Hydrogen compressors are slowly gaining ground in terms of their demand and popularity. International organizations and various economies have been moving towards alternative energy generation sources, and hydrogen proves to be a suitable alternative due to being eco-friendly. Economies in South Asia and Southeast Asia, such as India, Singapore, Thailand, Indonesia, and Malaysia, are anticipated to emerge as the fastest-growing nations in demand for hydrogen compressors. Japan is expected to dominate the regional market and hold a significant share in the global market.
The Middle East is foreseen to focus on hydrogen production as global voices for using hydrogen as a clean energy alternative gets stronger. North Africa is also expected to be one of the significant growth drivers for the hydrogen compressor market owing to its partnership for hydrogen generation with Europe. However, the market is expected to see some restrictions in its growth rate due to the backing out of the U.S. from the Paris treaty. The U.S. is one of the major regional markets for the hydrogen compressor. This shift in its policy is envisaged to impact the growth of the hydrogen compressor market negatively.
Impact of COVID-19 on the Hydrogen Compressor Market
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The global pandemic due to the COVID-19 has resulted in a considerable collapse of the international supply chain and has halted global trade substantially. The clean hydrogen sector has now reached its pre-commercialization phase and is ready to play its essential role in decarbonizing the economies. The economic crisis that has resulted from the spread of the COVID-19 will cause a significant delay in the adoption and commercial roll-out of the clean hydrogen. Furthermore, it might even permanently endanger the clean hydrogen sector's capacity to take up its role as the missing link in the transition towards clean energy. However, economies such as Germany, the U.K., Spain, the Netherlands, China, Japan, among others, will continue to be leaders in utilizing hydrogen for various end uses. These factors are foretold to aid in stabilizing the hydrogen compressor market.
Hydrogen Compressor Market: Segmentation
By Hydrogen Pressure
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* Customer Behaviour Analysis
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