PORTLAND, Ore, Jan. 31, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “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, 2023–2030.” According to the report, the global hydrogen compressor industry was estimated at $1.78 billion in 2020, and is anticipated to hit $2.66 billion by 2030, registering a CAGR of 4.0% from 2023 to 2030.
Drivers, restraints, and opportunities-
Development of hydrogen pipeline infrastructure, rise in demand for hydrogen from the oil industry, and advancements in the chemical industry drive the growth of the global hydrogen compressor market. On the other hand, economic slowdown and rise in environmental awareness impede the growth to some extent. However, demand for hydrogen compressors in ethylene plants is expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- The outbreak of the pandemic gave way to huge disruptions in the manufacturing activities, especially during the initial phase. Simultaneously, distorted supply chain and dearth of raw materials created a number of challenges, thereby impacting the global hydrogen compressor market negatively.
- However, the market is projected to recoup soon.
The mechanical compressors segment to retain the lion’s share-
By technology type, the mechanical compressors segment contributed to the highest share in 2020, holding more than three-fourths of the global hydrogen compressor market. The same segment is also expected to cite the fastest CAGR of 4.2% from 2023 to 2030. Mechanical hydrogen compressors reach gravimetric and volumetric energy densities close to the DOE 2017 targets with efficiencies up to 95%. This factor propels the segment growth. The report also discusses the non-mechanical compressors segment.
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The oil based segment to dominate by 2030-
By lubrication type, oil based segment held the major share in 2020, garnering nearly two-thirds of the global hydrogen compressor market. The same segment is also anticipated to witness the fastest CAGR of 4.2% from 2023 to 2030. This is because oil-based hydrogen compressors are quite popular as they run smoothly without damaging the mechanism.
Asia-Pacific, followed by Europe and North America, held the major share in 2020-
By region, Asia-Pacific held the highest share in 2020, generating nearly one-third of the global hydrogen compressor market. The same region is also anticipated to cite the fastest CAGR of 4.8% throughout the forecast period. Easy availability of labor and increase in industrialization drive the market growth in the Asia-Pacific region. The report also assesses other regions including North America, Europe, and LAMEA.
Key players in the industry-
- Atlas Copco AB
- Burckhardt Compression AG
- HAUG Sauer Kompressoren AG
- Hitachi, Ltd.
- Howden Group
- Ariel Corporation
- IDEX Corporation
- Ingersoll Rand, Inc.
- Fluitron, Inc.
- Nel ASA
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