The Hydrogen recirculation pumps are widely used in fuel cells to recirculate hydrogen. Most of the hydrogen recirculation pumps are made up of materials and coatings that resist the corrosive effects of 100% humidified H2. These pumps have wide internal sealing areas between the housing and lobes. An exceptional coating on the lobes can handle the tight clearances between the housing and rotors, making them efficient. Moreover, to confirm a high performance of the fuel cell stack, more hydrogen is supplied to the stack than is required for the reaction, which make them suitable for various end-users.
MARKET DRIVERS
The key driver which is helping the market to grow further is the increasing number of the passenger vehicle, especially in the developing countries owing to rising per capita income. Moreover, increasing demand for special utility vehicles (SUVs) in recent times owing to the growing leisure and tour activities globally is accredited to the market growth. In addition, the emerging vehicle financing sector has been encouraging the passenger vehicles industry wherein the consumers are provided loans to own the vehicle. As the number of vehicles are increasing, manufacturers are paying a great emphasis upon efficient fuel cell operation, which is helping the market to grow further at a rapid pace.
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MARKET OPPORTUNITIES
Rising adoption of fuel cell systems in commercial vehicles is creating a great platform for the hydrogen recirculation pump market to grow further at a significant pace. As the environmental concerns are growing, various environmental agencies and governments are enacting stringent emission laws and norms, which are anticipated to increase the manufacturing cost of fuel-efficient diesel engines in the coming years. Therefore, the new commercial vehicle diesel engines are likely to create demand for the hydrogen recirculation pumps.
MARKET GROWTH CHALLENGES
Hydrogen recirculation pump market is growing at a rapid pace, still the key reason which hampers the growth of market is explosive nature of hydrogen as fuel. The lower and upper flammability limits for hydrogen in air are between 4% and 75%. It is odourless and tasteless, so a tiny leak can easily reach dangerous levels, which hampers the market growth of hydrogen recirculation pump market.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the global Hydrogen recirculation pump market, including market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The increasing demand for Hydrogen recirculation pump with increasing demand for fuel cell vehicles in automotive and transportation is driving the market and is expected to witness growth at a specific CAGR from 2022-2028.
HYDROGEN RECIRCULATION PUMPS MARKET SEGMENTAL OVERVIEW
The global Hydrogen recirculation pump market consists of different market segments like type, application and geography.
HYDROGEN RECIRCULATION PUMPS MARKET BY TYPE
By Type, Hydrogen recirculation pump is consisting of
On the basis of types, scroll type is expected to hold majority of the share during the projection period. The market for scroll has a huge potential to recirculate hydrogen in a fuel-cell vehicle owing to its high efficiency, reliable operation, low noise and vibration, and a wide range of adjustable flow benefits. Also, various manufacturers are focusing upon manufacturing scroll which are smoother, rotary motion, 100% oil-free low sound levels, and have a long life. Apart from that, root is also growing at rapid pace, as root pump belongs to the positive displacement machine and its benefits include low cost, permission with reversible rotation and high reliability.
HYDROGEN RECIRCULATION PUMPS MARKET BY APPLICATION
The hydrogen recirculation pumps market on the basis of application include:
Based upon application, the market has been dominated by the passenger vehicles, as the number of passenger vehicles is increasing in the developing countries with increased per capita income. Also, demand for hydrogen fuel cell light duty passenger vehicles is growing attributed to the growth of the hydrogen recirculation pump market. Furthermore, passenger cars are being manufactured with increased concern about environmental, rise in government investments and initiatives for development of hydrogen fuel cell infrastructure, and driving the market.
HYDROGEN RECIRCULATION PUMPS MARKET BY GEOGRAPHY
The Global Hydrogen Recirculation Pumps market is studied for the following region:
For Hydrogen Recirculation Pumps, Asia-Pacific region is considered to be the leading market, since this market is growing to a significant economic development phase. Owing to technological adoption, large population, growing domestic income and the availability of cheap labour is the key reason that automotive industry is growing in this region. In Asia-Pacific region, China is the largest contributor in the growth of hydrogen recirculation pumps, since the country is one of the largest manufacturers of commercial as well passenger vehicles. Furthermore, the market share of the hydrogen recirculation pumps is increasing in the North America region as well, in this region, U.S. is the leading market for the hydrogen recirculation pump owing to large scale production of the passenger and the commercial vehicles in the country.
COVID-19 IMPACT ANALYSIS ON THE GLOBAL HYDROGEN RECIRCULATION PUMPS MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors with regard to the Hydrogen Recirculation Pumps market. The report studied an exclusive COVID-19 impact analysis. In addition, the report also studied a complete analysis of changes in the global Hydrogen Recirculation Pumps market, expenditure, and economic and international policies on the supply and demand side.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Hydrogen Recirculation Pumps is majorly focused on expanding the global growth of Hydrogen Recirculation Pumps market with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in Hydrogen Recirculation Pumps market has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the requirements of consumers, which is further contributing to healthy growth in the market.
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