Tue. Nov 30th, 2021

Increase in demand from automobile sector and distillate fuel oil is expected to drive the demand for global hydrogen compressor market throughout the forecast period.

According to TechSci Research report, “Global Hydrogen Compressor Market By Technology (Single-stage, and Multistage), By Specification (Oil-based, and Oil-free), By Product Type (Reciprocating Piston Compressors, Electrochemical Hydrogen Compressor, Hydride Compressor, Others), By End-user (Chemical, Oil & Gas, and Others), By Company, By Region, Forecast & Opportunities, 2026”, global hydrogen compressor market is expected to significant growth during the next five years. Hydrogen fuel cells are compact in size and stores energy and requires hydrogen compressors for operations. Hydrogen fuels cells provide continuous electricity supply without the effect of changing weather conditions which is another major factor for surge in demand for hydrogen compressors at a global level. Technological innovations for development of existing and new hydrogen compressors for better performance and higher efficiency is expected to be key factor for the hydrogen compressor market growth. Need for compression of hydrogen for transportation process to end user industries and to ensure minimal wastage and high profits is driving the global hydrogen compressors market. Rapid industrialization across the globe may create the need for hydrogen thereby fueling the global hydrogen compressor market.

However, due to fluctuating prices of raw materials and frequent need for maintenance of hydrogen compressors may create hindrance in the growth of the global hydrogen compressor market.

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Global hydrogen compressor market is segmented into technology, specification, product type, end user, region, and company. Based on specification, market is further bifurcated into oil-based and oil-free. Oil-based compressor is expected to dominate the market till 2026 owing to its affordability, efficiency, and longer service life over its counterpart. Huge applications in commercial and industrial applications are considered a major factor for continuous surge in demand for oil-based compressors in the market. Based on technology, global hydrogen compressors market is divided into single stage and multi-stage. Multi-stage compressors are expected to hold major market share owing to its ability to be customized by sizing according to the hydrogen gas flow through it. Multi-stage compressors find applications in transportation of hydrogen through pipelines, hydrogen production plants and for filling storage tanks. Also, development of multi-stage hydrogen compressors to accommodate other sources of energy as well is propelling the hydrogen compressor market.

Ariel Corporation, Burckhardt Compression AG, Corken Inc, Howden Group Ltd, Atlas Copco Group, Colfax Corporation, Hitachi Limited, HAUG Sauer Kompressoren AG, IDEX Corporation, Siemens AG are the leading players operating in global hydrogen compressor market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several hydrogen compressor manufacturers are coming up with their technologically advanced offerings.

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“Surge in demand for oil-based energy sources is aiding the growth of the global hydrogen compressor market. Oil downstream industry is considered a major consumer of hydrogen and thereby aiding the growth of the hydrogen compressor industry. Plethora of projects are under consideration to generate more revenue from oil and gas industry. Also, expansion of chemical industries for manufacturing of ammonia and methanol leading to the construction of new plants to surge the production volume therefore fostering the market growth till 2026”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Hydrogen Compressor Market By Technology (Single-stage, and Multistage), By Specification (Oil-based, and Oil-free), By Product Type (Reciprocating Piston Compressors, Electrochemical Hydrogen Compressor, Hydride Compressor, Others), By End-user (Chemical, Oil & Gas, and Others), By Company, By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of global hydrogen compressor market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global hydrogen compressor market.

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