The hydrogen gas sensor market is estimated to be valued at US$607.052 million in 2018 and is estimated to grow at a CAGR of 4.13%, to reach US$773.724 million by 2024. Hydrogen is regarded as one of the best clean energy carriers, which is the ultimate fossil fuel candidate, with a high heat of combustion, low minimum ignition energy, and wide flammable range as well as high burning velocity. It is used in metal smelting, glassmaking, semiconductor processing, petroleum extraction, and the daily chemical industry, etc. due to its strong reducing properties. In addition, hydrogen can also be applied in biomedical, environmental protection, and seismic surveillance areas such as for indicating the certain types of bacterial infection, detection of environmental pollution. Hydrogen is not toxic but it is extremely flammable, and high concentrations of the gas in confined spaces will displace oxygen. Therefore, it is imperative to ensure that there is no leakage of hydrogen which will pave the way for its optimal utility.
Hydrogen sensors are used to detect hydrogen wherever it is produced, stored, distributed, or used. There is a rapidly growing number of hydrogen sensors available on the commercial market. Different types of sensors exist and the most commonly available hydrogen sensors include catalytic, electrochemical, metal oxide semiconductors, and thermal conductivity sensors. Each type of hydrogen sensor has its own advantages and disadvantages in terms of performance.
The hydrogen gas sensor market has grown significantly in North America. The U.S. Department of Energy’s Fuel Cell Technologies Office is supporting the development and deployment of hydrogen as an alternative energy source in the United States. The Fuel Cell Technologies Office supports the department of energy’s mission to ensure the United States’ security and prosperity by addressing energy and environmental challenges through transformative science and technology solutions. The use of hydrogen as a fuel has already been established in commercial markets, including stationary power systems and fuel-cell–powered industrial trucks. The growth of these markets is driving the development of hydrogen infrastructure, including transport and production capability, on-site storage, and on-site dispensers in the region.
The hydrogen gas sensor market is segmented on the basis of technology, end-user industry, and geography. Based on technology, the market is segmented into electrochemical, metal oxide semiconductors, catalytic, and others. Furthermore, the market is categorized on the basis of the end-user industry which includes automotive, oil and gas, healthcare, aerospace and defense, and others. Further, the market is analyzed based on five regions, namely, North America, Europe, Asia-Pacific, Middle East, and Africa, and South America.
The hydrogen gas sensor market is competitive owing to the presence of well-diversified international, regional and local players. However, some big international players dominate the market share owing to their brand image and market reach. The high market growth and favorable government policies are further attracting more players in the market while enhancing competitive rivalry. The competitive landscape details strategies, products, and investments being done by key players in different technologies and companies to boost their market presence.
|Market size value in 2018||US$607.052 million|
|Market size value in 2024||US$773.724 million|
|Growth Rate||CAGR of 4.13% from 2018 to 2024|
|Forecast Unit (Value)||USD Million|
|Segments covered||Technology, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Nissha FIS, Inc., City Technology Ltd., MEMBRAPOR AG, Figaro Engineering Inc., Aeroqual, Makel Engineering, Nexceris, Zhengzhou Winsen Electronics Technology Co., Ltd.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the hydrogen gas sensor market size by 2024?
A1. The hydrogen gas sensor market is estimated to reach a total market size of US$773.724 million in 2024.
Q2. What are the growth prospects for the hydrogen gas sensor market?
A2. The hydrogen gas sensor market is estimated to grow at a CAGR of 4.13% during the forecast period.
Q3. What is the base year considered in the hydrogen gas sensor market report?
A3. 2018 has been taken as the base year in the hydrogen gas sensor market report.
Q4. What is the size of the global hydrogen gas sensor market?
A4. Hydrogen Gas Sensor market was valued at US$607.052 million in 2018.
Q5. How is the global hydrogen gas sensor market segmented?
A5. The hydrogen gas sensor market is segmented on the basis of technology, end-user industry, and geography.
City Technology Ltd.
Figaro Engineering Inc.
Zhengzhou Winsen Electronics Technology Co., Ltd.
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