Report : Europe 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)
Multi-Stage Segment to Dominate Europe Hydrogen Compressor Market during 2021–2028.
According to a new market research study on “Europe Hydrogen Compressor Market to 2028 – COVID-19 Impact and Analysis and Forecast by: Type, Stage and End -User,” is expected to reach US$ 653.09 million by 2028 from US$ 478.84 million in 2021. The market is estimated to grow at a CAGR of 4.5% from 2021 to 2028. The report provides trends prevailing in the Europe hydrogen compressor market along with the drivers and restraints pertaining to the market growth. Thriving oil and gas sector is the major factor driving the growth of the Europe hydrogen compressor market. However, issues associated with the exorbitant recurring cost in maintenance hinder the growth of Europe hydrogen compressor market.
The Europe 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.
In Europe, various key countries such as Germany, The UK, and France are the hardest-hit countries by the COVID-19 outbreak. Hence, the region is expected to suffer an economic hit due to a lack of revenue from various industries prevalent in such major countries. Additionally, with the outbreak of another/mutant variant of COVID-19 in European countries, has further deteriorated the conditions in different countries. The region is a significant industrial hub for sectors such as healthcare, chemicals, manufacturing, automotive, and energy & power. Amid the COVID-19 pandemic, many businesses in Europe have been facing financial challenges as they had to reduce their activities substantially, owing to lack of workforce, government restrictions in effect, and decrease in sales and demand. These factors had a direct impact on the European hydrogen compressor market growth in the year 2020. Russia, the UK, Italy, Spain, and France witnessed relatively high impact in 2020, some sectors in these countries are likely to continue to suffer till Mid-2021.
Atlas Copco AB; Burckhardt Compression AG; Fluitron, Inc.; Gardner Denver Nash, LLC; Howden Group; HAUG Sauer Kompressoren AG; Lenhardt & Wagner GmbH; NEUMAN & ESSER GROUP; and PDC Machines Inc. are among the leading companies in the Europe 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, Lenhardt & Wagner GmbH had launched a new diving compressor LW700 11es. The improved sound insulation on the company’s new diving compressor is ideal for being used in commercial and sales areas, and in residential & industrial buildings.
The report segments the Europe Hydrogen Compressor market as follows:
Europe Hydrogen Compressor Market – By Type
Europe Hydrogen Compressor Market – By Stage
Europe Hydrogen Compressor Market – By End-User
- Oil and Gas
- Automotive and Transportation
- Renewable Energy
- Other End-users
Europe Hydrogen Compressor Market – By Country
- Rest of Europe
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