Hydrogen Compressors Market Size to Surpass $2.6 Billion by 2028, Exhibiting a CAGR of 4.5% – Report by MarketsandMarkets™
Chicago, March 28, 2024 (GLOBE NEWSWIRE) -- *Hydrogen Compressors Market** size is projected to grow from USD 2.1 billion in 2023 to USD 2.6 billion by 2028, at a CAGR of 4.5% according to a new report by MarketsandMarkets™.* The rising investment in renewable energy projects and the growing concern on environment sustainability is expected to accelerate the growth of the Hydrogen Compressors Market.
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*152 – Tables*
*54 – Figures *
*202– Pages*
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*Scope of the Report*
*Report Metric* *Details*
*Hydrogen Compressors Market Size Values* · CAGR 4.5%
· USD 2.6 billion by 2028
· USD 2.1 billion in 2023
*Base Year* 2022
*Forecast Period* 2023–2028
*Forecast Unit* Value (USD Million/Billion), Volume (Units)
*Segments Covered* Hydrogen Compressor Market by Type, by lubrication type, by design, by end use application and Region.
*Geographic Regions Covered* Asia Pacific, North America, Europe, South America, Middle East & Africa
*Companies Covered* Atlas Copco AB (Sweden), Linde plc (Ireland), Siemens Energy (Germany), Air Products and Chemicals, Inc. (US), Ingersoll Rand (US), Mitsubishi Heavy Industries Ltd., (Japan), Hitachi Industrial Products, Ltd., (Japan), HAUG Sauer Kompressoren AG (Switzerland), KOBE STEEL, LTD. (Switzerland), Howden group (UK), NEUMAN & ESSER GROUP (UK), Sundyne, Indian Compressors Ltd. (India) Adicomp S.r.l. (Italy), Ariel Corporation (US), KEEPWIN TECHNOLOGY HEBEI CO., LTD., (China), Pure Energy Centre (UK), Aerotecnica Coltri S.p.a. (Italy), Fluitron (US), CYRUS S.A. (Greece).
This report segments the Hydrogen Compressors Market based on type into two categories: Mechanical Compressor, and Non-mechanical Compressor. The Mechanical Compressor is expected to be the largest segment during the forecast period as it is a viable technology. For various applications, including storage, transportation, and utilization in industrial processes or fuel cell vehicles, it is necessary to compress hydrogen to higher pressures. Mechanical hydrogen compressors play a crucial role in various applications within the hydrogen industry, particularly in the compression of hydrogen gas for storage, transportation, and industrial processes. These compressors increase the pressure of hydrogen gas, making it suitable for various applications. The scope of mechanical compressors includes reciprocating compressors, rotary compressors, centrifugal compressors, and ionic compressors.
Based on the end-use application, the Hydrogen Compressor Market is segmented into hydrogen value chain/infrastructure and Industrial application. The hydrogen infrastructure segment is expected to be fastest growing segment during the forecast period. One of the primary drivers of hydrogen infrastructure is the increasing demand for hydrogen compressors in the hydrogen refueling stations as the compressors take the low pressure hydrogen (20-30 bar) delivered from production site and crank it up to higher pressures (350 bar or 700 bar) needed for fueling hydrogen-powered vehicles.
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Based on the design, the Hydrogen Compressor Market is segmented into single stage and multistage. Multi-stage segment is expected to be the largest market during the forecast period. Multistage compressors are made up of two or more piston cylinders with varying sizes. The atmospheric air passes through the compression stage twice. The heat exchanger cools the air before it enters the second cylinder, reducing the strain on the chambers during the second and third compression phases. The multistage compressors create higher volumes of pressure (PSI) at medium to high capacities (CFM) and are suitable for heavy-duty industrial applications such as fueling stations, food and beverage, automotive and transportation, aerospace, electronics, laboratories, and power generation industries. Multistage compressors achieve higher compression ratios compared to single-stage compressors.
This report segments the Hydrogen Compressors Market based on region into North America, Europe, Asia Pacific, Middle East & Africa, and South America. During the forecast period, the Asia Pacific segment holds the largest share because of the growing number of green hydrogen initiatives, large manufacturing hub as well as government funding for hydrogen-related projects, including the deployment of hydrogen compressor. Key trend in the market include the rising adoption of hydrogen in various sectors, technological advancements, international collaboration, and a growing emphasis on renewable hydrogen production to achieve sustainability goals and combat climate change.
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*Asia Pacific is expected to be the fastest growing region in the Hydrogen Compressors Market.*
Asia Pacific is expected to be the fastest growing region in the Hydrogen Compressors Market during the forecast period. The Asia Pacific region is undergoing rapid industrialization, resulting in the expansion of various sectors such as manufacturing, chemicals, oil, gas, and automotive industries. This surge in industrial activities is fostering a heightened demand for hydrogen compressors. Notably, the food processing and manufacturing industries play pivotal roles in the GDP of countries like South Korea and Australia, further contributing to the increased need for hydrogen compressors. The region hosts key players in the Hydrogen Compressor Market, including Atlas Copco AB, Burckhardt Compression AG, and Howden Group. Additionally, the Asia Pacific region is witnessing a notable shift towards energy transition and decarbonization, aligning with the rising demand for hydrogen as an alternative fuel and renewable energy source. This collective emphasis on sustainable practices is propelling the growth of the Hydrogen Compressor Market in the Asia Pacific region.
*Key Players*
Some of the major players in the *Hydrogen Compressors Market* are Atlas Copco AB (Sweden), Linde plc (Ireland), Siemens Energy (Germany), Air Products and Chemicals, Inc. (US), and Ingersoll Rand (US). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.
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