Hydrogen Monitor Trends and Forecast
The future of the global hydrogen monitor market looks promising with opportunities in the steel production, chemical, hydrogen fuel application, and laboratory markets. The global hydrogen monitor market is expected to grow with a CAGR of 7.5% from 2024 to 2030. The major drivers for this market are increasing adoption of hydrogen as a clean energy source, along with the growing investment in hydrogen infrastructure for various industrial applications.
• Lucintel forecasts that single gas detection type is expected to witness the higher growth over the forecast period.
• Within this market, steel production is expected to witness the highest growth.
• APAC is expected to witness highest growth over the forecast period.
United States: Several companies, including Honeywell and GE, have announced initiatives to develop advanced hydrogen monitoring technologies. The U.S. government has set ambitious targets to increase hydrogen production and utilization, with a focus on clean energy applications.
Germany: Leading German companies like Siemens and Linde are investing in hydrogen monitoring solutions to support the countryÄX%$%Xs transition to a hydrogen economy. The government aims to establish a robust hydrogen infrastructure and has allocated funds for research and development in this sector.
Japan: Japanese firms such as Yokogawa Electric Corporation and Horiba are actively involved in developing hydrogen monitoring systems for industrial and automotive applications. The government has outlined aggressive targets to expand the use of hydrogen in transportation and power generation.
China: Chinese companies like Shanghai Chang Ai Technology and Beijing SDL Technology are investing in hydrogen sensor technology to support the countryÄX%$%Xs push for clean energy. The government has announced plans to become a global leader in hydrogen production and has introduced policies to promote the adoption of hydrogen fuel cells in various sectors.
Australia: Companies such as Scentroid and Analox Sensor Technology are working on hydrogen monitoring solutions to meet the growing demand in AustraliaÄX%$%Xs emerging hydrogen industry. The government has unveiled a national hydrogen strategy with targets to become a major exporter of hydrogen by 2030.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Hydrogen Monitor by Segment
The study includes a forecast for the global hydrogen monitor by type, application, and region.
Hydrogen Monitor Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Single Gas Detection Type
• Multi Gas Detection Type
Hydrogen Monitor Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Steel Production
• Chemical
• Hydrogen Fuel Applications
• Laboratories
• Others
Hydrogen Monitor Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Hydrogen Monitor Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies hydrogen monitor companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the hydrogen monitor companies profiled in this report include-
• Mirion Technologies
• Storage Battery Systems
• International Gas Detectors
• NTM Sensors
Recent Development in the Hydrogen Monitor Market
Ballard Power Systems: Ballard Power Systems recently announced a strategic collaboration with Linamar Corporation to develop fuel cell powertrains for light-duty vehicles. This partnership aims to leverage LinamarÄX%$%Xs expertise in automotive manufacturing and BallardÄX%$%Xs fuel cell technology to accelerate the adoption of hydrogen-powered vehicles in the global market.
Plug Power Inc.: Plug Power Inc. unveiled plans to establish a green hydrogen production facility in Spain, marking its entry into the European market. The company aims to leverage SpainÄX%$%Xs renewable energy resources to produce green hydrogen, which will be used to power fuel cell vehicles and provide clean energy solutions to industries in the region.
Air Liquide: Air Liquide announced the acquisition of a majority stake in Hydrogenics Corporation, a leading provider of hydrogen fuel cell systems. This acquisition strengthens Air LiquideÄX%$%Xs position in the hydrogen market and allows the company to expand its portfolio of hydrogen solutions for various industries, including transportation, energy, and manufacturing.
Hyundai Motor Company: Hyundai Motor Company unveiled its next-generation hydrogen fuel cell system, which offers improved efficiency and performance compared to previous models. The company aims to commercialize this new fuel cell system for use in various applications, including passenger vehicles, commercial vehicles, and stationary power generation.
Toyota Motor Corporation: Toyota Motor Corporation announced plans to invest in the development of a hydrogen-powered commercial vehicle ecosystem in North America. The company aims to collaborate with industry partners to establish infrastructure for hydrogen refueling stations and promote the adoption of hydrogen-powered trucks for long-haul transportation.
Features of the Global Hydrogen Monitor Market
Market Size Estimates: Hydrogen monitor market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Hydrogen monitor market size by type, application, and region in terms of value ($B).
Regional Analysis: Hydrogen monitor market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the hydrogen monitor market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the hydrogen monitor market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for hydrogen monitor market?
Answer: The global hydrogen monitor market is expected to grow with a CAGR of 7.5% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the hydrogen monitor market?
Answer: The major drivers for this market are increasing adoption of hydrogen as a clean energy source, along with the growing investment in hydrogen infrastructure for various industrial applications.
Q3. What are the major segments for hydrogen monitor market?
Answer: The future of the global hydrogen monitor market looks promising with opportunities in the steel production, chemical, hydrogen fuel application, and laboratory markets.
Q4. Who are the key hydrogen monitor market companies?
Answer: Some of the key hydrogen monitor companies are as follows:
• Mirion Technologies
• Storage Battery Systems
• International Gas Detectors
• NTM Sensors
Q5. Which hydrogen monitor market segment will be the largest in future?
Answer: Lucintel forecasts that single gas detection type is expected to witness the higher growth over the forecast period.
Q6. In hydrogen monitor market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the hydrogen monitor market by type (single gas detection type and multi gas detection type), application (steel production, chemical, hydrogen fuel applications, laboratories, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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