Rising Demand and Growth Opportunities in Hydrogen Technology Market
Key Ideas
- The global Hydrogen Technology Testing, Inspection, and Certification (TIC) Market is projected to grow from $4.1 billion in 2024 to $9.2 billion by 2029, indicating a promising future outlook.
- Testing services are expected to hold the largest market share due to their crucial role in ensuring safety and functionality of hydrogen products, driving the demand for testing in the industry.
- The refining and chemicals application segment is set to dominate the market, with hydrogen playing a key role in various industrial processes like hydrocracking and desulfurization, leading to cleaner and higher-quality products at refineries.
- North America is positioned to be a significant player in the hydrogen technology TIC market, driven by the increasing demand for cleaner fuels, stringent pollution regulations, and a surge in fuel cell applications.
The global Hydrogen Technology Testing, Inspection, and Certification (TIC) Market is on a growth trajectory, with an estimated value of $4.1 billion in 2024 expected to reach $9.2 billion by 2029, growing at a CAGR of 17.8%. Factors contributing to this expansion include the rising demand for clean fuels, supportive government policies promoting decarbonization, expanding hydrogen infrastructure, risk management concerns, stricter regulations, and advancements in green hydrogen technologies.
Testing services are anticipated to have the largest market share in the hydrogen technology TIC market due to their essential role in ensuring safety and functionality of hydrogen products. The growth in the hydrogen industry, particularly in hydrogen production and fuel cell vehicles, is driving an increased need for thorough testing to guarantee operational success. Major companies are investing in testing facilities to enhance safety compliance and consumer confidence.
The chemical and refinery application segment is expected to lead the market, with hydrogen being a crucial component in various industrial processes such as hydrocracking and desulfurization. This usage of hydrogen results in the production of cleaner and higher-quality products at refineries.
North America is poised to hold a significant share in the global hydrogen technology TIC market, propelled by the growing demand for cleaner fuels, strict pollution control regulations, and the rise in fuel cell applications. The region is witnessing transformations in utilities towards decentralization, digitalization, and decarbonization, reflecting a broader global trend towards clean energy transition.
Topics
North America
Certification
Clean Energy
Infrastructure
Innovation
Regulations
Market Analysis
Risk Management
Refinery
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