Electrochemical Hydrogen Compressor Market to Reach USD110.34 Million by 2027
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.
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