North America to Vanguard the Sales in Global Hydrogen Sensor Market, Contributing Over 45% of Overall Sales
Fact.MR's latest report on the hydrogen sensor market offers a 10-year forecast through 2022 & beyond. The report explicates vital dynamics, such as drivers, restraints and emerging opportunities shaping the market dynamics. To present the information in a more vivid manner, the report has been segmented in terms of product type, by capacity, by power type and region
NEW YORK, Feb. 22, 2022 /PRNewswire/ -- The global hydrogen sensor market is projected to grow at a CAGR of 6.2% during the forecast period (2022-2032) and is estimated to reach US$ 685 Mn by the end of 2022. Growth in the market is primarily attributable to leading companies of hydrogen sensors investing aggressively in hydrogen technology, especially green hydrogen projects.
For instance, Siemens struck a deal with SPIC (State Power Investment Corporation Limited) China to develop and use green hydrogen to power diverse demands and contribute to the construction of a cleaner energy environment in China.
Likewise, RWE agreed with ThyssenKrupp Steel Europe to build an electrolyzer facility in Lingen and create green hydrogen for ThyssenKrupp Steel's Duisburg steel factory.
Hence, rising investment for hydrogen sensor and product development is expected to fuel the demand for hydrogen sensors. Fact.MR also states, the sales of hydrogen sensors will surge on the back of variety of applications in power production projects.
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According to the study, the global sales of hydrogen sensors are projected to exceed US$ 1,250 Mn through 2032. Relatively high research and development (R&D) investment to offer sensors with greater operating flexibility and longevity is playing a critical role in the growth of the hydrogen sensor market.
Furthermore, increased demand for hydrogen sensors is driven by surging applications in the power generating industry. Favourable norms by governments in several countries for implementing national hydrogen programmes to reduce carbon footprints will also boost the market.
Report Attributes | Details |
Estimated Year Value (2022E) | US$ 685 Million |
Projected Year Value (2032F) | US$ 1,250 Million |
Global Growth Rate (2022-2032) | CAGR 6.2% |
Key Takeaways:
- Based on technology, electrochemical sensors are estimated to account for more than 35% of the sales in hydrogen sensor market.
- In terms of end use, the automobile industry is estimated to account for more than 45% of the hydrogen sensor market by end user.
- North America is estimated to account for nearly 45% of revenue share in the global hydrogen sensor market.
- Europe hydrogen sensor market is predicted to hold more than 30% of overall sales during the assessment period.
- The U.S. is estimated to remain a lucrative pocket in North America on the back of growing number of H2@Scale projects supported by government.
Growth Drivers:
- Rising application of hydrogen sensors such as metal smelting, glassmaking, petroleum extraction, and semiconductor processing in chemical industry will propel the sales in the market.
- Expansion of transportation sector coupled with increased government funding for hydrogen research and development is another factor fueling the demand in the market.
- Extensive usage of hydrogen sensors in fertilizer manufacturing, and in building heat and electricity will boost the hydrogen sensor market.
Key Restraints:
- High cost of sensors is projected to limit the growth in the hydrogen sensor market.
- Growing concerns regarding the volatile nature of the gas might hamper the sales of hydrogen sensors.
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Competitive Landscape:
Leading players in the hydrogen sensor market are focusing on adopting various marketing strategies such as mergers and acquisitions, expansions, collaborations, and partnerships to gain competitive edge.
For instance,
- City Technology has released an upgraded line-up of sensors under the 1series that are smaller in size than their predecessors and feature turrets for easier mounting. Furthermore, they have greater operating flexibility and a lifespan of roughly 5 years, which is significantly longer than the industry norm of 2 years.
Key Companies
- Honeywell International
- City Technology
- Figaro Engineering
- Nissha FIS Inc.
- SGX Sensortech
More Valuable Insights on Hydrogen Sensor Market
Fact.MR, in its report, offers a market analysis on the global hydrogen sensor market, providing compelling insights concerning major growth dynamics, including drivers, trends, and opportunities for the forthcoming decade. This survey reveals the growth of technology in the hydrogen sensor market with detailed segmentation on the basis of:
- Electrochemicals-based Hydrogen Sensors
- Metal-Oxide Semiconductors-based Hydrogen Sensors
- Thermal Conductivity-based Hydrogen Sensors
- Catalytic Hydrogen Sensors
- Hydrogen Sensors <2,000 ppm (parts per million)
- Hydrogen Sensors <5,000 ppm
- Hydrogen Sensors <10,000 ppm
- Hydrogen Sensors <20,000 ppm
- Hydrogen Sensors above 20,000 ppm
- Fixed Hydrogen Sensors
- Portable Hydrogen Sensors
- Hydrogen Sensors for Industrial Use
- Oil & Gas
- Chemicals
- Food & Beverages
- Power & Energy
- Others
- Hydrogen Sensors for Transportation
- Automotive
- Aerospace
- Others
- Hydrogen Sensors for Residential & Commercial Uses
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key Questions Covered in the Hydrogen Sensor Market Report
- What is the global hydrogen sensor market scenario?
- What is the demand outlook for hydrogen sensor market during the forecast period?
- What was the last 5-year CAGR for the hydrogen sensor market?
- Who are the prominent players in the global hydrogen sensor market?
- Which is the most leading region in the hydrogen sensor market?
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