North America Hydrogen Compressor Markets, 2021-2022 & 2028: Advancements of Electrochemical Hydrogen Compressor (EHC) & Growing Investments in New Energy & Power Projects Worldwide
DUBLIN, May 13, 2022–(BUSINESS WIRE)–The “North America Hydrogen Compressor Market Forecast to 2028 – COVID-19 Impact and Analysis – by Type, Stage, End User, Discharge Pressure Range, Power Range, Application and Compressor Type” report has been added to ResearchAndMarkets.com’s offering.
The North America hydrogen compressor 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 2020 to 2028.
Major countries in North America, such as the US, Canada, and Mexico, have a huge oil & gas industry. The growing investments in the oil & gas sector boost the growth of North America hydrogen compressor market. As of January 2019, the US had 130 operational petroleum refineries, while Canada had 18 complete refineries.
In addition, enterprises in the region are striving to increase the production of green energy fuels. For instance, Pemex, Mexico’s national oil business operating six petroleum refineries, revealed its plans to build a massive oil refinery in May 2019. Furthermore, the company aided natural gas production in the US by increasing its export business of LNG capacity and expanding its power to influence new segments in North America hydrogen compressor market.
As a result, the growing oil & gas industry necessitates efficient energy storage in times of need in multiple regions. Furthermore, North America, notably the US, has historically been the most significant market for oil & gas. Also, drilling activity is expected to increase in the coming years across the region.
The increasing government investments in oil and gas projects in the region propel the demand for hydrogen compressors integrated with energy storage systems in the North America hydrogen compressor market. Several active oil and gas projects in North America also boost the growth of the North America hydrogen compressor market in the region.
The Government of Canada has been working with commercial sector players, Indigenous organizations, non-government organizations, and governments at all levels for the past three years to develop Hydrogen Strategy for Canada, led by Natural Resources Canada.
The Hydrogen Strategy for Canada lays out a bold plan of action that will solidify hydrogen as a tool for achieving the goal of net-zero emissions by 2050 and establishing Canada as a global leader in clean, renewable fuels.
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. 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.
Key Industry Dynamics
Key Market Drivers
Key Market Restraints
Key Market Opportunities
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