The global hydrogen sensor market has reached a market valuation of US$ 314.4 million in 2022 and is expected to evolve at a CAGR of 6.7% to climb to US$ 599 million by the end of 2032.
Sales of hydrogen sensors accounted for around 1% share of the global sensors market at the end of 2021.
For instance, Siemens struck a deal with SPIC (State Power Investment Corporation Limited) China to develop and use green hydrogen to power diverse demands and contribute to the construction of a cleaner energy environment in China.
Likewise, RWE agreed with ThyssenKrupp Steel Europe to build an electrolyzer facility in Lingen and create green hydrogen for ThyssenKrupp Steel’s Duisburg steel factory.
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Hence, rising investment for hydrogen sensor and product development is expected to fuel the demand for hydrogen sensors. Fact.MR also states, the sales of hydrogen sensors will surge on the back of variety of applications in power production projects.
According to the study, the global sales of hydrogen sensors are projected to exceed US$ 1,250 Mn through 2032. Relatively high research and development (R&D) investment to offer sensors with greater operating flexibility and longevity is playing a critical role in the growth of the hydrogen sensor market.
Furthermore, increased demand for hydrogen sensors is driven by surging applications in the power generating industry. Favourable norms by governments in several countries for implementing national hydrogen programmes to reduce carbon footprints will also boost the market.
- Based on technology, electrochemical sensors are estimated to account for more than 35% of the sales in hydrogen sensor market.
- In terms of end use, the automobile industry is estimated to account for more than 45% of the hydrogen sensor market by end user.
- North America is estimated to account for nearly 45% of revenue share in the global hydrogen sensor market.
- Europe hydrogen sensor market is predicted to hold more than 30% of overall sales during the assessment period.
- The U.S. is estimated to remain a lucrative pocket in North America on the back of growing number of H2@Scale projects supported by government.
- Rising application of hydrogen sensors such as metal smelting, glassmaking, petroleum extraction, and semiconductor processing in chemical industry will propel the sales in the market.
- Expansion of transportation sector coupled with increased government funding for hydrogen research and development is another factor fueling the demand in the market.
- Extensive usage of hydrogen sensors in fertilizer manufacturing, and in building heat and electricity will boost the hydrogen sensor market.
- High cost of sensors is projected to limit the growth in the hydrogen sensor market.
- Growing concerns regarding the volatile nature of the gas might hamper the sales of hydrogen sensors.
Leading players in the hydrogen sensor market are focusing on adopting various marketing strategies such as mergers and acquisitions, expansions, collaborations, and partnerships to gain competitive edge.
- City Technology has released an upgraded line-up of sensors under the 1series that are smaller in size than their predecessors and feature turrets for easier mounting. Furthermore, they have greater operating flexibility and a lifespan of roughly 5 years, which is significantly longer than the industry norm of 2 years.
- Honeywell International
- City Technology
- Figaro Engineering
- Nissha FIS Inc.
- SGX Sensortech