Global Hydrogen Centrifugal Compressors Market Expected to Reach USD 1,509.44 Million by 2031

According to a recent market study published by Growth Market Reports, titled, “Global Hydrogen Centrifugal Compressors Market, By Compressor Split Type, By Compress Level, By Flow Rate, By Discharge Pressure, By Motor Power, By End-use Application, and By Region: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at USD 645.89 Million in 2022 and is expected to expand at a growth rate of 10.3% by 2031.

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As per Growth Market Reports industry analyst, “The Global Hydrogen Centrifugal Compressors Market is anticipated to register significant growth during the forecast period, 2022-2031. The demand for hydrogen is on the rise across various industries. It has become a crucial technology for decarbonizing the energy industry, and 26 countries have implemented national hydrogen policies. Compressors play a crucial role in hydrogen gas storage, transportation, and distribution systems. Significant compression is required for the storage of hydrogen produced from different methods.

Hydrogen is used in various industries as an eco-friendly alternative to fossil fuels. However, due to its low density, it needs to be compressed for efficient transportation and storage. This is where hydrogen centrifugal compressors come in, which increase the pressure of hydrogen gas using the principle of centrifugal force. These compressors are lightweight, operate at high pressures and temperatures, and are commonly used in power generation, chemical processing, and fuel cell vehicles. They are crucial for the safe and efficient operation of hydrogen-based systems.

The use of conventional compressors with a single turbo shaft stage is limited, due to the low molecular weight of hydrogen and the potential for several metals to undergo hydrogen embrittlement when exposed to high mechanical stresses. To circumvent these limitations, Siemens Energy has developed a counter-rotating axial compressor design that significantly enhances each stage's ability to perform work on the fluid being compressed, given a particular rotor speed and material stress limit. Siemens Energy is expected to conduct a techno-economic analysis and cost model assessment to demonstrate the potential monetary benefits of the advanced hydrogen compression technology as compared to existing commercially available centrifugal compression technologies, in addition to developing a counter-rotating axial compressor design for hydrogen compression. The counter-rotating hydrogen compressor stage is expected to have a significant advantage over traditional centrifugal stages by enabling high-pressure ratios to be achieved. This is expected to be one of the key benefits of the new technology. These technological advancements provide growth opportunities for the market.

Primary and secondary research methodology is used for keen observation and study of the Global Hydrogen Centrifugal Compressors Market. Primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews are conducted with stakeholders across industry verticals on regular intervals in line with the ongoing studies and to be updated with the latest market trends & developments. Validation of the estimated market size and current and future trends are done from the key opinion leaders (KOLs). These KOLs are the CXO level people from key companies in the industry and possess the experience of around 10-20 years in the industry. The secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases are analyzed for macro & micro analysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The COVID-19 pandemic has highlighted economic disparities in the global demand in the crisis of global interdependence and governance challenges. Pandemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. Strict measures are required for monitoring the pandemic, which affected businesses and caused unanticipated short and long-term effects. Consequently, pandemics are problems for individual market and an enhancement of existing dynamics and limitations. In the long-term, COVID-19 serves as an opportunity for manufacturers to reconsider their commitment to the supply chain in regions prone to outbreaks and to reconfigure themselves regionally. In the present scenario, COVID-19 is hampering the production process of several manufacturing industries and businesses. Moreover, trade barriers are further reducing the demand-supply of various products and services. However, the reduction in outdoor activities and social distancing has created lucrative opportunities for the market.

Key Takeaways from the Study:

• Key market players include SIEMENS ENERGY, Hitachi Ltd., MITSUBISHI HEAVY INDUSTRIES, LTD., Atlas Copco AB, Johnson Controls, BAKER HUGHES COMPANY, Elliott Group, BORSIG GmbH, Sundyne, and Shanghai Xinran Compressor Company.

• Players are adopting key strategies such as acquisitions, collaborations, and geographical expansion for potential opportunities in the Hydrogen Centrifugal Compressors Market.

• The global Hydrogen Centrifugal Compressors Market is projected to expand at a rapid pace globally, owing to Rising Demand for Hydrogen from Various End-use Industries and Advancements in Compression Technology for Hydrogen Production, and others.

Report Scope:

Target Audience:

• Supply-side: Raw Compress Level suppliers and Manufacturers

• Demand Side: Industrial sectors

• Regulatory Side: Concerned government authorities and other regulatory bodies