Hydrogen Compressor Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What does the Hydrogen Compressor Market Size look like in 2024?
The hydrogen compressor market size has shown robust growth over the years. It is projected to increase from $1.92 billion in 2023 to $2.05 billion in 2024, reflecting a compound annual growth rate CAGR of 6.6%. This sizable growth observed in the historical period can be ascribed to the emphasis on green hydrogen production and storage, expansion in the hydrogen fueling infrastructure for transport, increased utilisation of hydrogen in industrial applications, government initiatives and policies fostering a hydrogen economy, and surge in investment towards renewable energy and hydrogen production.
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What's in Store for the Hydrogen Compressor Market in the Future?
The hydrogen compressor market size is expected to see a significant surge in the forthcoming years. It is projected to attain $2.66 billion by 2028, at a compound annual growth rate CAGR of 6.7%. The prominent factors attributing to the growth in the forecast period include integration of hydrogen in energy storage and grid balancing applications, demand for high-pressure hydrogen for industrial processes and power generation, research and development in next-generation hydrogen compression technology, focus on decentralised hydrogen production and distribution, and expansion of hydrogen-powered mobility and fuel cell applications.
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What are the Major Drivers for the Hydrogen Compressor Market Growth?
The rise in demand for hydrogen from various end-use industries is anticipated to fuel the growth of the hydrogen compressor market. End-use sectors like household energy distribution companies, oil & gas, and power generation firms have been making hefty investments towards new hydrogen distribution and generation facilities to meet consumer needs and adhere to government regulations promoting environmental wellbeing. For instance, in the UK, a landmark hydrogen trial initiative HyDeploy is in progress at Keele University. This milestone project, led by Cadent in association with Northern Gas Networks NGN, involves an injection of zero-carbon hydrogen into the gas grid of Keele University, supporting around 100 homes and 30 faculty buildings. This growing demand for hydrogen from end-user industries is thus expected to enhance the market for hydrogen compressors over the forecast period.
Who are the Dominant Players in the Hydrogen Compressor Market?
Significant players operating in the hydrogen compressor market include Atlas Copco AB, Burckhardt Compression AG, Fluitron Inc., Gardner Denver Nash LLC, Howden Group Ltd., HAUG Sauer Kompressoren AG, Neuman & Esser Group, Hydro-Pac Inc., Lenhardt & Wagner GmbH, Ariel Corporation, PDC Machines Inc., Mitsui E&S Holdings Co. Ltd., Siemens AG, Sundyne LLC, IDEX Corporation, Hitachi Ltd., Ingersoll Rand Inc., Nel ASA, Corken Inc., Indian Compressors Ltd., Coltri S.p.A., Fornovo Gas S.r.l., Adicomp S.r.l., Baker Hughes Company, Colfax Corporation, Elliott Group, Gardner Denver Holdings Inc., Kobe Steel Ltd., Sulzer Ltd.
What are the Key Trends in the Hydrogen Compressor Market?
Key trends impacting the hydrogen compressor market entail technological advancements. Market leaders are constantly striving for innovative hydrogen compressors employing pioneering technologies that cater to the technical demands of end customers, including hydrogen fuel stations, power generation businesses, and more. For instance, a Switzerland-based reciprocator compression systems manufacturer Burckhardt Compression AG, released an oil-free hydrogen compression solution in November 2021, specifically designed for hydrogen trailer filling and high-flow fuel stations.
What does the Market Segmentation Look Like?
The hydrogen compressor market discussed in the report is segmented as follows:
1 By Type: Oil-free, Oil-based
2 By Technology: Single-Stage, Multi-Stage
3 By Power Range: Below 100 hp, 101 hp - 200 hp
4 By End-User: Oil & Gas, Chemical, Utility, Refueling Stations, Other End-Users
Which Regions Dominated the Hydrogen Compressor Market in 2023?
In terms of geographic distribution, Asia-Pacific was the largest region in the hydrogen compressor market in 2023. The regions highlighted in the hydrogen compressor market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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