North America currently accounts for a majority of the demand for hydrogen sensors, followed by Europe. This is due to the fact that, a sizable number of fuel cell vehicle manufacturers and oil & gas industries are located in these regions, and hydrogen sensors play a vital role in both these end-use industries.
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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. Further, increase in demand from the power generation industry, and multitude of governments adopting respective national hydrogen strategies to reduce carbon footprint and develop local hydrogen infrastructure, are prime reasons for rising demand for hydrogen sensors.
As per the report published by Fact.MR, the hydrogen sensor market is anticipated to surpass US$ 300 Mn in 2021, and is poised to expand at a CAGR of around 6% over the next ten years.
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Key Takeaways from Study
- The hydrogen sensor market is anticipated to add 2X value by 2031.
- Electrochemical hydrogen sensors capture a major chunk, equivalent to three-fourth of the global market share, and are set to create an absolute $ opportunity of around US$ 200 Mn over 2021-2031.
- Among the end uses, the transportation sector has been the fastest-growing segment, owing to rise of the automotive industry over the past decade.
- North America is set to dominate market revenue in 2021, and is expected to gain 59 BPS by 2031.
- The market in Germany, China, and the U.S. is expected to rise at around 7% CAGR through 2031.
- Due to the COVID-19 crisis, demand for hydrogen sensors was hit in 2020, which saw a decline of 2.6% over the 2nd and 3rd quarter.
“High R&D spending to improve sensor lifespan will aid market growth over the coming years,” says a Fact.MR analyst.
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Vital players have been spending on research & development to come up with newer sensors with improved lifespan and higher operational flexibility. These enhancements will drive the growth of the hydrogen sensor market in the medium- to long-term forecast period.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2020/03/06/1996478/0/en/Metal-Forging-Market-to-Rise-at-7-CAGR-through-2029-Demand-from-Aerospace-and-Automotive-Industries-Aids-Growth-Says-Fact-MR.html
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