Rapid Growth of End-Use Industries
According to our latest market study on " North America Hydrogen Compressor Market Forecast to 2028 – COVID-19 Impact and Analysis – by Type (Oil-Based and Oil-Free), Stage (Single-Stage and Multi-Stage), End User (Chemicals, Oil & Gas, Automotive & Transportation, Renewable industries, and Other End Users), Discharge Pressure Range (Less than 13000 psig, 13001 psig to 14000 psig, and More than 14000 psig), Power Range (Less than 1 MW, 1 MW to 5 MW, 5 MW to 10 MW and More than 10 MW), Application (H2 Liquid, H2 Pipeline, H2 for Industry/Ammonia, H2 Storage, H2 Trailer / Cylinder Filling, H2 Large Fuel Station, and H2 Small Fuel Station), and Compressor Type (Reciprocating and Diaphragm Compressors and Piston Ring compressors)," the market is projected to reach US$ 643.6 million by 2028 from US$ 448.7 million in 2021; it is expected to register a CAGR of 5.3% from 2021 to 2028.
The need for hydrogen is growing across the refining sector, owing to rising demand for regional distillate fuel oil and strict sulfur content limitations in the North American hydrogen compressor market. The need for hydrogen compressors has increased as their use has grown in refining processes. Oil-based compressors are more efficient than oil-free compressors because the oil acts as a cooling medium, removing around 80% of the heat created by the compressor during compression. Therefore, there has been a major increase in the need for oil-based compressors in recent years. As a result, this factor is likely to significantly impact the North America hydrogen compressor market growth during the forecast period. The increasing need for hydrogen from the refining industry and the growing emphasis on using clean hydrogen propel the demand for hydrogen compressors thereby it is a driver for the North America hydrogen compressor market.
The use of hydrogen is rising in North America. In North America, low-carbon hydrogen production is predicted to nearly triple by 2030, reaching 1.4 million tons per year. The demand for blue hydrogen in North America is expected to account for 85% of low-carbon hydrogen capacity by 2030, which can be linked to the growth of hydrogen compressor in North America Hydrogen Compressor Market. Furthermore, due to the low prices of natural gas and an abundance of suitable geological carbon storage locations, blue hydrogen generation is cheap in North America. Therefore, automotive manufacturing organizations are switching to hydrogen fuels. Hence, these factors propel the demand for hydrogen compressors and increase the growth of the North America hydrogen compressor market across the region.
The North America hydrogen compressor market is segmented into product type and building type. Based on type, the North America hydrogen compressor market is bifurcated into oil-based and oil-free. Oil-based hydrogen compressors are likely to dominate the market over the forecast period, owing to their cheaper cost, longer life, and higher efficiency, making them ideal for use in a variety of sectors. Based on stage, the North America hydrogen compressor market is bifurcated into single-stage and multi-stage. The number of times air is compressed between the inlet valve and the tool nozzle is the fundamental difference between single-stage and multi-stage compressors. A single-stage compressor compresses the air once; a multi-stage compressor compresses the air many times for double the pressure.
The key market players or manufacturers in the North America hydrogen compressor market include 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.
Impact of COVID-19 Pandemic on North America Hydrogen Compressor Market
The COVID-19 pandemic is wreaking havoc on energy networks across North America, stifling investment and slowing the spread of crucial clean energy technology that is negatively impacting the North America hydrogen compressor market. Prior to the crisis, clean energy technology progress had been promising but uneven. According to the International Energy Agency's (IEA) annual Tracking Clean Energy Progress report, only 6 out of 46 technologies and sectors were "on pace" to reach long-term sustainability goals in 2019. Also, numerous projects using Carbon Capture, Utilization, and Storage CCUS to manufacture hydrogen from fossil fuels are in the works or have initiated plans for their operations in the early 2020s and to be completed by 2025. The global economic slump, supply chain interruptions, and lower capital spending by firms, which may also prioritize other business sectors, may jeopardize these projects and potential future advancements. These obstacles could stymie the demonstration of critical end-use technologies required for hydrogen's inclusion into the economy.
North America Hydrogen Compressor Market Breakdown – by Region, 2020
North America Hydrogen Compressor Market Market to Grow at a CAGR of 5.3% to reach US$ 643.6 Million from 2021 to 2028
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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), End User (Chemicals, Oil & Gas, Automotive & Transportation, Renewable Energy, and Others), Discharge Pressure Range (Less than 13000 PSIG, 13001 PSIG to 14000 PSIG, and More than 14000 PSIG), Power Range (Less than 1 MW, 1 MW to 5 MW, 5 MW to 10 MW and More than 10 MW), Application (H2 Liquid, H2 Pipeline, H2 for Industry/Ammonia, H2 Storage, H2 Trailer/Cylinder Filling, H2 Large Fuel Station, and H2 Small Fuel Station), and Compressor Type (Reciprocating and Diaphragm Compressors and Piston Ring Compressors)
North America Hydrogen Compressor Market Market to Grow at a CAGR of 5.3% to reach US$ 643.6 Million from 2021 to 2028
Download Free SampleNorth 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), End User (Chemicals, Oil & Gas, Automotive & Transportation, Renewable Energy, and Others), Discharge Pressure Range (Less than 13000 PSIG, 13001 PSIG to 14000 PSIG, and More than 14000 PSIG), Power Range (Less than 1 MW, 1 MW to 5 MW, 5 MW to 10 MW and More than 10 MW), Application (H2 Liquid, H2 Pipeline, H2 for Industry/Ammonia, H2 Storage, H2 Trailer/Cylinder Filling, H2 Large Fuel Station, and H2 Small Fuel Station), and Compressor Type (Reciprocating and Diaphragm Compressors and Piston Ring Compressors)
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