Compressor is a device widely used in various industries. Important function of compressor is to reduce volume of gas, which, in turn, increases pressure of the gas. Hydrogen compressor is an equipment in which hydrogen gas is compressed by reducing volume and therefore results in increase in pressure of hydrogen gas. Hydrogen compressor is closely related to hydrogen pump. The main function of the hydrogen pump is to increase pressure and compressor performs two actions: reducing the volume and increasing pressure.

Market scope and structure

COVID-19 scenario analysis:

• The demand hydrogen compressors is expected to decrease in the year 2020, owing to low demand from different industries such as manufacturing and aerospace industry due to lockdown imposed by government of many countries.
• COVID-19 pandemic has shut-down production of various products in the hydrogen compressor industry, mainly owing to prolonged lockdown in major global countries. This has hampered growth of the hydrogen compressor market significantly from last few months, as is likely to continue during 2020.
• COVID-19 has already affected sales of equipment and machinery in the first quarter of 2020 and is expected to cause a negative impact on the market growth throughout the year.
• The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of corona virus, thereby halting demand for equipment and machinery.
• Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
• Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.

Top impacting factors:

Hydrogen compressors are widely used in different industries such as chemical industry, oil and gas industry and automobile industry. There are various types of hydrogen compressors available in the market and these are selected based on the applications. The types of hydrogen compressor are reciprocating piston compressors electrochemical hydrogen compressor, hydride compressor, piston-metal diaphragm compressor, guided rotor compressor and linear compressor. The working of each type of hydrogen is different and varies according to the design, but the main function of all types of the hydrogen compressor remains the same. Hydrogen compressors are used in hydrogen refuelling station in large numbers.

New product launch to flourish the market:

Many companies in hydrogen compressor market are developing and introducing new products to the market. These new products are technologically more advanced than the previous range of their products. These new products are more efficient and effective in their performance and are widely used in the industry.

In April 2018, Nel ASA has lunched new hydrogen compressor technology. This newly developed hydrogen compressor technology has been employed in the product range named as H2Station product. This compressor has been developed for improved hydrogen fueling and it will also help to increase the efficiency of the station and operations dynamics also expected to improve. By using this hydrogen compressor, contamination free compression of the gas can be done. Frequent maintenance of this compressor is not required and replacement of the damaged parts is also very simple.

Key driving factors for the growth of hydrogen compressor market:

Hydrogen compressor offers the applications in many industries. Many companies in automobile industry are trying to produce hydrogen fuel cell vehicles. Research and development work is in progress related to these vehicles. Hence, this could be the key driving factor for the growth of hydrogen compressor market.

In addition, the number of hydrogen refueling station is increasing in many countries across the globe. The hydrogen compressor is one of the most important components in the hydrogen refueling station. Therefore, the demand for hydrogen compressor is expected to rise during the forecast period.

Key restraining factors for the growth of hydrogen compressor market:

Many companies are trying to produce the machines which can be operated by using eco friendly fuel so that affect on the environment can be reduced. It will also help the companies to maintain the sustainability. This could be the factor which could hamper the growth of hydrogen compressor market.

Hydrogen vehicles are not much popular because efficiency of these vehicles is very less as compare to the electric vehicles. Hence, people prefer using electric vehicles over the hydrogen vehicles. Hence, it will affect growth of the hydrogen compressor market.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the hydrogen compressor market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
• The report provides a detailed hydrogen compressormarket analysis based on competitive intensity and how the competition will take shape in coming years.