Press release
Reciprocating Hydrogen Compressor Market Insights 2024: Driving Hydrogen Economy Growth
Reciprocating Hydrogen Compressor
The Business Research Company presents an extensive market research report on the Reciprocating Hydrogen Compressor Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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 growth in the historic period can be attributed to increasing adoption of hydrogen fuel cells, government initiatives and subsidies, expanding hydrogen infrastructure, rising environmental concerns, and increasing demand for industrial hydrogen.
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 growth in the forecast period can be attributed to Rapid Growth in Hydrogen Fuel Cell Vehicles, Green Hydrogen Initiatives, Global Commitment to Hydrogen Economy, Expansion of Hydrogen Refueling Stations, and integration with Renewable Energy Sources. Major trends in the forecast period include decentralized hydrogen production, hydrogen as an energy carrier, digitalization and IoT integration, hydrogen as a grid-stabilizing element, and transition to hydrogen blends.
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Key Market Players:
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.
Market Drivers:
The rise in hydrogen fuel cell vehicles is expected to propel the growth of the reciprocating hydrogen compressor market going forward. Hydrogen fuel cell vehicles are vehicles that use hydrogen as fuel to generate electricity to power an electric motor. Reciprocating hydrogen compressors are used in the hydrogen fuel cell vehicle (FCV) ecosystem to provide the high-pressure hydrogen needed for refueling. For instance, in November 2023, according to Fleetio by Rarestep Inc., a US-based software company, 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. Therefore, the rise in hydrogen fuel cell vehicles is driving the growth of the reciprocating hydrogen compressor market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/reciprocating-hydrogen-compressor-global-market-report
The reciprocating hydrogen compressor market covered in this report is segmented -
1) By Type : Oil-Based, Oil-Free
2) By Technology : Single-Stage, Multistage
3) By Application: Refueling stations, Production And Storage, Industrial
4) By End User Industry: Oil And Gas, Automotive, Chemical
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