At 6.2% CAGR, Asia Pacific Hydrogen Compressor Market is Projected to be Worth US$ 1,690.71 Million by 2035 says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific hydrogen compressor market was valued at US$ 843.27 million in 2023 and is expected to reach US$ 1,690.71 million by 2035, registering a CAGR of 6.2% from 2024 to 2035. Increasing investments across oil & gas sector and increasing industrial production activities are among the critical factors attributed to drive the Asia Pacific hydrogen compressor market.

The need for oil and gas has grown significantly in developing and developed nations, leading to increased production activities such as investments and research and development activities. In January 2023, during a conference on oil and gas wells enhancing recovery, the CEO of the National Iranian Oil Company (NIOC) announced that the company invested US$ 1 billion in the development of the joint Sohrab field in Khuzestan Province. The CEO also announced the company's plans to sign contracts with local companies to enhance the productivity of 600–700 low-efficient wells. In April 2022, China National Offshore Oil Corporation, a leading national oil companies in China, announced the country's first successful operation of an offshore large-scale super-heavy thermal oil recovery oilfield development model. In April 2023, the Oil and Natural Gas Corporation (ONGC) collected US$ 7 billion in investments for the next 3–4 years to support oil and gas production. Further, the Government of Indonesia has shown support for developing the Enhanced Oil Recovery (EOR) industry. Policies and regulations are implemented to encourage oil companies to adopt EOR technologies. For instance, in September 2021, the Energy Minister of Indonesia, Arifin Tasri, announced plans to increase production to 1 million barrels/day. The Government of Indonesia is implementing several strategies to achieve several targets, including optimizing existing oil resources, transforming resources for production, accelerating enhanced oil recovery and massive exploration for significant discoveries, as well as developing unconventional oil. Thus, the growing demand for hydrogen compressors in the oil and gas industry boosts market growth.

On the contrary, high recurring cost in maintenance hampers the growth of Asia Pacific hydrogen compressor market.

Based on type, the Asia Pacific hydrogen compressor market is bifurcated into lubricated and oil-free. The lubricated segment held 63.2% market share in 2023, amassing US$ 533.19 million. It is projected to garner US$ 1,021.26 million by 2035 to register 5.8% CAGR during 2024–2035.

By technology, the Asia Pacific hydrogen compressor market is segmented into reciprocating hydrogen compressor, diaphragm hydrogen compressor, non-mechanical hydrogen compressor, and others. The reciprocating hydrogen compressor segment held 44.7% share of Asia Pacific hydrogen compressor market in 2023, amassing US$ 377.24 million. It is projected to garner US$ 785.14 million by 2035 to expand at 6.5% CAGR from 2024 to 2035.

Based on end-user, the Asia Pacific hydrogen compressor market is segmented into power plants, oil and gas, food and beverages, petrochemical and chemical, hydrogen fueling stations, hydrogen storage (tube trailers), and others. The petrochemical and chemical segment held 27.3% market share in 2023, amassing US$ 230.50 million. It is projected to garner US$ 444.94 million by 2035 to register 5.8% CAGR during 2024–2035

Based on country, the Asia Pacific hydrogen compressor market is categorized into Australia, China, Japan, India, South Korea, Indonesia, Singapore, Taiwan, New Zealand, Southeast Asia, and the Rest of Asia Pacific. Our regional analysis states that China captured 30.7% share of Asia Pacific hydrogen compressor market in 2023. It was assessed at US$ 258.81 million in 2023 and is likely to hit US$ 525.35 million by 2035, registering a CAGR of 6.3% during 2024 to 2035.

Key players operating in the hydrogen compressor market are Atlas Copco AB; Burckhardt Compression AG; Fluitron, Inc; Gardner Denver Nash, LLC; Howden Group; HAUG Sauer Kompressoren AG; NEUMAN & ESSER GROUP; Hydro-Pac, Inc; Lenhardt & Wagner GmbH; PDC Machines Inc; Sundyne; and Ariel Corporation, among others.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com