New York, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Hydrogen Compressors Market Size, Share, Report, Demand, Growth Strategy, Industry Trends and Forecast to 2028 - by Type (Oil-Based and Oil-Free), Stage (Single-Stage and Multi-Stage), and End-User (Chemicals, Oil and Gas, Automotive and Transportation, Renewable Energy, and Other End-Users)," The hydrogen compressor market size was valued at USD 1.89 billion in 2020 and is projected to reach USD 2.81 billion by 2028; it is expected to grow at a CAGR of 5.2% from 2021 to 2028.
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Global Hydrogen Compressors Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 1.89 Billion in 2020 |
| Market Size Value by | USD 2.81 Billion by 2028 |
| Growth rate | CAGR of 5.2% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 160 |
| No. of Tables | 88 |
| No. of Charts & Figures | 65 |
| Historical data available | Yes |
| Segments covered | Type , Stage , and End-User and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Atlas Copco AB, Burckhardt Compression AG, Fluitron, Inc., Gardner Denver Nash, LLC, Howden Group, HAUG Sauer Kompressoren AG, NEUMAN & ESSER GROUP, Hydro-Pac, Inc., Lenhardt & Wagner GmbH, PDC Machines Inc. |
| Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
| Global Hydrogen Compressors Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00019472/ |
Global Hydrogen Compressors Market: Competitive Landscape and Key Developments
Atlas Copco AB, Ariel Corporation, Burckhardt Compression AG, Howden Group, and NEUMAN & ESSER GROUP are the five key players in the global hydrogen compressor market. The listing of key players is derived by considering multiple factors such as overall revenue, current hydrogen compressor solution portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. There are various other notable players in the global hydrogen compressor market ecosystem, such as Fluitron, Inc.; Gardner Denver Nash, LLC; HAUG Sauer Kompressoren AG; Hydro-Pac, Inc.; Lenhardt & Wagner GmbH; and PDC Machines Inc. A few of the important market initiatives and product developments from the industry are mentioned below:
2021: The partnership among ENGV, PDC Machines Inc., and IVYS Inc. have combined efforts to set up the first retail hydrogen station in Australia. The station would support a fleet of 20 Hyundai Nexo clean-running hydrogen fuel cell vehicles for use in the Australia Capital Government, catalyzing the rollout of public-facing, retail hydrogen applications.
2018: Lenhardt & Wagner GmbH had launched a new diving compressor LW700 11es. The improved sound insulation on the company’s new diving compressor is ideal for being used in commercial and sales areas, and in residential & industrial buildings.
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The hydrogen compressors are effectively used to compress small to medium quantities of hydrogen to high and as per the requirement, they can also be used for extremely high pressures of more than 5,000 bar (75,000 PSI). Moreover, less than 250 bar (3,600 PSI) pressure is required to compress high quantities of oil-free hydrogen. In case, above 10 Megawatts of drive power is used to achieve any hydrogen compression requirement. Further, if oil traces are permitted in the gas, the discharge pressures in the range of more than 600 bar (9,000 PSI) are possible with lubricated compression. The oil and gas and chemical industries experience tremendous growth across the world; moreover, various renewable energy projects are in the pipeline, especially in Southeast Asian countries. Thus, the requirement for better-conducting channels in various industries is offering future growth opportunities for the global hydrogen compressor market. The current growth of the hydrogen compressor market is primarily attributed to the introduction of advanced products by the hydrogen compressor manufacturers, which is one of the significant factors expected to boost the market growth during the forecast period. Furthermore, despite favorable growth conditions globally and high demand from chemical, automotive and transportation, and renewable energy sectors, the ongoing COVID-19 outbreak has negatively affected the growth rate of hydrogen compressor market in 2020. The outbreak has affected global supply chains and business revenues due to business shutdowns, border closing, and trade bans across the globe, which interrupted marketing and sales activities of companies operating in the global hydrogen compressor market. However, with opening of several growth markets in APAC region, vaccination development, and initiatives taken by various governments to support economic and industrial growth, the future demand of hydrogen compressor is anticipated to grow at a positive and steady pace in the coming years.
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The hydrogen compressor market is segmented based on type, stage, end user, and geography. Based on type, the market is segmented into oil-based and oil-free. In 2020, the oil-based segment accounted for larger market share. In terms of stage, the market is bifurcated into single-stage and multi-stage. In 2020, the multi-stage segment accounted for a larger share in the market. Based on end-user, the hydrogen compressors market is segmented into automotive and transportation, metal fabrication, construction, oil and gas, heavy machinery, and other end-users. In 2020, the oil and gas segment accounted for the largest share in the market. Geographically, the global hydrogen compressors market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, the APAC segment accounted for the significant share in the global market.
The COVID-19 pandemic has been affecting operations of various industries in different countries since the first quarter of 2020. The tremendous spike in the infection has urged governments worldwide to impose strict restrictions on transportation. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has disturbed economies and industries in various countries. The lockdown imposition has resulted in lesser production of commodities, goods, and services along with discontinuation of supply chain activities at several nodes. Chemical, oil and gas, and energy & power, among other industries, have witnessed a decline in operations due to the temporary shutdown of activities. Small and medium enterprise owners have been witnessing more severe consequences of the pandemic. These conditions are also limiting the hydrogen compressor market growth. Furthermore, the COVID-19 pandemic has already negatively impacted the sales of electronics equipment and hydrogen compressors in 2020, as companies had to be functional with limited workforce and they are now trying to cope up with the losses they faced in the year 2020. Additionally, municipalities are functioning slowly as compared to the past and the renewable energy projects are at halt, which is further limiting the hydrogen compressor market growth globally.
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Key Findings of Study:
The global hydrogen compressors market is segmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM).
Significant strategic initiatives by several market players are observed in the hydrogen compressors market. For instance, in January 2021, HAUG Sauer Kompressoren AG received an order from a French customer from the research industry for a NanoLoc hydrogen compressor with 250 bar discharge pressure.
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Automotive Air Compressor Market– The air compressor is a mechanical device that is used to convert mechanical energy into pressure energy by compressing gases.
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Diving Compressor Market– A diving air compressor is a gas compressor that can deliver breathing air openly to a surface-supplied diver, or fill diving cylinders with high-pressure air pure sufficient to be used as a breathing gas.
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Refrigerant Compressors Market– A refrigerant compressor is a mechanical component of the refrigeration cycle that regulates refrigerant circulation by increasing pressure and decreasing volume.
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