output, which in turn affects the vehicle's speed and other functions. KNF provides sophisticated motor drives with a wide range of flow rate modulation that guarantee such exact operations. Additionally, KNF makes pumps with DC motors that are useful for use in fuel cell cars. A DC motor does not need a DC/AC converter since hydrogen fuel cell technology produces DC power, which reduces complexity and increases efficiency.

HYDROGEN CIRCULATION PUMP MARKET SEGMENTATION 

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• By Type Analysis

According to type, the market can be segmented into roots, claw, scroll. Roots type will capture the maximum market share through 2031

• By Application Analysis

Based on application, the market can be divided into Passenger Car and Commercial Vehicle. The global hydrogen circulation pump market players in cover segment like commercial cars  will dominate the market share during 2031.

Driving Factors

"Environmental Concerns to Drive the Global Hydrogen Circulation Market"

Concern over carbon emissions and global warming is growing. Governments all around the globe have implemented a range of policies and laws that call for a reduction in carbon emissions from various businesses. By employing electricity, water is divided into hydrogen and oxygen during the electrolysis process, which produces hydrogen. Electricity is produced using either renewable or nonrenewable resources. Electrolyzers utilising energy generated by solar or wind power may also make hydrogen. This innovation encourages the production of environmentally friendly hydrogen. In order to lessen their carbon footprint, many businesses choose for on-site electrolyzers with capacities ranging from 1 to 5 MW, which considerably fuels the expansion of the global hydrogen circulation pump market size.

"EV Adoption to Boost Growth "

Electric cars employ hydrogen fuel cells as a battery. Carbon emissions from electric cars are reduced, along with air pollution and, to a lesser extent, the use of fossil fuels, which are becoming more and more scarce. In order to encourage the use of electric cars, several governments are providing different restrictions and incentives to consumers and manufacturers. For instance, governments all across the world are setting up electric public transit systems and building public infrastructure. A rise in the need for electrolyzers is also anticipated as the popularity of electric cars increases. Therefore, throughout the foreseeable period, these factors are anticipated to offer profitable chances for hydrogen circulation pump market growth.

Restraining Factors

"Large Initial Expenses May Restrain Market Growth"

To handle extremely volatile hydrogen fuel, HRS facilities must be built with a variety of cryogenic and non-cryogenic components, costing significant expenses. The prognosis for the hydrogen circulation pump industry may thus be hindered by high startup costs for new projects and the complicated administration of bulk capacity stations handling and delivering a big volume of H2. According to the International Energy Agency's (IEA) Hydrogen Review, 2021, the cost differential between low-carbon hydrogen and hydrogen derived from fossil fuels is a significant barrier. In many regions of the world, producing hydrogen from fossil fuels is currently affordable. The levelized cost of producing hydrogen from natural gas varies between USD 0.5 and USD 1.7 per kilogram (kg.), depending on local gas pricing. The levelized cost of creation increases to between USD 1 and USD 2 per kilogram when CO2 emissions from hydrogen production are reduced using CCUS methods. However, it costs between US$3 and US$8 per kilogram to create hydrogen using renewable energy.

HYDROGEN CIRCULATION PUMP MARKET REGIONAL INSIGHTS

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"Europe dominates the global market for Hydrogen Circulation Pumps and Green Hydrogen"

Due to significant investments made by European economies in the pursuit of an energy transition to a clean hydrogen-based economy, Europe now dominates the worldwide market for green hydrogen. Through interconnectivity, Europe supplies stored hydrogen to North Africa and other locations, which has a favorable effect on the expansion of the hydrogen circulation pump market.

The second biggest region is North America. The expansion of the hydrogen circulation pump market is significantly supported by the increase in the deployment of renewable energy resources in residential and commercial regions, powered by consumer purchasing power and regulatory changes.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Busch Vacuum Solutions (U.S)
• Ogura Industrial Corp (U.S)
• Robert Bosch GmbH (Germany)
• Techno Takatsuki Co (Japan)
• Toyota Industries (Japan)
• KNF Group (Germany)
• Air Squared (U.S)
• Wise Drive (U.S)
• Rheinmetall (Germany)
• Barber-Nichols (U.S)
• JiNan Super Technology Co.,Ltd (China)
• Fujian Snowman (China)
• Beijing Aier Aviation Technology Co , Ltd (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.