The hydrogen compressor market was valued at US$ 1,894. 15 million in 2020 and is projected to reach US$ 2,813. 27 million by 2028; it is expected to grow at a CAGR of 5. 07% during 2020-2028.
New York, June 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hydrogen Compressors Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Stage, and End-User" - https://www.reportlinker.com/p06099477/?utm_source=GNW
Due to the mounting urbanization and industrial growth, the energy consumption has risen manifolds.Thus, to meet the soaring demand for power, the development of sub-transmission and intrastate transmission networks is expanding.
The escalating demand for energy & power, owing to rising household incomes and increasing manufacturing and heavy industries, is boosting the deployment of hydrogen compressors.Renewable energy plays a significant role for offering access to electricity.
As per the International Energy Agency (IEA), the demand of electricity is projected to expand at 2.1% per year by 2040 globally. The growth in requirement for electricity in Southeast Asia is among the fastest in the globe; it has the potential for the renewable energy sector. Moreover, in APAC, India is the 3rd largest producer of electricity, and the generating capacity is exponentially expanding due to favorable government support and initiation of numerous power generation projects. The growth in electrical infrastructure projects worldwide is driving the use of hydrogen compressors among several energy & power projects and creating huge opportunities for the hydrogen compressor market players.
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 compressor 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 compressor 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.
The COVID-19 pandemic has been affecting operations of various industries in different countries since the first quarter of 2020.The tremendous spike in the infection has urged governments worldwide to impose strict restrictions on transportation.
Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has disturbed economies and industries in various countries.The lockdown imposition has resulted in lesser production of commodities, goods, and services along with discontinuation of supply chain activities at several nodes.
Chemical, oil and gas, and energy & power, among other industries, have witnessed a decline in operations due to the temporary shutdown of activities.Small and medium enterprise owners have been witnessing more severe consequences of the pandemic.
These conditions are also limiting the hydrogen compressor market growth. Furthermore, the COVID-19 pandemic has already negatively impacted the sales of electronics equipment and hydrogen compressors in 2020, as companies had to be functional with limited workforce and they are now trying to cope up with the losses they faced in the year 2020. Additionally, municipalities are functioning slowly as compared to the past and the renewable energy projects are at halt, which is further limiting the hydrogen compressor market growth globally.
The overall hydrogen compressor market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the hydrogen compressor market with respect to all the segments.It also provides the overview and forecast for the global hydrogen compressor market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the hydrogen compressor market.
A few major players operating in the global hydrogen compressor market are 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.; among others.
Read the full report: https://www.reportlinker.com/p06099477/?utm_source=GNW
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