Reciprocating Hydrogen Compressor Market 2024 - Growth, Market Size, Analysis, Competitive Landscape | Hitachi Ltd., Siemens AG, Kobe Steel Ltd., Atlas Copco AB, IHI Corporation

Overview and Scope
A reciprocating hydrogen compressor is a device that uses a piston or a diaphragm to compress hydrogen gas by reducing its volume, resulting in compressed hydrogen or liquid hydrogen. It is used for applications requiring a very high compression ratio.

Sizing and Forecast
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.

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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
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.

Key Industry 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.

The reciprocating hydrogen compressor market report table of contents includes:

1. Executive Summary

2. Reciprocating Hydrogen Compressor Market Characteristics

3. Reciprocating Hydrogen Compressor Market Trends And Strategies

4. Reciprocating Hydrogen Compressor Market – Macro Economic Scenario

5. Global Reciprocating Hydrogen Compressor Market Size and Growth

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32. Global Reciprocating Hydrogen Compressor Market Competitive Benchmarking

33. Global Reciprocating Hydrogen Compressor Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Reciprocating Hydrogen Compressor Market

35. Reciprocating Hydrogen Compressor Market Future Outlook and Potential Analysis

36. Appendix