Hydrogen Detection Market Worth $410 Million By 2028 - Exclusive Report By Marketsandmarketstm


(MENAFN- PR Newswire) CHICAGO, May 25, 2023 /PRNewswire/ --
The hydrogen detection market
is expected to reach USD 410 million by 2028 from USD 240 million in 2023, at a CAGR of 11.3 % during 2023–2028

according to a new report by MarketsandMarketsTM. The major factors driving the market
growth of the hydrogen detection market
include increasing adoption of fuel
cell technology
, growing need for energy
efficiency as well as low carbon energy
systems, and rising leak detection and monitoring requirements in oil & gas
, automotive & transportation, energy
& power, chemical, and other applications.

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Browse in-depth TOC on " Hydrogen Detection Market "
150 – Tables
50 – Figures
180 – Pages

Hydrogen Detection Market Report
Scope:

Report Coverage

Details

Market Revenue in 2023

$240 million

Estimated Value by 2028

$410 million

Growth Rate

Poised to grow at a CAGR of 11.3%

Market Size Available for

2019–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Technology
, Implementation, Detection Range, Application and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Production and revenue losses due to unwanted hydrogen detector downtime

Key Market Opportunities

Rising deployment of IoT and data analytics for hydrogen detection

Key Market Drivers

Escalated global adoption of fuel
cell technology


Fixed implementation type is expected to account for the largest share of the hydrogen detection market
during the forecast period.

Fixed hydrogen detectors are designed to operate continuously, constantly monitoring the area's hydrogen levels. This makes them well-suited for environments where hydrogen is always present, such as fuel
cell manufacturing
plants
and in FCVs or chemical plants
that use hydrogen as a reagent or carrier gas
. This equipment is more sensitive, allowing them to detect even very low levels of hydrogen. This is important for ensuring the safety of personnel and preventing the build-up of explosive concentrations of hydrogen. In addition, fixed hydrogen detectors are often calibrated to specific concentrations of hydrogen, allowing them to provide more accurate readings. All these factors are expected to drive the fixed hydrogen detection equipment market
during the forecast period.

The oil & gas
application is projected to account for significant share of hydrogen detection market
in 2022.

Hydrogen plays an integral role in oil & gas
applications, especially in refining processes. Hydrogen lowers the sulfur content of fuel
s. It works to reduce heavy gas
and oils to those with lower molecular weights. Hydrogen can also be used to treat gas
in catalytic reforming, thus increasing their importance in the oil and gas
industry
. All these processes improve the need for hydrogen leak detection in oil & gas
applications. Different hydrogen detection equipment can be found in oil and natural gas
well sites, at petroleum
refineries, and in pipelines that carry crude
oil and natural gas
.

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Asia Pacific is expected to register the highest CAGR during the forecast period.

The growing automotive & transportation, chemical and energy
& power applications in the Asia Pacific region is expected to drive the hydrogen detection industry
. Various countries in Asia Pacific such as China, Japan, and India are focusing on producing hydrogen and implementing national hydrogen strategies to support the global energy
transition phenomenon. China is among the top hydrogen producers in the region. For instance, China's National Development and Reform Commission (NDRC) and National Energy Administration (NEA) have collaboratively published the country's inaugural mid- to long-term plan outlining the implementation and development of hydrogen utilization in China until 2035. According to this plan, the target for renewable-based hydrogen production is set to range between 100,000 and 200,000 tons per year by 2025.Thus rising hydrogen production and its investments in Asia Pacific region is expected to contribute to the need for hydrogen detection equipment in the said region.

The report profiles key players in hydrogen detection companies such as Teledyne Technologies (US), Honeywell International (US), Figaro Engineering (Japan), H2Scan Corporation (US), NevadaNano (US), Hydrogen Sense Technology
(China), Membrapor (Switzerland), Makel Engineering (US), and so on.

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Browse Adjacent Market: semiconductor and electronics market

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