Hydrogen Sensor Market Survey by Fact MR, A Market Research and Competitive Intelligence Provider, Identifies Surging Automobile Production as Chief Growth Driver
DUBAI--(Korea Newswire) July 01, 2021 -- Hydrogen sensor market survey by Fact MR offers compelling insights into factors enabling hydrogen sensor sales worldwide. It studies trends prevalent across segments, including the technology, industry, and measurement range. The survey also highlights key strategies among hydrogen sensor producers and impact of the same on the overall market.
As per a Fact MR analysis, hydrogen sensor sales across East Asia is forecast to surge at a rapid pace through 2021-2031. Industrialization and booming mining sector in China will contribute to the expansion in the coming years.
The market will continue gaining from the increasing demand for stationary power systems and fuel cell powered automobiles. In response to this, hydrogen sensor producers are investing in developing small and flexible sensors, which can be installed in difficult places for effective room temperature hydrogen gas sensing.
Japan is working towards achieving carbon neutrality in the next 30 years by developing hydrogen infrastructure and promoting production and adoption of fuel cell powered electric vehicles. Utilization of hydrogen sensors for checking leakage in fuel cell will boost growth in forthcoming years.
According to World Gold Council, China is the leading gold producer in the world. Hydrogen sensors are crucial equipment used in mining to monitor the gas leaks and timely evacuation. Increasing mining activities in China will therefore boost the hydrogen sensor market growth.
“Extensive research and development activities undertaken to introduce nano-composites in sensor technology and strict performance parameters for new sensor designing will drive hydrogen sensor market growth in Asia,” says lead analyst at Fact.MR.
Adoption of Fuel Cell Powered Automotive Driving Hydrogen Sensors Sales
According to Fact MR Analysis, spike in demand for automotive hydrogen sensors is observed due to increasing demand for passenger cars and growing awareness regarding vehicle safety and benefits of fuel cell vehicles.
China is the largest manufacturers of passenger cars in the world followed by Japan for the second place. According to the China Passenger Car Association, approximately 2.53 million luxury vehicles were sold in China in 2020.
As hydrogen sensors are used to monitor emissions from vehicles, increasing sales of automobiles will be the key factor driving the hydrogen sensor market growth.
The government in China is focusing on developing hydrogen-powered fuel cell trucks. It aims at establishing a stable supply chain and manufacturing modern fuel cell vehicles in the next 15 years.
South Korea and Japan are working towards developing hydrogen fuel cell powered passenger car owing to the presence of automotive giants like Toyota and Hyundai.
Increasing government investments towards establishing hydrogen refueling stations and providing low cost and efficient charging infrastructure will enhance the FCV production, ultimately elevating the hydrogen sensor sales.
The Fact.MR study also profiles leading players in the hydrogen sensor market are:
· City Technology Ltd
· Membrapor AG
· Figaro Engineering Inc.
· Siemens AG
· Nissha FIS, Inc.
· Euro-Gas Management Services Ltd
· Honeywell International
· Makel Engineering
Key Questions Answered by the Report
· The report offers insight into hydrogen sensor demand outlook for 2021-2031
· The market study also highlights projected hydrogen sensor sales growth between 2021 and 2031
· Hydrogen sensor market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
· Hydrogen sensor market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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This is a news release distributed by Korea Newswire on behalf of this company.