DUBLIN--(BUSINESS WIRE)--The "Hydrogen
Compressor Market - Segmented by Type, End User Industry, and Geography
- Growth, Trends, and Forecast (2018 - 2023)" report has been
added to ResearchAndMarkets.com's offering.
Major consumers of hydrogen are the chemical and oil downstream
industries. Together these industries account for more than 70% of the
overall hydrogen consumption. The growing oil downstream and chemical
industries are expected to drive the market growth during the forecast
period.
Growing Oil Downstream Sector to Drive the Market
Oil downstream industry is a major consumer of hydrogen and in turn
hydrogen compressors. Hydrogen is used to process heavy oil, to produce
the refined product that meets the end product requirement. The refining
industry is expected to register significant growth in Asia-Pacific and
the Middle East & Africa.
The Asia-Pacific region is heavily dependent on oil to meet energy
demands. The region leads the global energy demand. In order to meet the
growing energy needs, the petrochemical industry is witnessing
substantial growth. The oil downstream industry in Africa is expected to
register a significant growth, due to major projects under construction,
such as Dangote Refinery in Nigeria, which is expected to triple the
country's refining capacity. The growing oil & gas upstream industry in
the region is expected to further support the downstream industry.
Many countries in the Middle East are investing heavily in the
downstream sector, as selling refined oil rather than crude oil earns
higher profit margins for these countries. Hence the growing downstream
industry is expected to drive the hydrogen compressor market, during the
forecast period.
Expanding Chemical Industry to Drive the Market in
Asia-Pacific
In the chemical industry, hydrogen is mainly used for the production of
methanol and ammonia. Ammonia and methanol production consumes more than
50% of the hydrogen consumption worldwide. The Asia-Pacific region is a
leading manufacturer of chemicals. Commoditized chemical production
accounts for a major share of the total chemical production in the
region, but the share of specialty chemicals is increasing, and this
trend is expected to continue during the forecast period. Hence, due to
this transition in the chemical manufacturing industry, the Asia-Pacific
region is expected to see major investments in the construction of new
plants, which in turn is expected drive the hydrogen compressor demand
in the region during the forecast period.
Growing Production and Consumption of Natural Gas to
Restrain the Market in the United States
Natural gas reserves are abundant in the United States. The
infrastructure required for the production and distribution of natural
gas is available in the country. The domestic gas prices in the United
States are low compared to oil prices, and as a result, natural gas is
replacing oil consumption.
With growing use of natural gas constraining oil consumption, the oil
downstream sector is facing stagnancy and the gas processing industry is
gaining momentum. The natural gas components are lighter, and hence, do
not require hydrogen gas for the processing. Therefore, the growing
production and consumption of natural gas is restraining the oil
downstream industry, in turn, constraining the hydrogen compressor
market in the country.
Key Topics Covered
1. Executive Summary
2. Research Methodology
3. Market Overview
4. Market Dynamics
5. Value Chain Analysis
6. Industry Attractiveness - Porter's Five Forces Analysis
7. Market Segmentation and Analysis
8. Regional Market Analysis
9. Key Company Analysis
-
Corken Compressors
-
Ariel Corporation
-
Burckhardt Compression AG
-
Hydro-Pac Inc.
-
Haug Kompressoren AG
-
Sundyne Compressors
-
Howden Group
-
Indian Compressors Ltd.
-
Atlas Copco
-
Garden Denver
10. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/research/dmxgkr/outlook_on_the?w=4
