Reciprocating Hydrogen Compressor Market to Reach $1.6 billion, Globally, by 2032 at 5.3% CAGR: Allied Market Research
The growth of the global reciprocating hydrogen compressor market is driven by an increase in use of hydrogen, the necessity of compressing hydrogen, and the growth of oil and gas industry.
Portland,OR, June 09, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Reciprocating Hydrogen Compressor Market by Compressor Type (Single Acting, Double Acting, and Diaphragm), Lubrication Type (Oil-based, And Oil-Free), Pressure (Less Than 400 Bar, 401-700 Bar, and More Than 700 Bar), Product Speed (Low, Medium, and High), Application (Refueling Stations, Production and Storage, and Industrial), and End User Industry (Oil and Gas, Chemical, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global reciprocating hydrogen compressor industry generated $914.3 million in 2022, and is anticipated to generate $1.6 billion by 2031, witnessing a CAGR of 5.3% from 2023 to 2032.
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Prime determinants of growth
An increase in use of hydrogen, the necessity of compressing hydrogen, and the growth of the oil and gas industry drive the growth of the global reciprocating hydrogen compressor market. However, the safety concerns of compressed hydrogen restrict the market growth. Moreover, the increase in popularity of hydrogen gas such as blue and green hydrogen presents new opportunities in the coming years.
Report coverage & details:
|Market Size in 2021||$914.3 million|
|Market Size in 2031||$1.6 billion|
|No. of Pages in Report||550|
|Segments covered||Compressor Type, Lubrication Type, Pressure, Product Speed, Application, End User Industry, and Region.|
|Drivers|| Increase in use of hydrogen
Necessity of compressing hydrogen
Growth of oil and gas industry
|Opportunities||Increase in popularity of clean hydrogen|
|Restraints||Disadvantages of compressed hydrogen|
- The outbreak of the Covid-19 pandemic had a negative impact on the global reciprocating hydrogen compressor market, owing to temporary closure of manufacturing firms during the lockdown.
- Also, various end-user industries witnessed turmoil in their regular operations, which negatively affected the global reciprocating hydrogen compressor market.
The double acting segment to maintain its leadership status throughout the forecast period
Based on compressor type, the double acting segment held the highest market share in 2022, accounting for nearly half of the global reciprocating hydrogen compressor market revenue, and is estimated to maintain its leadership status throughout the forecast period. High sales in the double acting segment are attributed to its high efficiency. On the other hand, diaphragm segment is projected to manifest the highest CAGR of 5.5% from 2023 to 2032, owing to its cleaner and relatively silent operation.
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The oil-free segment to maintain its leadership status throughout the forecast period
Based on product type, the oil-free segment held the highest market share in 2022, accounting for nearly two-thirds of the global reciprocating hydrogen compressor market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 5.4% from 2023 to 2032. The provision of oil-free output gas by the oil-free air compressors is making them superior to oil-lubricated compressors.
The oil and gas segment to maintain its lead position during the forecast period
Based on end use industry, the oil and gas segment accounted for the largest share in 2022, contributing to around two-fifths of the global reciprocating hydrogen compressor market revenue, and is projected to maintain its lead position during the forecast period. The oil & gas industry is one of the major end users of air compressors globally. Reciprocating hydrogen compressors provide significant assistance in the oil and gas industry, by compressing the hydrogen gas to a required volume. However, the automotive segment is expected to portray the largest CAGR of 5.8% from 2022 to 2031. An increase in urbanization, rise in disposable income, and rising concerns for environmental protection are driving the growth of environment-friendly automobiles.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global reciprocating hydrogen compressor market revenue, and is likely to dominate the market during the forecast period. This expansion is attributed to rapid economic growth, and industrialization, in countries such as China, India, Vietnam, and Indonesia. Moreover, the growing demand for hydrogen as an alternate source of energy is also expected to occur at a substantial rate in the region. However, the LAMEA is expected to witness the fastest CAGR of 6.1% from 2023 to 2032. The growing pollution in LAMEA is encouraging the governments in the region to adopt clean energy sources including the use of hydrogen in power plants and in fuel cell vehicles. Moreover, there are many oil and gas processing facilities in the region with the Middle East being in the forefront followed by Latin America which utilizes reciprocating hydrogen compressors on a large scale.
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Leading Market Players: –
- 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.
- NEUMAN & ESSER GROUP.
The report provides a detailed analysis of these key players in the global reciprocating hydrogen compressor market. These players have adopted different strategies such as new product launches, acquisitions, expansion, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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