The demand for hydrogen from the refining industry is growing due to the rising global demand for distillate fuel oil and the strict regulations related to sulfur content. The increasing adoption of hydrogen in refining processes has increased the demand for hydrogen compressors. For instance, the REFHYNE project is one of the flagship projects that promote the use of clean hydrogen in refineries. The hydrogen produced will be used for other applications as well, such as testing the PEM hydrogen electrolysis technology. It will also be used to explore the feasibility of hydrogen in applications such as power generation, transport, heating, and industrial processes. Hence, the demand for hydrogen compressors is expected to increase, owing to the rising demand for hydrogen from the refining industry and the increasing focus on using clean hydrogen.
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The volatility in crude oil prices will be a major challenge for the hydrogen compressor market during the forecast period. Fluctuations in global crude oil prices have a direct impact on the profitability and performance of oil and gas E&P companies. Low crude oil prices compel these companies to cancel or postpone oil and gas E&P projects. In the US, the surplus production of shale oil led to a reduction in crude oil imports and an increase in global crude oil supply. As unexpected price fluctuations affect the market, the recent frequent variations in crude oil prices have severely affected the petroleum industry. Since the oil and gas industry is the major contributor to the global hydrogen compressor market, uncertainties in crude oil prices negatively affect the investments in the oil and gas industry and reduce the sales of hydrogen compressors.
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Major Five Hydrogen Compressor Companies:
- Ariel Corp.
- Atlas Copco AB
- Colfax Corp.
- Hitachi Ltd.
- Hydro-Pac Inc.
The hydrogen compressor market share growth by the multistage segment will be significant during the forecast period. Multistage oil-based compressors are widely adopted in various end-user segments due to the high level of compression requirements in different production environments.
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Hydrogen Compressor Market Technology Outlook (Revenue, USD mn, 2020-2025)
- Multistage - size and forecast 2020-2025
- Single-stage - size and forecast 2020-2025
Hydrogen Compressor Market End-user Outlook (Revenue, USD mn, 2020-2025)
- Oil and gas - size and forecast 2020-2025
- Chemicals - size and forecast 2020-2025
- Others - size and forecast 2020-2025
Hydrogen Compressor Market Type Outlook (Revenue, USD mn, 2020-2025)
- Oil-based - size and forecast 2020-2025
- Oil-free - size and forecast 2020-2025
Hydrogen Compressor Market Geography Outlook (Revenue, USD mn, 2020-2025)
- APAC - size and forecast 2020-2025
- Europe - size and forecast 2020-2025
- North America - size and forecast 2020-2025
- MEA - size and forecast 2020-2025
- South America - size and forecast 2020-2025
Hydrogen Compressor Market Power Range Outlook (Revenue, USD mn, 2020-2025)
- Below 100 hp - size and forecast 2020-2025
- 101 hp - 200 hp - size and forecast 2020-2025
- 201 hp and above - size and forecast 2020-2025
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Related Reports on Industrials Include:
Gas Compressors Market by Product and Geography - Forecast and Analysis 2021-2025
Compressors Market by End-user and Geography - Forecast and Analysis 2021-2025
Hydrogen Compressor Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.36% |
Market growth 2021-2025 |
$ 841.18 million |
Market structure |
Fragmented |
YoY growth (%) |
1.52 |
Regional analysis |
APAC, Europe, North America, MEA, and South America |
Performing market contribution |
APAC at 44% |
Key consumer countries |
China, US, Germany, India, France, and Brazil |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Ariel Corp., Atlas Copco AB, Colfax Corp., Hitachi Ltd., Hydro-Pac Inc., IDEX Corp., J.P. Sauer and Sohn Maschinenbau GmbH, Mitsui E&S Holdings Co. Ltd., Siemens AG, and Trane Technologies Plc |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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SOURCE Technavio
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