DUBLIN, March 28, 2022–(BUSINESS WIRE)–The “North America Hydrogen Compressor Market Forecast to 2028 – COVID-19 Impact and Regional 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)” report has been added to ResearchAndMarkets.com’s offering.
Oil-Based Segment to Dominate North America Hydrogen Compressor Market during 2021-2028.
North America Hydrogen Compressor Market is expected to reach US$ 757.21 million by 2028 from US$ 527.84 million in 2021. The market is estimated to grow at a CAGR of 5.3% from 2021 to 2028.
The report provides trends prevailing in the North America hydrogen compressor market along with the drivers and restraints pertaining to the market growth. Rising adoption of hydrogen fuel cell vehicles is the major factor driving the growth of the North America hydrogen compressor market. However, issues associated with the elevated recurring cost in maintenance hinder the growth of North America hydrogen compressor market.
The North America hydrogen compressor market is segmented into type, stage, end-user and country. Based on type, the market is segmented into oil-based and oil-free. The oil-based segment dominated the market in the year 2020 and oil-free is expected to be the fastest growing during forecast period. In terms of stage, the hydrogen compressor market is segmented into single-stage and multi-stage.
Multi-stage segment dominated the market in the year 2020 and single-stage is expected to be the fastest growing during the forecast period. In terms of end-user, the hydrogen compressor market is segmented into chemicals, oil and gas, automotive and transportation, renewable energy, and other end users. Oil and gas segment dominated the market in 2020 and automotive and transportation segment is expected to be the fastest growing during the forecast period.
North American countries suffered a huge loss in the first half of 2020 owing to the rapid rise in number of COVID-19 cases, specifically in the US. Thus, the hydrogen compressor market decreased slightly in 2020. This can be mainly attributed to lockdowns imposed by various state governments and low demand from chemical, oil and gas, and renewable energy industries. The similar growth pattern is likely to continue in 2021 as well.
COVID-19 has already impacted the sales of electronics equipment and hydrogen compressors in the year 2020, as companies had to be functional with limited workforce and are now trying to cope up with the losses they faced in the year 2020. Furthermore, municipalities are functioning slowly as compared to the past and renewable energy projects are at a halt, which are further limiting the hydrogen compressor market growth in North America.
Atlas Copco AB; Burckhardt Compression AG; Fluitron, Inc.; Gardner Denver Nash, LLC; Howden Group; Hydro-Pac, Inc.; Lenhardt & Wagner GmbH; NEUMAN & ESSER GROUP; and PDC Machines Inc. are among the leading companies in the North America hydrogen compressor market.
The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Burckhardt Compression AG had been selected as compressor supplier for a new-built hydrogen liquefaction plant in South Korea. The order includes two BCS API618 compressors for the compression of hydrogen within the liquefaction process.
Key Industry Dynamics
Key Market Drivers
Key Market Restraints
Key Market Opportunities
The report segments the North America Hydrogen Compressor market as follows:
North America Hydrogen Compressor Market – By Type
North America Hydrogen Compressor Market – By Stage
North America Hydrogen Compressor Market – By End-User
North America Hydrogen Compressor Market – By Country
For more information about this report visit https://www.researchandmarkets.com/r/h8942y
View source version on businesswire.com: https://www.businesswire.com/news/home/20220328005707/en/
Laura Wood, Senior Press Manager
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