NEW YORK, Feb. 25, 2021 /PRNewswire/ -- Award winning market research company Fact.MR's global hydrogen sensor market opines a moderate outlook for 2021, owing to commencement of recovery in APAC automotive market. Although, demand for hydrogen sensors grew at around 3% from 2016-2020, the market is expected to grow at over 6% CAGR through 2031.
Innovation in technology and investment in research and development remain key focus areas for manufacturers. The rapid standardization in the developing countries is also bolstering the demand for hydrogen sensors.
Industry giant like Siemens is investing in the fuel cell drive which remains a lucrative category. For instance, in November 2020, Deutsche Bahn and Siemens entered the Hydrogen age by developing a joint project to develop fuel cell drives for trains.
Countries investing in the renewable technology, especially developed regions, is expected provide stimulus. This is especially true for US and Western European countries.
The United States Department of Energy's Fuel Cell Technology is bracing the development of hydrogen as an alternative fuel source in the country. To ensure the US security, the fuel cell technologies support the department of energy in addressing the environmental and energy challenges through advanced science and technology solutions.
"Customers using macro scale hydrogen for the application of synthetic compounds and petrochemicals will in general produce it on premise paving its way for the increased utilization of the product. The alarming awareness for the renewable sources and the advantages of using hydrogen as a fuel source will foster the consumption." says a Fact.MR analyst.
Growing electric vehicle (EV) sales continue to create demand for hydrogen sensors
Rising investment in hydrogen technology for power generation a key opportunity
Germany to remain a lucrative market, owing to well-established automotive industry in the region
Chinese government is leaning toward developing more sustainable hydrogen infrastructure and promoting the usage of fuel cell vehicles
US remains the most lucrative hydrogen sensor market
Key industry players analyzed by Fact.MR include Honeywell International, City Technology, Figaro Engineering, Nissha FIS Inc., SGX Sensortech, Siemens AG, MSA Safety Inc., Membrapor AG, Makel Engineering, and Aeroqual among others. Foray into new markets, and a strong focus on R&D remains a key strategy of market players.
In 2020, Figaro Engineering launched a new hydrogen sensor product, TGS6812-D00, for hydrogen detection and Fuel cell power safety with updated features like low cost and gas leak detector in FCEV.
Also, Siemens signed an agreement with the State Power Investment Corporation Limited (SPIC) China to develop and foster an environmental friendly usage of hydrogen.
German energy group RWE AG plans to install a transferrable hub where green hydrogen is injected into the system and develop a joint venture with ThyssenKrupp Steel Europe to build the plant in Lingen. That will be able to produce 1.7 tonnes of hydrogen per hour making both the companies a major contributor to the market.
More Insights on the Hydrogen Sensor Market
In its latest report, Fact.MR provides a detailed analysis of the global hydrogen sensors market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, and scope, the market is segmented on the basis of technology type (Electro chemicals, Metal-Oxide Semi-Conductors, Thermal Conductivity, and Catalytic), by Maximum Measurement Range (<2000 ppm, <5000 ppm, <10,000 ppm, <20,000 ppm, and above 20,000 ppm), by Utility (Fixed and Portable), End-user industries (Industrial, Transportation, Residential & Commercial), and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
Key Questions Covered in the Report
How will the hydrogen sensors market shape in 2030?
Which country is the major contributor for the hydrogen sensors market?
How is North-America the leading region for hydrogen sensors?
Which are the major industry players for the hydrogen sensors market?
What is the impact of COVID-19 on the market share of hydrogen sensors?
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