SEOUL-- June 09, 2022 -- Fact.MR predicts the global sales of hydrogen sensors to surpass USD 1,250 Mn by registering a positive CAGR of over 6% in the forecast period 2022-2032. 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 hydrogen sensors.

Historically, from 2017 to 2022, the global sales of hydrogen sensors experienced a CAGR of 3%. The onset of the COVID-19 pandemic affected the supply and demand of various end-user industries across the globe. Thus, the demand for hydrogen sensors dipped in the initial quarter of the pandemic. As the world is getting back to normalcy, the sales of hydrogen sensors are expected to retrieve.

Further, an increase in demand from the power generation industry, and the multitude of governments adopting respective national hydrogen strategies to reduce carbon footprint and develop local hydrogen infrastructure, are prime reasons for the rising demand for hydrogen sensors.

“High R&D spending to improve sensor lifespan will aid market growth over the coming years,” opines a Fact.MR analyst.

EV’s Augmenting The Demand for Hydrogen Sensors in Automotive Industry

The automotive industry has been a key contributor to the growing demand for hydrogen sensors. This is because hydrogen fuel is being seen and starting to get mainstream by numerous vehicle manufacturers as a power source in fuel cell electric vehicles. Boost provided to the hydrogen economy by regional governments will highly cascade the effect to the growth in demand for complementary products such as hydrogen sensors.

Regional governments’ are fast-forwarding hydrogen demand by providing basic impetus, such as state procurement of fuel cell electric vehicles. This is set to act as an aggregate driver providing a major domino effect to the automotive sector and enhancing the requisite for hydrogen sensors.