Hydrogen Detection Market Growth to Surpass USD 410 million
Posted by edwardzmusso on June 21st, 2023
The hydrogen detection market is estimated to be worth USD 240 million in 2023 and is projected to reach USD 410 million by 2028, at a CAGR of 11.3% during the forecast period. The constantly growing demand for fuel cell vehicles is a major factor driving the growth of hydrogen detection market globally. Moreover, the need for hydrogen leak detection and monitoring for safety and process control in several applications such as oil & gas, automotive & transportation, energy & power, and so on contribute to the market growth.
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Growing adoption of fuel cell technology, implementing policies related to energy transition as well as expanding the market for fuel cell heavy-duty trucks, the adoption of hydrogen-based fuels in shipping and aviation, and the increasing demand for hydrogen as a fuel and feedstock in various industrial processes is expected to drive the hydrogen detection market. Moreover, in recent years, the market players are also focusing on providing application-specific hydrogen detectors for various end users. All these factors are expected to provide growth opportunities for market players offering hydrogen detection equipment.
0-5000 ppm detection range is expected to lead the overall hydrogen detection market, by detection range, during the forecast period. Hydrogen gas is present in trace amounts in different environments, and its concentration can vary significantly depending on the specific application. The 0-5000 ppm range provides a comprehensive spectrum for hydrogen detection, encompassing low and moderate concentrations. By employing this range, hydrogen leaks can be detected, hydrogen levels can be monitored, and the safety, efficiency, and proper operation of hydrogen-related processes and systems can be ensured. Furthermore, this detection range can cover hydrogen concentration from 0-1000 ppm to 0-5000 ppm range. These factors are expected to drive the market for the said detection range.
Automotive & transportation is a major market for hydrogen detection as hydrogen detection equipment are commonly used in monitoring hydrogen gas levels in fuel cell systems, including hydrogen fuel cell vehicles, to ensure optimal performance and safety of the fuel cell stack. These equipment are also used for hydrogen detection in storage tanks, pipelines, and distribution systems to detect leaks and ensure the safe handling and transport of hydrogen.
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Key players in the hydrogen detection market are Teledyne Technologies, Honeywell International, Figaro Engineeering, H2Scan Corporation, NevadaNano, Hydrogen Sense Technology, Membrapor, Makel Engineerings. These players not only have a comprehensive and diverse product portfolio, but also have a strong geographic presence. These players can focus on developing innovative hydrogen detection technologies and offerings owing to the emergence of new application areas for hydrogen detection.
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Joined: February 8th, 2021
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