Hydrogen Compressor market will register a 4.3% CAGR in terms of revenue, the global market size will reach 1.88 billion USD by 2026.
A hydrogen compressor is a device that surges the pressure of hydrogen gas by plummeting its volume, resulting in compressed hydrogen or liquid hydrogen. Most compressors used for gaseous hydrogen compression are either positive displacement compressors or centrifugal compressors. The oil-based section is anticipated to control the hydrogen compressor market over the forecast period, owing to its advantages and applications in several end-user industries
Based on the Hydrogen Compressor market development status, competitive landscape and development model in different regions of the world, this report is dedicated to providing niche markets, potential risks and comprehensive competitive strategy analysis in different fields of Manufacturing & Construction. From the competitive advantages of different types of products and services, the development opportunities and consumption characteristics and structure analysis of the downstream application fields are all analyzed in detail. To Boost Growth of Hydrogen Compressor during the epidemic era, this report analyzes in detail for the potential risks and opportunities which can be focused on.
A research project funded by the Fuel Cell and Hydrogen Joint Undertaking of the European Commission, developed an innovative metal hydride compressor prototype and started its testing. In the preliminary tests, the COSMHYC metal hydride compressor model achieved high-pressure values of more than 430 bar.
Signed a memorandum of understanding (MoU) for developing low carbon technology. The association between the two companies may develop and use new technologies to lessen carbon footprints from oil and gas operations. In particular, the companies may further develop hydrogen and carbon capture, utilization, and storage (CCS/CCUS) technologies, such as carbon capture, compression, regasification, and pressurization gear.
Company announced their plans to make USD 160 million in federal funding available to help recalibrate the nation’s vast fossil fuel and power infrastructure for decarbonized energy and commodity production. The funding is expected to help various research projects related to the innovation of hydrogen compressors.
Top Key players in the Hydrogen Compressor Market have been identified through secondary research, and their market shares have been determined through primary and secondary research. The global Hydrogen Compressor Market is fragmented with a large number of small players operating worldwide. The companies referred in the market research report includes ARIEL, Atlas Copco, Burckhardt, Dresser-Rand, Kobelco, Sundyne, Gardner Denver, Corken, Howden Group, Hitachi, Hydro-Pac, HAUG Sauer, Kaishan, Blower works and others.
Hydrogen Compressor Market is segmented based on the type, applications, companies and regions.
The report offers in-depth assessment of the growth and other aspects of the Hydrogen Compressor Market in important regions, including the U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc. Key regions covered in the report are North America, Europe, Asia-Pacific and Latin America.
Asia-Pacific is anticipated to be the promising market for fuel cells in the coming years, on account of the promising government policies in countries such as India, China and Japan.
One of the largest and fastest-growing hydrogen compressor markets in the world is China. It has observed substantial growth in its chemical, oil, and gas, and manufacturing sectors in recent years.Hydrogen centrifugal compressors are used in ethylene plants for cracked-gas compression and refrigeration services. With such upcoming projects, the demand for hydrogen compressors' application in ethylene plants is expected to rise in China.Owing to production shortages of ethylene and benzene, the country has been investing to surge its production capacity of ethylene and benzene.
The Indian fertilizer industry has witnessed a remarkable growth in the past five decades. It is the second-largest producer of nitrogenous fertilizers and third-largest in phosphatic fertilizers globally. India produced 415 lakh metric ton (LMT) of fertilizers, with a registered growth rate of over 1% in the past five years. This trend is expected to continue over the forecast period, leading to an increase in demand for hydrogen compressors.
Furthermore, the development of hydrogen fuel cell vehicles and Japan's aim to build hydrogen fuel stations for recharging the vehicles are expected to drive the hydrogen compressor market. For instance, in Japan, 11 domestic firms, including automakers and energy firms, made a consortium to build 80 fueling stations for hydrogen fuel cell vehicles by 2022 to create a market for the next-gen fuel cell vehicle. Also, Japan has 90 public stations, with more than 40 being operated by JXTG Nippon Oil and another 10 in the planning or construction stage. This is expected to drive the hydrogen compressor market demand for applications in hydrogen fuel stations during the forecast period.
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2021-2026. The report presents the analysis of Hydrogen Compressor Market for the historical period of 2017-2021 and the forecast period of 2021-2026.
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Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.