Hydrogen compressor market uptakes growth by development of the automotive sector.
PORTLAND, OR, UNITES STATES, March 9, 2022 /
EINPresswire.com/ -- According to the report published by Allied Market Research,
Hydrogen Compressor Market by Technology Type (Mechanical and Nonmechanical), Lubricant Type (Oil-based and Oil-free) and End-user Industry (Oil & Gas, Chemical, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030. Hydrogen compressor is a device that is utilized to reduce the volume of hydrogen to increase the pressure resulting in compressed hydrogen or liquid hydrogen. The compressor decreases the volume of hydrogen gas as gases are compressible, but a pump raising the pressure of a liquid allows the liquid hydrogen to be transferred elsewhere.
Development of hydrogen pipeline infrastructure, surge in demand for hydrogen from the oil industry, and rise in the chemical industry drive the growth of the global hydrogen compressor market. However, economic slowdown and rise in environmental awareness restrain the market growth. On the other hand, demand for hydrogen compressors in ethylene plants presents new opportunities in the coming years.
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Covid-19 Scenario:
Manufacturing activities of hydrogen compressors stopped due to lockdown measures implemented in many countries. Moreover, disruptions in the supply chain and shortage of raw materials presented challenges in conducting manufacturing in full capacity.
The demand from end-use industries such as oil & gas, automotive, chemical, and others lowered down significantly due to halt in daily operations during the lockdown. However, the demand is estimated to grow steadily during post-lockdown.
The report offers detailed segmentation of the global hydrogen compressor market based on technology type, lubricant type, end user industry, and region.
Based on technology type, the mechanical compressors segment accounted for the highest share in 2020, contributing to more than three-fourths of the total share, and is expected to maintain its lead position during the forecast period. Moreover, this segment is estimated to register the fastest CAGR of 4.2% from 2021 to 2030. The report also analyzes the non-mechanical compressors segment.
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Based on end user industry, the oil and gas segment accounted for the highest share in 2020, contributing to nearly three-fifths of the global hydrogen compressor market, and is projected to maintain its dominance during the forecast period. In addition, this segment is expected to witness the fastest CAGR of 4.3% from 2021 to 2030. The research also discusses the segments including chemical, automotive, and others.
Based on region, Asia-Pacific held the largest share in 2020, accounting for nearly one-third of the total share, and is projected to maintain its leadership status in terms of revenue by 2030. Moreover, this region is expected to portray the largest CAGR of 4.8% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
Leading Players:
Leading players of the global hydrogen compressor market analyzed in the research include Ariel Corporation, Burckhardt Compression AG, Atlas Copco AB, HAUG Sauer Kompressoren AG, Fluitron, Inc., Howden Group, Hitachi, Ltd., Ingersoll Rand, Inc., IDEX Corporation, and Nel ASA.
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