What do Growing EV Sales Mean for Hydrogen Sensor Manufacturers
NEW YORK, Feb. 25, 2021 /PRNewswire/ -- Award winning market research company Fact.MR's global hydrogen sensor market opines a moderate outlook for 2021, owing to commencement of recovery in APAC automotive market. Although, demand for hydrogen sensors grew at around 3% from 2016-2020, the market is expected to grow at over 6% CAGR through 2031.
Innovation in technology and investment in research and development remain key focus areas for manufacturers. The rapid standardization in the developing countries is also bolstering the demand for hydrogen sensors.
Industry giant like Siemens is investing in the fuel cell drive which remains a lucrative category. For instance, in November 2020, Deutsche Bahn and Siemens entered the Hydrogen age by developing a joint project to develop fuel cell drives for trains.
Countries investing in the renewable technology, especially developed regions, is expected provide stimulus. This is especially true for US and Western European countries.
The United States Department of Energy's Fuel Cell Technology is bracing the development of hydrogen as an alternative fuel source in the country. To ensure the US security, the fuel cell technologies support the department of energy in addressing the environmental and energy challenges through advanced science and technology solutions.
"Customers using macro scale hydrogen for the application of synthetic compounds and petrochemicals will in general produce it on premise paving its way for the increased utilization of the product. The alarming awareness for the renewable sources and the advantages of using hydrogen as a fuel source will foster the consumption." says a Fact.MR analyst.
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- Growing electric vehicle (EV) sales continue to create demand for hydrogen sensors
- Rising investment in hydrogen technology for power generation a key opportunity
- Germany to remain a lucrative market, owing to well-established automotive industry in the region
- Chinese government is leaning toward developing more sustainable hydrogen infrastructure and promoting the usage of fuel cell vehicles
- US remains the most lucrative hydrogen sensor market