Press release
2025 Reciprocating Hydrogen Compressor Industry Trends Report: Long-Term Outlook Through 2034
Reciprocating Hydrogen Compressor
How Large Will the Reciprocating Hydrogen Compressor Market Size By 2025?
The market for reciprocating hydrogen compressors has experienced substantial growth recently. The market is set to expand from a value of $1.55 billion in 2024 to around $1.64 billion in 2025, indicating a compound annual growth rate (CAGR) of 6.3%. The historic growth can be traced back to factors such as the widespread use of hydrogen fuel cells, government-backed initiatives and subsidies, the development of hydrogen infrastructure, heightened awareness of environmental issues, and the surging demand for industrial hydrogen.
How Big Is the Reciprocating Hydrogen Compressor Market Size Expected to Grow by 2029?
The market for reciprocating hydrogen compressors is predicted to experience considerable growth in the upcoming years. The market forecast suggests it will reach a worth of $2.1 billion by 2029, with a CAGR of 6.4%. Factors contributing to this anticipated growth during the forecast period include the swift rise in Hydrogen Fuel Cell Vehicles, initiatives for green hydrogen, global dedication to a hydrogen economy, the widening of hydrogen refuelling stations, and combination with renewable energy sources. The forecast period is also expected to see trends like decentralized hydrogen production, the use of hydrogen as an energy medium, the integration of digitalization and IoT, hydrogen's role as a grid-stabilizing factor, and the shift to hydrogen blends.
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Which Key Market Drivers Powering Reciprocating Hydrogen Compressor Market Expansion and Growth?
The growth of the reciprocating hydrogen compressor market is forecasted to be driven by the increased adoption of hydrogen fuel cell vehicles. These vehicles utilize hydrogen as a fuel source to produce electricity that powers an electric motor. Reciprocating hydrogen compressors play a crucial role within this vehicle ecosystem, providing the necessary high-pressure hydrogen for refuelling purposes. As indicated by Fleetio, a software firm based in the US owned by Rarestep Inc., the global rise in hydrogen fuel cell electric vehicles (FCEVs) was significant. The number of such vehicles on the roads worldwide surged by 40% in 2022 compared to 2021, amounting to over 72,000 vehicles. This rising trend in hydrogen fuel cell vehicles is, hence, a key driver for the augmenting growth in the reciprocating hydrogen compressor market.
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Which Fast-Growing Trends Are Poised to Disrupt the Reciprocating Hydrogen Compressor Market?
Significant players in the reciprocating hydrogen compressor market, such as Hiperbaric USA Corporation, are introducing new techniques like hydrogen compression technologies to boost their market earnings. These technologies comprise different methods used in compressing hydrogen gas. In April 2023, for example, this US-based machinery firm launched its High-Pressure Hydrogen Compressors, which are utilized in numerous environments like industrial processes and hydrogen refueling stations. These compressors boast features like small designs, oil-free compression systems, and high-efficiency permanent magnet motors all specifically designed for the high-pressure compression of hydrogen. The advantages of these systems are decreased operating expenses, improved efficiency, lesser energy usage, and a focus on environmental friendliness and sustainability.
What Are the Emerging Segments in the Reciprocating Hydrogen Compressor Market?
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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Who Are the Global Leaders in the Reciprocating Hydrogen Compressor Market?
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 Machine Impianti S.p.A., HAUG Sauer Kompressoren AG, Minnuo Group, Kwangshin Machinery Co. Ltd.
Which are the Top Profitable Regional Markets for the Reciprocating Hydrogen Compressor Industry?
Asia-Pacific was the largest region in the reciprocating hydrogen compressor market in 2024. 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.
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