At 4.3% CAGR, Europe Hydrogen Compressor Market is Projected to be Worth US$ 612.08 Million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Europe hydrogen compressor market was valued at US$ 438.68 million in 2022 and is expected to reach US$ 612.08 million by 2030, registering a CAGR of 4.3% from 2022 to 2030. Increasing investments across oil & gas sector and rising investments in renewable energy and hydrogen generation projects worldwide are among the critical factors attributed to drive the Europe hearing market growth.

The oil & gas sector is rapidly expanding in several countries, such as China, the US, Saudi Arabia, Russia, and Mexico. The industry's growth is driven by increasing oil and gas exploration activities in these countries. There is a rising adoption of advanced technologies for drilling and completing operations to optimize oil and gas production. Governments of various countries are investing in the mining, refineries, and oil & gas sectors. There is a rise in investments in the oil & gas, coal extraction, and low-carbon fuel industries. Per the International Energy Agency (IEA), the net income of the world's leading oil and gas producers doubled in 2022, reaching US$ 4.0 trillion. In 2022, the key oil and gas companies invested US$ 200 billion in the capital investment responsible for boosting oil and gas capacity across the globe. The Europe hydrogen compressor market is majorly related to the oil & gas industry, as hydrogen is majorly used in the oil refining process for petroleum products. The increase in investments in the oil & gas industry has created massive demand for hydrogen compressors as they are widely used for transportation and compression of hydrogen gas in the oil and gas refining process. Thus, growing investments in the development of the oil & gas sector are driving the Europe hydrogen compressor market growth.

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

Based on type, the Europe hydrogen compressor market is bifurcated into oil-based and oil-free. The oil-based segment held 62.9% market share in 2022, amassing US$ 276.79 million. It is projected to garner US$ 372.26 million by 2030 to register 3.8% CAGR during 2022–2030.

In terms of stage, the Europe hydrogen compressor market is bifurcated into single-stage and multi-stage. The multi-stage segment held 59.7% share of Europe hydrogen compressor market in 2022, amassing US$ 263.19 million. It is anticipated to garner US$ 373.91 million by 2030 to expand at 4.5% CAGR during 2022–2030.

By end user, the Europe hydrogen compressor market is segmented into chemicals, oil and gas, automotive and transportation, renewable energy, refueling stations, and others. The oil and gas segment held 31.8% share of Europe hydrogen compressor market in 2022, amassing US$ 135.97 million. It is projected to garner US$ 182.45 million by 2030 to expand at 3.7% CAGR from 2022 to 2030.

By country, the Europe hydrogen compressor market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 28.3% share of Europe hydrogen compressor market in 2022. It was assessed at US$ 124.04 million in 2022 and is likely to hit US$ 166.82 million by 2030, registering a CAGR of 3.8% during 2022–2030.

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

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