Hydrogen Sensor Market Revenue to Surpass US$ 599 Million at a CAGR of 6.7% by 2032, Says Fact.MR

Rockville, June 14, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global hydrogen sensor market is valued at US$ 314.4 million in 2022 and is projected to expand at a healthy CAGR of 6.7% between 2022 and 2032.

A substantial portion of the market for hydrogen sensors is currently in North America, followed by Europe. This is because a significant number of oil & gas companies as well as manufacturers of fuel cell vehicles are situated in these regions, and both of these end-use industries rely heavily on hydrogen sensors.

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The global market for hydrogen sensors is growing as a result of relatively high R&D expenditures to produce sensors with increased operational flexibility and lifespan. The need for hydrogen sensors is also on the rise, in part because of the power production sector and several governments that have adopted national hydrogen programs to cut carbon emissions and build local hydrogen infrastructure.

• The European Union has acknowledged hydrogen as a critical technology for accomplishing political objectives such as the European Green Deal.
• In 2021, the Prime Minister of India, Narendra Modi, declared that green hydrogen may enable India to take a 'quantum leap' towards achieving energy independence by 2047, during the launch of the National Hydrogen Mission.

Green hydrogen could be a significant opportunity for India to add value as it shifts away from imported fossil fuels, which currently caters to a majority of the country's oil & gas demand, and towards renewable energy sources.

Owing to aforementioned factors, the market for hydrogen sensors is expected to witness significant growth, creating an absolute dollar opportunity of US$ 285 million over the decade.

Key Takeaways from Market Study

• The global hydrogen sensor market is projected to grow 1.9 X and reach US$ 599 million by 2032.
• The market exhibited 1.5% CAGR between 2017 and 2021.
• Under technology, electro-chemicals dominate with a valuation of US$ 65.5 million valuation in 2022.
• The transportation segment is expected to reach a market value of US$ 188.3 million in 2022.
• North America led the global market with 26.4% market share in 2021.

“The profound use of hydrogen detectors along with increase in hydrogen production will drive hydrogen sensor sales over the coming years,” says a Fact.MR analyst.

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Key Driving Forces Accelerating the Market Growth

• The transition towards cleaner and more sustainable energy sources has led to a rising demand for hydrogen as an alternative fuel. Hydrogen sensors play a critical role in ensuring the safe storage, handling, and usage of hydrogen in various applications, such as fuel cells, hydrogen fueling stations, and industrial processes.
• Governments in North America, at both the federal and state levels, are actively promoting the adoption of hydrogen as part of their clean energy strategies. Substantial investments, incentives, and policy frameworks are being implemented to support the growth of the hydrogen economy. This support drives the demand for hydrogen sensors, as safety and regulatory compliance are essential considerations in hydrogen-related projects.
• Hydrogen is highly flammable and can pose safety risks if not properly monitored and controlled. With the growing use of hydrogen in energy and industrial sectors, ensuring safety becomes paramount. Hydrogen sensors provide real-time detection and monitoring of hydrogen leaks, helping prevent accidents and ensuring the safety of personnel and facilities. The emphasis on safety standards and regulations fuels the demand for hydrogen sensors.
• The development of advanced sensor technologies has improved the accuracy, sensitivity, and reliability of hydrogen sensors. Innovations such as solid-state sensors, nanotechnology-based sensors, and miniaturized sensors have made them more efficient, cost-effective, and capable of operating in diverse environments.

Key Companies Profiled in This Report

• Honeywell International
• City Technology
• Figaro Engineering
• Nissha FIS Inc.
• SGX Sensortech
• Siemens AG
• MSA Safety Inc.
• Membrapor AG
• Makel Engineering
• Aeroqual
• SemeaTech

Vital Indicators Shaping The Future Of The Industry

• Government policies and regulations play a crucial role in shaping the future of the hydrogen sensor market. Supportive regulations, standards, and incentives for hydrogen infrastructure development, safety standards, and emissions reduction goals directly influence the demand for hydrogen sensors. The establishment of clear regulatory frameworks and policies that promote the adoption of hydrogen technologies will drive the market's growth.
• The availability of investments and funding for hydrogen-related projects and technologies is a vital indicator for the future of the hydrogen sensor market. Public and private investments in research and development, manufacturing capabilities, and infrastructure development are instrumental in driving innovation and market expansion. The level of investment and funding in the hydrogen sector will determine the market's growth potential.
• Ongoing advancements in sensor technology will shape the future of the hydrogen sensor market. Innovations in sensing materials, sensor designs, and integration with digital systems will enhance the accuracy, sensitivity, and reliability of hydrogen sensors.

Challenges Hindering The Market Growth

• Cost is a significant challenge in the hydrogen sensor market. Hydrogen sensors often involve complex technologies and materials, which can contribute to higher manufacturing costs. The cost of research and development, production, and maintenance of hydrogen sensors can limit their affordability, particularly for smaller businesses and applications with lower budgets. Cost reduction measures and economies of scale need to be achieved to drive wider adoption.
• Existing hydrogen sensing technologies may have certain limitations that hinder their widespread deployment. For instance, some sensor technologies may be sensitive to cross-interference from other gases, leading to false readings. Enhancing sensor selectivity and reducing cross-sensitivity to improve accuracy and reliability is an ongoing challenge. Sensor technologies that can operate in harsh environments, such as high temperatures or high humidity, also require further development.

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Segmentation of Hydrogen Sensor Industry Research

• By Technology:
  • Electro-chemicals
  • Metal-Oxide Semiconductors
  • Thermal Conductivity
  • Catalytic
• By Maximum Measurement Range:
  • <2,000 ppm (parts per million)
  • <5,000 ppm
  • <10,000 ppm
  • <20,000 ppm
  • Above 20,000 ppm
• By Utility:
  • Fixed
  • Portable
• By End Use:
  • Industrial
  • Transportation
  • Residential & Commercial
• By Region:
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia &Oceania
  • Middle East & Africa
    

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