Reciprocating Hydrogen Compressor Global Market Report 2024

The reciprocating hydrogen compressor market size has grown strongly in recent years. It will grow from $1.45 billion in 2023 to $1.55 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The historic growth in the hydrogen market can be attributed to several factors, including the increasing adoption of hydrogen fuel cells, government initiatives and subsidies supporting hydrogen technology, the expansion of hydrogen infrastructure, rising environmental concerns driving the shift towards clean energy sources, and the increasing demand for industrial hydrogen for various applications.

The reciprocating hydrogen compressor market size is expected to see strong growth in the next few years. It will grow to $1.97 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The forecasted growth can be attributed to several factors, including the rapid growth of hydrogen fuel cell vehicles, green hydrogen initiatives, global commitment to the hydrogen economy, expansion of hydrogen refueling stations, and integration with renewable energy sources. Major trends in the forecast period include decentralized hydrogen production, hydrogen's role as an energy carrier, integration of digitalization and IoT, hydrogen's use as a grid-stabilizing element, and the transition to hydrogen blends.

The increasing adoption of hydrogen fuel cell vehicles is expected to drive the growth of the reciprocating hydrogen compressor market. Hydrogen fuel cell vehicles use hydrogen as fuel to generate electricity, powering an electric motor. Reciprocating hydrogen compressors play a crucial role in the hydrogen fuel cell vehicle ecosystem by providing the high-pressure hydrogen necessary for refueling. For example, Fleetio by Rarestep Inc. reported that the number of hydrogen fuel cell electric vehicles (FCEVs) on the world's roads increased by 40% in 2022 compared to 2021, totaling more than 72,000 vehicles. This rise in hydrogen fuel cell vehicles is a key driver behind the growth of the reciprocating hydrogen compressor market.

Major companies in the reciprocating hydrogen compressor market are focusing on innovating new technologies, such as hydrogen compression technologies, to enhance their profitability. Hydrogen compression technologies encompass various methods for compressing hydrogen gas. For example, in April 2023, Hiperbaric USA Corporation launched High-Pressure Hydrogen Compressors. These compressors are utilized in various settings, including industrial processes and hydrogen refueling stations. They feature compact designs, oil-free compression systems, and high-efficiency permanent magnet motors specifically designed for compressing hydrogen to high pressures. The benefits of these compressors include lower operating costs, reduced energy consumption, enhanced efficiency, and a focus on environmental friendliness and sustainability.

In December 2023, Dover Corporation, a US-based manufacturer of industrial products, acquired FW Murphy Production Controls LLC for $530 million. This acquisition is intended to enhance Dover Corporation's position in the reciprocating compression industry and broaden its range of control and optimization solutions. FW Murphy Production Controls LLC is a US-based company specializing in reciprocating hydrogen compressors.

Major companies operating in the reciprocating hydrogen compressor market report are Hitachi Ltd., Siemens AG, Kobe Steel Ltd., Atlas Copco AB, IHI Corporation, Dover Corporation, Gardner Denver Holdings Inc., Ingersoll Rand Inc., Chart Industries Inc., IDEX Corporation, Haug Kompressoren AG, Burckhardt Compression AG, Mikuni Group, Elliott Group, Ariel Corporation, Sundyne Corp., NEUMAN & ESSER GROUP, Nel ASA, Corken Inc., PDC Machines Inc., Hydro-Pac Inc., Indian Compressors Ltd., CET Engineering srl, SIAD Macchine Impianti S.p.A., HAUG Sauer Kompressoren AG, Minnuo Group, Kwangshin Machinery Co. Ltd.

Asia-Pacific was the largest region in the reciprocating hydrogen compressor market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the reciprocating hydrogen compressor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the reciprocating hydrogen compressor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A reciprocating hydrogen compressor is a device that utilizes a piston or diaphragm to compress hydrogen gas, reducing its volume and resulting in either compressed hydrogen or liquid hydrogen. These compressors are used in applications requiring a high compression ratio.

Reciprocating hydrogen compressors are primarily classified into two types include oil-based and oil-free. Oil-based compressors use oil as a main component and include technologies such as single-stage and multistage compression. They find applications in refueling stations, production and storage, as well as in industrial settings. These compressors are used in industries such as oil and gas, automotive, and chemical industries.

The reciprocating hydrogen compressor market research report is one of a series of new reports that provides reciprocating hydrogen compressor market statistics, including reciprocating hydrogen compressor industry global market size, regional shares, competitors with reciprocating hydrogen compressor market share, detailed reciprocating hydrogen compressor market segments, market trends, and opportunities, and any further data you may need to thrive in the reciprocating hydrogen compressor industry. This reciprocating hydrogen compressor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The reciprocating hydrogen compressor market consists of sales of remote monitoring and control systems, upgrades or retrofitting hydrogen compression system and hydrogen compression facilities contracts. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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