PUBLISHER: Allied Market Research | PRODUCT CODE: 1344558
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344558
According to a new report published by Allied Market Research, titled, "Reciprocating Hydrogen Compressor Market," The reciprocating hydrogen compressor market was valued at $914.29 million in 2022, and is estimated to reach $1.6 billion by 2032, growing at a CAGR of 5.3% from 2023 to 2032. Reciprocating hydrogen compressors are used to reduce the volume of hydrogen gas for its efficient storage. Such compressors employ a motor and a linear drive to move the piston or diaphragm back and forth in order to compress the hydrogen. These compressors are mostly utilized in the oil and gas sectors, the chemical industries, and hydrogen generation plants.
The rise in global population has significantly increased the use of petroleum products, thereby boosting the oil and gas industry. Hydrogen is extensively used in the oil and gas industry for separating sulfur, nitrogen and metals from many petroleum fractions. Thus, growth of oil and gas industry increases the demand for reciprocating hydrogen compressors. Furthermore, the hydrogen compressor market is driven by factors such as an increase in use of hydrogen for industrial applications, and necessity of compressing hydrogen. However, factors such as technical disadvantages of compressed hydrogen and high initial cost of reciprocating hydrogen compressors are expected to hamper the growth of the market.
Moreover, increasing popularity of clean hydrogen, owing to its environmentally friendly properties is a major opportunity for the reciprocating compressor market in the next few years. For instance, in November 2021, the U.S. Department of Energy allocated $9.5 billion for clean hydrogen projects.
In addition, reciprocating hydrogen compressors are available in a wide range of configurations and capacities, thereby making them suitable for small-scale as well as large-scale applications.
Furthermore, due to COVID-19, the demand for reciprocating hydrogen compressor market witnessed a halt, which led to a small-term decline in the market. However, the introduction of various vaccines has effectively subsided the COVID-19 pandemic and fueled the recovery of global supply chains and manufacturing industry, Thereby, boosting the growth of reciprocating hydrogen compressor market.
The reciprocating hydrogen compressor market is segmented on the basis of compressor type, lubrication type, pressure, and product speed, application, end user industry, and region. By compressor type, the market is classified into single acting, double acting, and diaphragm. Depending upon lubrication type, the market is bifurcated into oil-based, and oil-free. Depending on pressure, the market is categorized into less than 400 bar, 401-700 bar and more than 700 bar. Depending upon product speed, the market is categorized into low, medium, and high. Depending upon application, the market is classified into refueling stations, production and storage, and industrial. On the basis of end user industry, it is divided into oil and gas, chemical, automotive, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competitive analysis and profiles of the major players in the reciprocating hydrogen compressor market are provided in the report. Major companies in the report include, Atlas Copco AB, IDEX Corporation, Ingersoll Rand Inc., HAUG Sauer Kompressoren AG, Ariel Corporation, Hitachi, Ltd., Chart Industries, Inc. (Howden Group), Nel ASA, PDC Machines, Inc., Burckhardt Compression Holding AG, SIAD Macchine Impianti S.p.A., Minnuo Group, Siemens Energy AG, Mikuni Group, Indian Compressors Ltd., Kwangshin Machinery Co., Ltd., IHI Corporation, CET Engineering srl, Kobe Steel, Ltd., and NEUMAN & ESSER GROUP.