Market Size of Hydrogen Compressor Industry
| Study Period | 2019 - 2028 |
| Market Size (2023) | USD 1.61 Billion |
| Market Size (2028) | USD 2.08 Billion |
| CAGR (2023 - 2028) | 5.28 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hydrogen Compressor Market Analysis
The Hydrogen Compressor Market size is expected to grow from USD 1.61 billion in 2023 to USD 2.08 billion by 2028, at a CAGR of 5.28% during the forecast period (2023-2028).
Due to COVID-19 impact, several countries across the globe imposed lockdowns and restrictions. This caused a demand-supply gap in industries using hydrogen, thus, having a negative impact on the market. For instance, with oil price slashing down to the lowest in decades and a sudden drop in demand from the transportation sector, refining crude oil operations experienced several disruptions. Factors such as the increase in demand for hydrogen from end-user industries, such as fertilizers and oil refineries, and increasing deployment of hydrogen pipeline infrastructure globally for transportation are likely to drive the hydrogen compressor market during the forecast period. However, the slowdown in industrial and economic activities due to a sharp decline in manufacturing activity and global trade, with higher tariffs and prolonged trade policy uncertainty, is expected to decrease the demand for capital goods from industries using hydrogen, thereby restraining the growth of the market studied.
- The oil-based segment is expected to dominate the hydrogen compressor market over the forecast period, owing to their lower cost, longer life, and more efficiency, thus, considered ideal for operations in various industries.
- The technological advancements and emerging sources for hydrogen production using electrolysis in combination with cleaner sources, such as solar and wind, are likely to provide ample opportunities for the market's growth.
- Asia-Pacific is expected to dominate the hydrogen compressor market during the forecast period, with the majority of the demand coming from China, India, and Japan.
