Hydrogen Compressor Market Analysis 2032 | Achieves Record-breaking Growth to Generate $3,321.1 Mn
Rise in demand for hydrogen compressor from end-user industry vertical are are the upcoming trends of Hydrogen Compressor Market in the world.
WILMINGTON, DELAWARE, UNITED STATES, April 17, 2024 /EINPresswire.com/ -- According to the report, the global Hydrogen compressor market generated $2.254.6 million in 2022 and is anticipated to generate $3,321.1 million by 2032, witnessing a CAGR of 4.0% from 2023 to 2032.
Prime determinants of growth
The growth in the oil and gas sector drives the hydrogen compressor market. However high investment and maintenance costs are restraining the growth of the market. On the contrary, rapid industrialization in developing countries is expected to offer lucrative opportunities for the growth of the market.Hydrogen compressors are similar to hydrogen pumps and gas compressors in that they both increase fluid pressure and may transfer it through a pipe. The compressor decreases the volume of hydrogen gas because gases are compressible, but a pump raising the pressure of a liquid allows the liquid hydrogen to be transferred elsewhere.
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The hydrogen compressors are capable of compressing small to medium volumes of hydrogen to high pressures, and depending on the application, they may even reach pressures of more than 5,000 bar (75,000 PSI). Furthermore, lubricated compression can attain discharge pressures of more than 600 bar (9,000 PSI) if oil traces are permitted in the gas, which is one of the key drivers anticipated to boost the market throughout the projected period.
In addition, an increase in investments and government initiatives in the chemical and energy sectors is expected to create opportunities for the hydrogen compressor market growth. For instance, the U.S. Department of Energy's (DOE) Office of Fossil Energy (FE) stated in January 2021 that it will allocate USD 160 million in federal funds to assist re-calibrate the country's massive fossil fuel and power infrastructure for decarbonized energy and commodity production. Similarly, in March 2022, Sinopec, China’s second-largest oil company invested $476 million in hydrogen technology research and development and planned a number of pilot green hydrogen projects. The company will prioritize the development of renewable-energy projects, particularly those involving hydrogen, in its transition to a low-carbon business structure. The funds will be used to assist a variety of research initiatives aimed at developing hydrogen compressors.
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Industry News:
To strengthen the market position, competitors in the hydrogen compressor market have adopted key strategic moves such as collaboration, product launches, mergers, acquisitions, and partnerships. For instance, in June 2022, Ariel Corporation and Hoerbiger, a global leader in reciprocating gas compressor components technology, announced their partnership to provide non-lube compressor solutions capable of fulfilling the hydrogen compression requirements of the future hydrogen mobility market such as public transportation, large fleet vehicles, private trucking companies, trains, boats/ships and other high volume, high pressure, vehicle-fueling applications. Hence, strategies are expected to have a positive impact on the market growth.
The hydrogen compressors market has witnessed significant growth in the past few years, due to the development of the automotive sector and the increase in investments in oil, gas, and energy sectors. In addition, hydrogen compressors are more effective and can be utilized for compressing small & medium amount of hydrogen to high pressure, and hence are widely used in chemical and oil & gas industries.
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Leading Market Players: -
Ariel Corporation
Atlas Copco
Burckhardt Compression AG
Fluitron
HAUG Sauer Kompressoren AG
Hitachi, Ltd.
Howden Group
IDEX Corporation
Ingersoll Rand, Inc.
Nel ASA
Read More Reports:
Air Compressor Market - https://www.alliedmarketresearch.com/air-compressor-market
Reciprocating Hydrogen Compressor Market - https://www.alliedmarketresearch.com/reciprocating-hydrogen-compressor-market-A74836
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