April 24, 2020
As per the report titled ‘Global Hydrogen Compressor Market Research Report 2020’, available with Market Study Report LLC, global hydrogen compressor market was valued at USD 428.7 million in 2020 and is expected to accrue USD 558.2 million by the year 2026, expanding at a CAGR of 3.8% during 2021-2026.
Hydrogen compressor is a machine that reduces the volume to increase the pressure on hydrogen, producing compressed hydrogen or liquid hydrogen. Increasing demand for hydrogen cylinder from end-use industries and ongoing development of hydrogen pipeline infrastructure are driving the market growth. Emergence of hydrogen fuel cell vehicles along with deployment of hydrogen refueling station (HRS) are expected to create new growth opportunities in the forthcoming years.
On the contrary, high initial capital, volatile price of raw materials and short maintenance cycles from the on/off cycling of the compressors may hamper the market growth during the forecast period.
Based on the type, the industry is bifurcated into single stage and multistage. Multistage hydrogen compressor segment accounted for 80% market share in 2018 and is poised to gain traction over the ensuing years.
Speaking of the application spectrum, market share from oil & gas segment reached 66% in 2018 and is anticipated to observe significant gains during the study period. Rising demand for cleaner fuels, favorable government regulations for desulfurization of petroleum products, and declining crude oil quality are supporting the production of hydrogen fuel, thereby stimulating the segment growth.
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Considering the geographical outlook, Asia Pacific hydrogen compressor market is slated to witness tremendous growth in the forthcoming years, on account of favorable government policies in countries such as China, Japan and India towards reducing environmental pollution and promoting the use of compressed hydrogen.
Key players in global hydrogen compressor market are ARIEL, Burckhardt, Atlas Copco, Kobelco, Dresser-Rand, Gardner Denver, Sundyne, Corken, Hitachi, Howden Group, Hydro-Pac, Kaishan, HAUG Sauer, and Blower works.
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