According to Fact.MR, during the projected period of 2022–2032, the global sales of hydrogen sensors would approach US$ 1,250 Mn, with a positive CAGR of more than 6%. The global market for hydrogen sensors is growing as a result of relatively high R&D expenditures to produce sensors with increased operational flexibility and lifespan.
In the past, there was a 3 percent CAGR in global sales of hydrogen sensors from 2017 to 2022.
The COVID-19 pandemic’s start had an impact on global supply and demand across a range of end-user industries. As a result, during the first quarter of the epidemic, the demand for hydrogen sensors decreased. Sales of hydrogen sensors are anticipated to increase when things return to normal
Key Market Study
• For the market for hydrogen sensors, electrochemical sensors are anticipated to attain a market share of more than 35%.
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The automobile industry is anticipated to account for more than 45% of the hydrogen sensor market by the end user.
• Market share for hydrogen sensors is predicted to be close to 45% in North America.
• Market share for hydrogen sensors is anticipated to be close to 30% in Europe.
• By the end of 2022, the global market for hydrogen sensors will be worth US$ 685 Mn.
Competitive Environment
• Honeywell International unveiled two new Bluetooth gas detectors in October 2021. These detectors keep an eye out for gas leaks in the snow, rain, and fog. Delivery maintenance can be done more quickly and easily thanks to Bluetooth connectivity.
• Prominent players in the hydrogen sensor market include Honeywell International, City Technology, Figaro Engineering, Nissha FIS Inc, SGX Sensortech, Siemens AG, MSA Safety Inc., Membrapor AG, Makel Engineering, Aeroqual, and SemeaTech.
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