North America currently accounts for a majority of the demand for Catalytic 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.
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 Electromagnetic Sensor. 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.
“High R&D spending to improve sensor lifespan will aid market growth over the coming years,”says a Fact.MR analyst.
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.
Attribute | Details |
Forecast Period | 2021-2031 |
Historical Data Available for | 2016-2020 |
Market Analysis | US$ Mn for Value |
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Customization & Pricing | Available upon Request |
Crucial insights in the Catalytic Hydrogen Sensors Market research:
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