High-end investments and technological advancements and rise for EHCs among end user industries including chemical, oil and gas industry and automobiles are driving the growth of global electrochemical hydrogen compressor market in the forecast period, 2023-2027.
According to TechSci Research report, “Electrochemical Hydrogen Compressor Market- Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, Global electrochemical hydrogen compressor market stood at USD51.99 million in 2021 and is expected to register a CAGR of 13.96% to reach USD110.34 million by 2027. The global electrochemical hydrogen compressor market is expected to increase at a stable rate. Rapid urbanization and industrial growth are expected to increase energy consumption. Consequently, the rising demand for energy and power owing to rapid urbanization and the increasing household incomes, along with improving manufacturing and heavy industries, are boosting the deployment of electrochemical hydrogen compressors. Several factors, including an increase in hydrogen consumption from end-user industries and the construction of hydrogen pipeline systems, are projected to increase the Global Electrochemical Hydrogen Compressor Market. Additionally, the increasing government investments in oil and gas projects propel the demand for electrochemical hydrogen compressors integrated with energy storage systems in the Electrochemical Hydrogen Compressor Market. Thus, these factors are expected to contribute to the market growth during the forecast period.
As fossil fuel sources deplete and worldwide demand for a more sustainable economy develops, hydrogen-based energy is becoming important. Hydrogen generation, purification, and compression are major technological challenges in the widespread adoption and commercialization of hydrogen-powered vehicles. Several investments and technologies are being made to address these concerns. For example, HyET has developed an Electrochemical Hydrogen Compressor (EHC) as a high-efficiency method for increasing hydrogen infrastructure deployment. This revolutionary method is ideal for hydrogen refueling stations in automobiles as well as for renewable 'green' hydrogen in natural gas pipeline infrastructure.
Climate change is a major transformation driver in the EHC market. Various innovations and developing technologies are used in the production of solar panels, wind turbines, electric vehicles, and sustainably produced hydrogen. There is high business potential in the transition to a low-carbon society and minimizing CO2 emissions, and that drives demand for more energy-efficient machines such as EHCs.
Browse over 95 market data Figures spread through 154 Pages and an in-depth TOC on "Global Electrochemical Hydrogen Compressor Market "
Global electrochemical hydrogen compressor market is segmented into type, application, technology, specification, region. Based on type, the market is further fragmented into <100 Bar, 100 to 500 Bar, 500 to 1000 Bar, >1000 Bar. The >1000 Bar segment is the fastest growing type in the market, with an increasing CAGR of 18.88% in the forecast period 2022E-2027F. This is due to the rising demand for high-pressure compression of hydrogen gas in the upcoming years. The demand for compressed hydrogen gas with more than 1000 bar pressure is rising in numerous industrial applications, including hydro desulphurizing, hydrotreating, and hydrocracking processes.
Based on application, the market is segmented into chemical, oil & gas, HVAC, others. The Oil & Gas application dominated the Global Electrochemical Hydrogen Compressor Market in 2021, with a market share of 55.03%. This is due to the growing demand for compressed hydrogen gas for cleaner fuels, government regulations for the desulfurization of petroleum products, and the general decline in crude oil quality.
The refinery investments are rising rapidly with the increase in oil & gas demand across the globe. Consequently, the significant investments expected in developing countries are likely to require a high demand for green hydrogen gas usage.
Major market players operating in the global electrochemical hydrogen compressor market are:
- High yield Energy Technologies (HyET) Hydrogen B. V.
- Xergy Inc.
- Nuvera Fuel Cells, LLC
- Fuelcell Energy, Inc.
- Skyre Inc.
- Giner Inc.
- Proton Technologies Canada Inc.
- Henan Yuanju Machinery Equipment Co. Ltd.
- Keepwin Technology Hebei Co. Ltd.
- Taizhou Toplong Electrical & Mechanical Co., Ltd.
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“North America held the largest market share of 42.88% in the Global Electrochemical Hydrogen Compressor Market in 2021, as the region comprises developed nations that house heavy, medium-scale, and small-scale industries, striving to improve the energy efficiency of the region. In North America Electrochemical Hydrogen Compressor Market, the United States is the most significant contributor to the compressed hydrogen gas demand with a market share of 76.93% in 2021, majorly owing to the high demand for compressed hydrogen gas from the Oil & Gas industry,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Electrochemical Hydrogen Compressor Market- Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027 Segmented By Type (<100 Bar, 100 to 500 Bar, 500 to 1000 Bar, >1000 Bar), By Application (Chemical, Oil & Gas, HVAC, Others), By Technology (Single-stage and Multi-stage), By Specification (Oil-based, Oil-free), By Region,” has evaluated the future growth potential of the global electrochemical hydrogen compressor market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global electrochemical hydrogen compressor market.
Mr. Ken Mathews
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