(PharmaNewsWire.Com, November 03, 2022 ) According to MarketsandMarkets, the hydrogen detection market is projected to grow from USD XX million in 2022 to USD XX million by 2027; it is expected to grow at a Compound Annual Growth Rate (CAGR) of XX% from 2022 to 2027. Hydrogen is an odorless, tasteless, and colorless gas, thus requiring mechanical sensors to detect hydrogen leaks. Monitoring hydrogen requires specialized equipment to activate emergency response procedures. Some related solutions include sensors, such as electrochemical and MEMS. It finds its applications in healthcare, semiconductor, energy and utility, and oil & gas.
Drivers: The rise in demand for fuel cell vehicles
The adoption of fuel cell vehicles (FCVs) is expected to increase in the near future, owing to the absence of CO2 emissions during vehicle operations. Thus, automotive manufacturers are investing considerably to incorporate fuel cell vehicles in their product offerings. FCVs can convert hydrogen stored on the vehicle via fuel cells into electricity to power the electric motor. The growth in the fuel cell vehicle segment would complement the increase in the adoption of hydrogen detection solutions. Hydrogen detection solutions are an effective method of detecting hydrogen leaks.
Challenge: Intense pricing pressure results in a decline in average selling prices
The widespread applications of hydrogen sensors lead to increased shipments of these sensors; the sales growth is significantly restrained by price erosion. This is partially a result of the intense competition among the rising number of sensor manufacturers. Several companies are channeling their research and development activities toward providing cost-effective sensor solutions that use MEMS technology and developing IoT-compatible sensors. This results in pricing pressure, especially for applications where sensors are used in high volume. Consequently, manufacturers are compelled to decrease the potential price of sensors. While the reduction in ASP benefits consumers, it shrinks suppliers' profit margins. Thus, intense pricing pressure results in a fall in the average selling price (ASP), hampers revenue growth in the highly competitive market.
Key Market Players
A few of the key players in the hydrogen detection market are Aeroqual (New Zealand), Bosch Sensortec (Germany), City Technology (UK), Figaro Engineering Inc. (Japan), Honeywell (US), Hydrogen Sense Technology (China), Greenlight Innovation (Canada), DAM Group (France), Maximator GmbH (Germany), and Horiba Fuelcon (Germany).
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