Hydrogen Compressor Market to grow at a Significant Rate through 2026
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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