Hydrogen Compressor Market to Grow USD 664.8 Million by 2029 witnessing a CAGR of 6.5%

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28 Mar, 2023, 12:00 ET

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BANGALORE, India, March 28, 2023 /PRNewswire/ -- The Hydrogen Compressor Market is Segmented by Type (Positive Displacement Compressor, Centrifugal Compressor), by Application (Chemical Engineering, Oil & Gas): Opportunity Analysis and Industry Forecast, 2023–2029. It is published in Valuates Reports under the Heavy Machinery Category.

The global Hydrogen Compressor market was valued at USD 425.6 million in 2022 and is anticipated to reach USD 664.8 million by 2029, witnessing a CAGR of 6.5% during the forecast period 2023-2029.

Major factors driving the growth of the Hydrogen Compressor Market:

The demand for hydrogen from end-user sectors including fertilizer and oil refineries is expected to rise during the projection period, and there will likely be a rise in the deployment of hydrogen pipeline infrastructure globally for transportation. This factor is expected to drive the growth of the Hydrogen Compressor market.

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TRENDS INFLUENCING THE GROWTH OF HYDROGEN COMPRESSOR MARKET:

The construction of hydrogen pipeline infrastructure and rising end-user industry hydrogen consumption are two factors that are anticipated to fuel the expansion of the worldwide hydrogen compressor market.

In addition, it has been observed that the demand for oil-based compressors has grown dramatically in recent years. This is explained by the fact that oil-based compressors are more effective than their oil-free counterparts because oil serves as a cooling medium, removing about 80% of the heat produced by the compressor during compression. As a result, during the forecast period, this factor is anticipated to significantly contribute to the growth of the hydrogen compressor market.

Because hydrogen can store more energy while weighing less than other fuels, making it appropriate for vehicles with large payloads and long ranges, hydrogen fuel cells are largely utilized to power electric vehicles. The development of hydrogen fuel cells is also being fueled by the increased demand for cleaner energy.

The ability to quickly refill cars is the key benefit of using a compressed hydrogen gas storage system. Refueling with a high-pressure gas storage system can be done quickly; however, protocols and procedures for refueling with liquid storage are not currently available. Further factors increasing demand for hydrogen compressors globally include an increase in the number of hydrogen gas pipelines and developments in the automotive industry. Moreover, the government's measures for clean fuel also influence the market.

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HYDROGEN COMPRESSOR MARKET SHARE:

The fuel cell market in Asia-Pacific is perhaps the most promising during the forecast period. One of the biggest and fastest-growing markets for hydrogen compressors is found in China. The chemical, oil and gas, and manufacturing sectors have seen significant growth in the nation. Hydrogen centrifugal compressors are used in the refining and petrochemical industries, including ethylene manufacturers, for cracked-gas compression and refrigeration services. The government has boosted its ethylene and benzene production capacity as a result of supply and demand imbalances.

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