According to our latest study on "Hydrogen Compressors Market Analysis and Forecast to 2035 - by Component and End-user," the market was valued at US$ 1,913.04 million in 2023 and is projected to reach US$ 3,740.52 million by 2035; it is anticipated to record a CAGR of 6.0% from 2023 to 2035. The report includes growth prospects owing to the current hydrogen compressors market trends and their foreseeable impact during the forecast period.

Governments of several countries across the globe are recognizing the scope of green hydrogen as a clean and sustainable energy solution. They are taking proactive measures to support its development and deployment across various sectors. The increasing focus on decarbonization and climate change mitigation is prompting governments to prioritize investments in green hydrogen as a means to reduce carbon emissions. For instance, in January 2023, the Government of India approved an investment of US$ 2.3 billion for the development of the green hydrogen sector in the country. Increased government investment provides financial support as well as promotes the long-term viability and potential of green hydrogen to investors, businesses, and other market players. Establishing large-scale green hydrogen plants attracts significant investments from both the public and private sectors. In June 2023, a group of companies announced their plan to invest US$ 79.75 in a project for the development of a hydrogen production facility and a hydrogen liquefaction facility in Queensland, Australia. In June 2023, Larsen & Toubro announced its plan to set up infrastructure for the world's largest green hydrogen plant in Saudi Arabia, which is being built by NEOM Green Hydrogen Company (NGHC). Thus, the increasing shift toward green hydrogen is anticipated to bring new trends in the hydrogen compressors market in the coming years.

Key Findings of Market Study:

The hydrogen compressors market is segmented on the basis of technology, type, and application. Based on technology, the hydrogen compressors market is segmented into reciprocating hydrogen compressors, diaphragm hydrogen compressors, non-mechanical hydrogen compressors, and others. In terms of type, the market is bifurcated into oil-free and lubricated. The hydrogen compressors market, by application, is segmented into power plants, oil and gas, food and beverages, chemical and petrochemical, automotive and refueling stations, hydrogen storage, and others. By geography, the hydrogen compressors market is segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Asia Pacific has dominated the global hydrogen compressor market owing to the presence of several industries, including automotive, chemicals, oil & gas, and renewable energy, among others. According to Car Group Organization, in 2021, automotive manufacturers announced an investment of US$ 36 billion for building manufacturing facilities for batteries and EVs. In the first quarter of 2022, automakers in Asia Pacific announced an investment of US$ 24 billion in electric vehicles. Hydrogen compressors are widely used in automotive manufacturing. Increased adoption of Industry 4.0, along with a surge in the advancements in consumer electronics manufacturing and machinery tools, is driving the hydrogen compressor market growth. Hydrogen plays a vital role in energy production; this supports the aim of the decarbonization of carbon-intensive sectors, including chemical, processing, automotive, mobility, and power generation, among others. Compressors are used in the hydrogen gas production value chain and are essential for efficiently transporting hydrogen.


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