Driving Growth in Hydrogen Technology Testing Market Amidst Clean Fuel Demand
Key Ideas
- Hydrogen Technology TIC market is valued at USD 4.1 billion in 2024 and projected to reach USD 9.2 billion by 2029, with a CAGR of 17.8% driven by factors like rising demand for clean fuels and advancements in green hydrogen technologies.
- Testing services segment holds the largest market share due to the crucial role testing plays in ensuring safety and functionality of hydrogen products, leading to increased demand for testing services.
- Refining & chemicals application is a key driver of the market, with hydrogen being used to reduce sulfur content in diesel fuels and as a feedstock for various industrial compounds.
- North America is expected to hold the second-largest share in the global hydrogen technology TIC industry due to increasing demand for cleaner fuels, stringent pollution control regulations, and growth in fuel cell applications.
The global Hydrogen Technology Testing, Inspection and Certification (TIC) Market is experiencing significant growth, with a value of USD 4.1 billion in 2024 and a projected increase to USD 9.2 billion by 2029 at a CAGR of 17.8%. This growth is fueled by various factors including the rising demand for clean fuels, supportive government policies promoting decarbonization, expanding hydrogen infrastructure, growing risk management concerns, stricter regulations, and advancements in green hydrogen technologies. Testing services play a crucial role in the market, ensuring the safety and functionality of hydrogen products, leading to an increased demand for testing services. The refining & chemicals application segment is a major driver, with hydrogen being utilized to reduce sulfur content in diesel fuels and as a feedstock for essential industrial compounds.
North America is expected to hold the second-largest share in the global hydrogen technology TIC market, driven by the increasing demand for cleaner fuels, stringent pollution control regulations, and the surge of fuel cell applications in the region. Key players in this market include SGS SA, Bureau Veritas, Intertek Group plc, DEKRA, TÜV SÜD, DNV GL, TÜV RHEINLAND, Applus+, TÜV NORD Group, Element Materials Technology, and UL LLC. Overall, the market shows positive growth prospects with a focus on cleaner energy solutions and regulatory compliance.
Topics
Utilities
Government Policies
Regulations
Hydrogen Infrastructure
Refining Industry
Clean Fuels
Risk Management
Green Technologies
Chemical Applications
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