Hydrogen Detection Market worth $410 million by 2028 - Exclusive Report by MarketsandMarkets™
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 MarketsandMarkets™. 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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Hydrogen Detection Market Report Scope:
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 fuels. 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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