Hydrogen Sensor Market Expected to Experience Remarkable 7.4% CAGR Surge During 2022-2030, Fueled by Growth in Fuel Cell Cars and Renewable Energy Demands

By reportsandinsights | Date: 30/03/2323

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.

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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.

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 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.

View Full Report with TOC, Tables and Figures: https://reportsandinsights.com/report/hydrogen-sensor-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.

Key Players

Some of the key participating players in hydrogen sensor market 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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