The Reciprocating Hydrogen Compressor Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Reciprocating Hydrogen Compressor Global Market Report 2024, 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.
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.
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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
Major companies operating in the reciprocating hydrogen compressor market are innovating new technologies, such as hydrogen compression technologies, to increase their profitability in the market. Hydrogen compression technologies encompass various methods for compressing hydrogen gas. For instance, in April 2023, Hiperbaric USA Corporation, a US-based machinery company, launched High-Pressure Hydrogen Compressors. It is employed in many different settings, such as industrial processes and hydrogen refueling stations. These compressors have features like compact designs, oil-free compression systems, and high-efficiency permanent magnet motors that are specifically made for compressing hydrogen to high pressures. Benefits include lower operating costs, less energy consumption, enhanced efficiency, and an emphasis on environmental friendliness and sustainability.
The reciprocating hydrogen compressor market report table of contents includes:
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