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Browse in-depth TOC on “Hydrogen Technology Testing, Inspection and Certification (TIC) Market”
100 – Tables
60 – Figures
250 – Pages
Hydrogen Technology Testing, Inspection and Certification (TIC) Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$ 4.1 billion |
|
Estimated Value by 2029 |
$ 9.2 billion |
|
Growth Rate |
Poised to grow at a CAGR of 17.8% |
|
Market Size Available for |
2020–2029 |
|
Forecast Period |
2024–2029 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Process, Service Type, Testing Type, Application and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
High hydrogen generation, storage, and transportation costs |
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Key Market Opportunities |
Emergence of hydrogen fuel cells for the automotive sector |
|
Key Market Drivers |
Increasing demand of net zero emission fuels |
Testing services segment to account for the largest market share in the forecasted year.
Testing is expected to have the largest share of the hydrogen technology TIC market. This importance stems from the critical role testing plays in ensuring safety and the functionality of hydrogen products. Governments are implementing regulations to enhance safety standards leading to an increased demand, for testing services. With the expansion of the hydrogen industry in hydrogen production and fuel cell vehicles there will be a growing requirement for thorough testing to ensure operational success. Major companies are investing in laboratories and testing facilities to support innovation efforts and guarantee safety compliance. The comprehensive testing conducted by these companies not helps build consumer confidence. Also sets them apart in a competitive market landscape thereby amplifying the necessity for testing services, in this rapidly evolving industry.
Refining & chemicals application accounted for the largest market share of in the forecasted year.
The chemical and refinery application segment to dominant global hydrogen market. Increasing consumption of hydrogen in refineries to reduce the sulfur content of diesel fuels is likely to drive the demand for the market. It is a key feedstock of several important compounds essential to the industrial sectors (ammonia, methanol, hydrogen peroxide). It is used in hydrocracking, hydrotreating, and desulfurization processes as a reagent and feedstock. Crude oil atrefineries into more cleaner, higher-quality products such as gasoline, diesel and jet fuel through the use of hydrogen. This hydrogenation operation clears off the impurities and results in better refined products.
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North America is expected to hold the second-largest share of the hydrogen technology TIC industry during the forecast period.
North America is projected to have the second-largest share in the global hydrogen TIC market due to an increasing demand for cleaner fuels, stringent regulations on pollution control, and surge of applications of fuel cell. The region has already created several policies which will ensure rise in hydrogen research & development & also promotion of other alternative energy. Utilities are going through a massive transformation with decentralization, digitalization & decarbonization. Similar to global trend where hydrogen is witnessed as clean energy transition fuel, North America have put bet into rising investment in new areas such as transportation, green fuels, power.
Key Players
The key companies that offer hydrogen technology TIC companies include SGS SA (Switzerland), Bureau Veritas (France), Intertek Group plc (UK), DEKRA (Germany), TÜV SÜD (Germany), DNV GL (Norway), TÜV RHEINLAND (Germany), Applus+ (Spain), TÜV NORD Group (Germany), Element Materials Technology (UK), and UL LLC (US).
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
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