Reciprocating Hydrogen Compressor Market Expected to Reach $1.6 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Reciprocating Hydrogen Compressor Market," The reciprocating hydrogen compressor market size was valued at $914.29 million in 2022, and is estimated to reach $1.6 billion by 2032, growing at a CAGR of 5.3% from 2023 to 2032. A reciprocating hydrogen compressor is a type of positive displacement compressor that uses a crankshaft driven piston to compress hydrogen. Reciprocating hydrogen compressors are a critical component of petroleum refining and chemical processing facilities,

Furthermore, hydrogen is gaining popularity as a clean and efficient source of energy in various industries such as transportation, power generation, and industrial processes. In addition, major countries across the globe are focusing on developing hydrogen infrastructure such as fuel cell refueling stations and hydrogen manufacturing facilities to promote sustainable development. Thus, the rise in use of hydrogen is a major driver for the growth of the reciprocating hydrogen compressor market. Also, factors such as growth of oil and gas industry and necessity of compressing hydrogen are expected to boost the demand for reciprocating hydrogen compressors in the study period.

However, compressed hydrogen has low energy density, which means that a large volume of hydrogen gas is required to store the same amount of energy as a smaller volume of fossil fuels. This makes hydrogen storage and transportation challenging as it requires specialized equipment. In addition, hydrogen is highly flammable and requires careful handling and storage to prevent accidents. Thus, the high cost of hydrogen storage and transportation is expected to hamper the growth of the market. Moreover, the environmental advantages of using hydrogen as a fuel are anticipated to provide opportunities for the reciprocating hydrogen compressor market growth, and improving the reciprocating hydrogen compressor market outlook.

Commonly observed compressor types of reciprocating hydrogen compressor are single acting, double acting, and diaphragm. In 2022, the single acting segment dominated the reciprocating hydrogen compressor market share, in terms of revenue, mainly attributed to the high sales in single acting segment are attributed to its easy construction and maintenance. On the other hand, the double acting segment is expected to grow with a higher CAGR during the forecast period, owing to its higher compression ratios and more efficient compression, making them suitable for these high-capacity systems.

On the basis of lubrication type, the market is analyzed across oil-based, and oil-free. Among these the oil-based segment dominated the reciprocating hydrogen compressor market, in terms of revenue in 2022. Compressors that are lubricated with oil are frequently used in a variety of heavy industrial uses, including petroleum, chemicals, and others. On the other hand, the oil free segment is expected to grow with a higher CAGR during the forecast period, owing to the provision of oil-free output gas by the oil-free air compressors making them superior to oil-lubricated compressors. Furthermore, on the basis of pressure, the market is analyzed across less than 400 bar, 401-700 bar, and more than 700 bar. Among these, the less than 400 bar segment accounted for a higher market share in 2022. The demand for smaller, more portable compressors for use in mobile refueling stations and other applications is also driving the growth of the market for less than 400 bar compressors. However, the more than 700 bar segment is anticipated to dominate the reciprocating hydrogen compressor market forecast by growing at a higher CAGR throughout the forecast period.

Moreover, the reciprocating hydrogen compressor market is also analyzed on the basis of their speed, including, low, medium, and high. Among these, the low segment dominated the reciprocating hydrogen compressor market, in terms of revenue in 2022, and the high segment is expected to grow with a higher CAGR during the forecast period. Moreover, on the basis of application, the reciprocating hydrogen compressor market is divided into refueling stations, production and storage, and industrial. In 2022, the production and storage segment dominated the reciprocating hydrogen compressor market, in terms of revenue. On the other hand, the refueling stations segment is expected to grow with a higher CAGR during the forecast period. Furthermore, on the basis of end user industry, market is divided between oil and gas, chemical, automotive, and others. The oil and gas segment accounted for a higher market share in 2022. However, the chemical segment is anticipated to register a higher growth rate throughout the forecast period.

In 2022, Asia-Pacific dominated the global reciprocating hydrogen compressor market, in terms of revenue, and LAMEA is anticipated to grow with the highest CAGR, owing to increased investments in the hydrogen infrastructure.

Key Findings of the Study

• The report provides an extensive analysis of the current and emerging reciprocating hydrogen compressor market trends and dynamics. 
• Depending on the compressor type, the double acting segment dominated the reciprocating hydrogen compressor market, in terms of revenue in 2022.
• Depending on the lubrication type, the oil-free segment dominated the reciprocating hydrogen compressor market, in terms of revenue in 2022.
• By end user industry, the oil and gas segment accounted for the highest revenue share in 2022.
• Depending on the application, the industrial segment dominated the reciprocating hydrogen compressor market, in terms of revenue in 2022.
• Depending on the pressure, the 401-700 bar dominated the reciprocating hydrogen compressor market, in terms of revenue in 2022.
• By product speed, the medium segment accounted for the highest revenue share in 2022.
• LAMEA dominated the market in 2022 and is projected to register the highest growth rate in the coming years.
• The key players within the reciprocating hydrogen compressor market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the reciprocating hydrogen compressor industry.
• The report provides an extensive analysis of the current trends and emerging opportunities in the market. 
• In-depth reciprocating hydrogen compressor market analysis is conducted by constructing estimations for the key segments between 2023 and 2032.