Increasing Demand For MOS Hydrogen Sensors To Substantially Surge The Revenues With USD 1,250 Mn; Owing To The Rise In Ev’s Segment of Automotive Industry
SEOUL--(Korea Newswire) June 09, 2022 -- Fact.MR predicts the global sales of hydrogen sensors to surpass USD 1,250 Mn by registering a positive CAGR of over 6% in the forecast period 2022-2032. Relative high research & development spending to introduce sensors with improved operational flexibility and enhanced lifespan are playing a vital role in developing the overall market for hydrogen sensors.
Historically, from 2017 to 2022, the global sales of hydrogen sensors experienced a CAGR of 3%. The onset of the COVID-19 pandemic affected the supply and demand of various end-user industries across the globe. Thus, the demand for hydrogen sensors dipped in the initial quarter of the pandemic. As the world is getting back to normalcy, the sales of hydrogen sensors are expected to retrieve.
Further, an increase in demand from the power generation industry, and the multitude of governments adopting respective national hydrogen strategies to reduce carbon footprint and develop local hydrogen infrastructure, are prime reasons for the rising demand for hydrogen sensors.
“High R&D spending to improve sensor lifespan will aid market growth over the coming years,” opines a Fact.MR analyst.
EV’s Augmenting The Demand for Hydrogen Sensors in Automotive Industry
The automotive industry has been a key contributor to the growing demand for hydrogen sensors. This is because hydrogen fuel is being seen and starting to get mainstream by numerous vehicle manufacturers as a power source in fuel cell electric vehicles. Boost provided to the hydrogen economy by regional governments will highly cascade the effect to the growth in demand for complementary products such as hydrogen sensors.
Regional governments’ are fast-forwarding hydrogen demand by providing basic impetus, such as state procurement of fuel cell electric vehicles. This is set to act as an aggregate driver providing a major domino effect to the automotive sector and enhancing the requisite for hydrogen sensors.
Key Takeaways from Market Study
· By sensor, electrochemical sensors expected to gain more than 35% market share for the hydrogen sensor market
· By end-user, the automotive industry expected to hold more than 45% market share for the hydrogen sensor market
· Hydrogen sensor industry expected to possess nearly 45% market share throughout North America
· Hydrogen sensor industry expected to possess nearly 30% market share throughout Europe
· Global market for hydrogen sensors to be valued at US$ 685 Mn by the end of 2022
Key Segments Covered in Hydrogen Sensor Industry
· By Technology
-Electrochemicals-based Hydrogen Sensors
-Metal-Oxide Semiconductors-based Hydrogen Sensors
-Thermal Conductivity-based Hydrogen Sensors
-Catalytic Hydrogen Sensors
· By Maximum Measurement Range
-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
· By Utility
-Fixed Hydrogen Sensors
-Portable Hydrogen Sensors
· By End Use
-Hydrogen Sensors for Industrial Use
a) Oil & Gas
c) Food & Beverages
d) Power & Energy
-Hydrogen Sensors for Transportation
· In October 2021, Honeywell International released two new Bluetooth gas detectors. These detectors continuously monitor gas leaks in rain, snow, and fog. The Bluetooth connectivity allows quicker and easier delivery maintenance.
· Honeywell International, City Technology, Figaro Engineering, Nissha FIS Inc, SGX Sensortech, Siemens AG, MSA Safety Inc., Membrapor AG, Makel Engineering, Aeroqual, SemeaTech are prominent hydrogen sensor market players.
Key Questions Covered in the Hydrogen Sensor Market Report
· What is the global hydrogen sensor market scenario?
· What is the demand outlook for the 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?
Hydrogen Sensors Market report: https://www.factmr.com/report/3401/hydrogen-sensor
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Hydrogen Generation Market Analysis: https://www.factmr.com/report/4686/hydrogen-genera
Hydrogenated Nitrile Butadiene Rubber Market Trends: https://www.factmr.com/report/2534/hydrogenated-ni
Electronic Grade Hydrogen Peroxide Market Research: https://www.factmr.com/report/2954/electronic-grad
This is a news release distributed by Korea Newswire on behalf of this company.