In a recent research named “Hydrogen Sensor Market: Opportunity Analysis and Future Assessment 2023-2031,” Reports & Insights provides an extremely comprehensive and detailed overview of the market’s size, potential, and deep comprehension of the data targeted toward the market’s development. The market size is predicted from 2023 through 2031, with 2021 serving as the base year for the analysis. The report also includes in-depth market knowledge, a conceptual framework, and current market trends in addition to a precise textual and graphical representation of the market over the forecast period of 2023–2031. These features were added to make the report even more intriguing. It was created by recognized market experts using approved research methodologies and tried-and-true analytical techniques.
Reports and Insights has published a new report titled, “Hydrogen Sensor Market : Opportunity Analysis and Future Assessment 2022-2030”, By Technology (Electrochemical, Metal Oxide Semiconductors, Thermal Conductivity, Palladium, Catalytic, and MEMS), By Maximum Measurement Range (<2,000 ppm (parts per million), <5,000 ppm, <10,000 ppm, <20,000 ppm, and above 20,000 ppm), By Utility (Fixed Hydrogen Sensors and Portable Hydrogen Sensors), By End Use (Oil & Gas, Chemicals, Food & Beverages, Power & Energy, Healthcare, Mining, Transportation {Automotive, Aerospace, and Others}, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
A recently published Reports & Insights report anticipates the global market for hydrogen sensors to flourish at a CAGR of 7.4% to reach US$ 685.0 Mn by the end of year 2030. Increase in the sales of fuel cell cars, significant growth in chemical industries including ammonia synthesis, and significant rise in power sector and demand for renewable energy to enhance the growth outlook of hydrogen sensors around the globe.
A hydrogen sensor is a type of gas detector which detects the presence of hydrogen. They are used to find hydrogen leaks and contain micro-fabricated point-contact hydrogen sensors. In comparison to traditional gas detecting devices, these sensors are thought to be inexpensive, portable, robust, and simple to maintain. Hydrogen sensors can be used for a variety of things, including safety monitoring in places where hydrogen is used and stored, like industrial processes, healthcare facilities, and automobile fuel cells.
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Key Benefits for Industry Participants & Stakeholders:
- Industry drivers, restraints, and opportunities covered in the study
- Neutral perspective on the market performance
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Potential & niche segments and regions exhibiting promising growth covered
- Historical, current, and projected market size, in terms of value
- In-depth analysis of the Hydrogen Sensor Market
Significant development in the chemical industry is propelling the demand for hydrogen sensors
As a chemical feedstock, catalyst, and hydrogenating agent for the manufacturing of food, pharmaceutical, and petrochemical products, hydrogen is used to produce ammonia, which is significantly consumed for the manufacturing of fertilizers. In order to facilitate extensive hydrogen usage at several nodes throughout the sector, consumers that use macroscale hydrogen for the production of chemicals and petrochemicals frequently create it on-site and use it for captive consumption in aggregate or in part. Furthermore, half of the global hydrogen produced is used in the manufacturing of ammonia.
Since hydrogen can decarbonize these three major economic sectors, it also becomes a low-carbon fuel alternative for use in transportation, power production, and development. Although hydrogen is the fuel with the largest energy content per unit of weight, its lower density than other fuels prevent its widespread use. Further, hydrogen fuel is not frequently used, interest in it as a potential fuel source has grown. By 2050, many nations’ usage of it is anticipated to skyrocket as they make the transition to a low-carbon economy. All these factors are expected to boost the demand for the sensors during the projected period.
Key Takeaways from the Market Study
- The hydrogen sensor market size is estimated to reach at a value of US$ 388.0 Mn by the end of 2022 and expected to reach at a value of US$ 685.0 Mn by 2030 with a significant CAGR of 7.4%.
- In 2022, the palladium technology segment is estimated to account for the largest share of the hydrogen sensor market.
- In 2022, the <5,000 ppm maximum measurement range segment accounted for the largest market share and expected to grow at 7.5% CAGR during the forecast period.
- Portable hydrogen utility segment is expected to grow at a CAGR of 7.5% during the forecast period of 2022 to 2030 and is expected to remain the fastest growing utility segment in the world.
- North America region is expected to remain one of the dominating market throughout the forecast period (2022-2030) and is further anticipated to witness a significant growth in the market.
Increase in Sales of Fuel Cell Vehicles to create ample opportunities for the market
The rise in demand for hydrogen sensors has been significantly influenced by the automotive sector. This is due to the fact that many automakers are beginning to recognize and accept hydrogen fuel as a viable option for fuel cell electric vehicles. Regional governments’ support for the hydrogen economy will have a significant cascading effect on the rise in demand for ancillary goods like hydrogen sensors.
Regional governments are accelerating the demand for hydrogen by offering fundamental stimuli, such as state purchases of fuel cell electric vehicles. This is expected to function as an overall driver, having a significant knock-on effect on the automobile industry and raising the demand for hydrogen sensors.
Compared to normal internal combustion engine vehicles, FCEVs are more efficient and only emit water vapor. In addition, as nations turn toward using green energy, the FCEV and hydrogen infrastructure required to support FCEVs in their early phases is expanding, and several studies are being conducted to utilize this technology on a bigger scale.
Some of the key questions answered in this report:
- Which are the five top players of the Hydrogen Sensor Market?
- How will the Hydrogen Sensor Market change in the upcoming years?
- Which product and application will take a share of the Hydrogen Sensor Market?
- What are the drivers and restraints of the Hydrogen Sensor Market?
- Which regional market will show the highest growth?
- What will be the CAGR and size of the Hydrogen Sensor Market throughout the forecast period?
- What is the current market size, what will the market size be in 2030 and what will the growth rate be?
- What are the challenges to grow in the market?
- What are the market opportunities and challenges faced by the key vendors?
- Who are the major competitors and what is their strategy?
- What are the barriers to entry for new players in the market?
Key Players
Some of the key participating players in hydrogen sensor market share are City Technology Ltd., Membrapor, Figaro Engineering Inc., Siemens, Honeywell International Inc., Makel Engineering Incorporated, Aeroqual, Nissha FIS, Inc., MSA, Euro-Gas, Toshiba India Pvt. Ltd., Nexceris, Hydrogen Sense Technology Co., Ltd., Zhengzhou Winsen Electronics Technology Co., Ltd., Focus Technology Co., Ltd., and Prosense Technologies Co.,Ltd.
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