Report : Hydrogen Compressors Market Forecast to 2028 - COVID-19 Impact and Global Analysis 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) and Geography
Growing Adoption of Hydrogen Fuel Cell Vehicles to Provide Growth Opportunities for Hydrogen Compressors Market During 2021–2028
According to our latest market study on “Hydrogen Compressors Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Stage, and End-User,” the market was valued at US$ 1,894.15 million in 2020 and it is projected to reach US$ 2,813.27 million by 2028; it is expected to grow at a CAGR of 5.2% from 2021 to 2028.
The electromechanical hydrogen compressors are presently in the research and development stage contain the usage of electrochemical reactions, ionic liquids, and metal hydrides. The electrochemical compressors have the application of proton exchange membranes lined by electrodes and a peripheral power source to lead the recombination at higher pressures at the cathode and dissociation of hydrogen at the anode. The development of electrochemical hydrogen compressor (EHC) is necessary to tackle the critical requirements of higher efficiency, lower cost, and improved durability. For instance, HyET Group offers electrochemical hydrogen compression technology, which is exclusively designed to operate the compression and purification step utilizing one piece of equipment. This results in a compact, energy efficient, and cost-effective electromechanical hydrogen compressor. This technology minimizes downtime, as electrochemical compression stacks are static equipment, and hence, they do not have the wear and tear issue. This is propelling the growth of the hydrogen compressors market.
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 larger share in the market. Based on end-user, the hydrogen compressors market is segmented into chemicals, oil and gas, automotive and transportation, renewable energy, 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.
Impact of COVID-19 Pandemic on Hydrogen Compressors Market
The COVID-19 outbreak has affected the overall growth rate of global hydrogen compressors market in 2020 in a negative manner to some extent. This can be attributed to decline in revenue and growth of companies operating in the market, owing to supply and demand disruptions across the value chain. Thus, there was a decline in y-o-y growth rate during 2020. However, the positive demand outlook from industries such as automotive, transportation, and renewable energy is anticipated to drive the market over the forecast period of 2021 to 2028, and thus, the market growth will be steady in the coming years. The lockdown imposed by several country governments amid the COVID-19 pandemic has severely affected the growth of the energy & power, chemicals, and food & beverages industries. Nevertheless, these industries are soon likely to recover this damage by ramping up their production capabilities from the second half of 2021. Companies in Asia have restructured their capabilities by adopting strategies such as automation, partnership, and acquisition. Moreover, the demand for advanced electronics, such as hydrogen compressors, has risen significantly in these countries. China is responsible for more than 80% of the global supply chain of raw material. The country managed to control the spread of COVID-19 during the second quarter of 2020, and industries are up and running. Hubei, for example, is one of China's four main car production centers, with over 100 automotive suppliers.
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; and PDC Machines Inc. are among the major companies operating in the hydrogen compressors market.
The report segments the global hydrogen compressors market as follows: