Portland,OR, Nov. 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global hydrogen compressor market garnered $1.9 billion in 2021, and is estimated to generate $2.8 billion by 2031, manifesting a CAGR of 4.0% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.9 billion |
| Market Size in 2031 | $2.8 billion |
| CAGR | 4.0% |
| No. of Pages in Report | 247 |
| Segments covered | Technology Type, Lubrication Type, End User Industry, and Region. |
| Drivers | Surge in hydrogen consumption from end-user industries |
| Construction of hydrogen pipeline infrastructure | |
| Rise in demand for oil-based compressors | |
| Opportunities | Partnerships and acquisitions among market players |
| Development of new hydrogen compressors with latest technologies | |
| Restraints | High purchasing and maintenance costs of hydrogen compressor |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global hydrogen compressor market, as the pandemic halted production of many products in the hydrogen compressor market, owing to stringent lockdowns imposed by governments of several nations.
- Curfew practices globally affected the domestic as well as international production of hydrogen compressor, which, in turn, hampered the growth of the overall market.
- Supply chain was disrupted due to import & export restrictions. Manufacturers faced shortage of labor and unavailability of raw materials.
- However, the number of COVID-19 cases has reduced with the introduction of the vaccine for COVID-19 on the market. This has led to the reopening of hydrogen air compressor companies at their full-scale capacities. This is expected to help the market recover by the end of 2022.
The research provides detailed segmentation of the global hydrogen compressor market based on technology type, lubrication type, end user industry, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on technology type, the mechanical compressors segment held the highest share in 2021, accounting for more than three-fourths of the global hydrogen compressor market, and is expected to continue its leadership status during the forecast period. In addition, the same segment is expected to register the highest CAGR of 4.1% from 2022 to 2031.
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Based on lubrication type, the oil-based segment accounted for the highest share in 2021, contributing to around two-thirds of the global hydrogen compressor market, and is expected to maintain its lead in terms of revenue during the forecast period. In addition, the same segment is expected to manifest the highest CAGR of 4.2% from 2022 to 2031.
Based on end user industry, the oil and gas segment accounted for the highest share in 2021, holding nearly three-fifths of the global hydrogen compressor market, and is expected to continue its leadership status during the forecast period. In addition, the same segment is estimated to grow at the highest CAGR of 4.3% during the forecast period.
Based on region, the Asia-Pacific region held the largest share in 2021, contributing to nearly one-third of the global hydrogen compressor market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 4.7% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
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Leading Players:
Leading market players of the global hydrogen compressor market analyzed in the research include Ariel Corporation, Atlas Copco AB, Burckhardt Compression AG, Fluitron, Inc, HAUG Sauer Kompressoren AG, Hitachi, Ltd., Howden Group, IDEX Corporation, Ingersoll Rand, Inc., and Nel ASA.
The report provides a detailed analysis of these key players of the global hydrogen compressor market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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