CHICAGO, July 12,
2024 /PRNewswire/ -- The global Hydrogen
Technology Testing, Inspection and Certification (TIC)
Market is valued at USD 4.1
billion in 2024 and is projected to reach USD 9.2 billion by 2029; it is expected to
register a CAGR of 17.8% during the forecast period according to a
new report by MarketsandMarkets™. Several factors are
driving the steady growth of the hydrogen technology TIC market.
These include 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.
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Browse in-depth TOC on "Hydrogen Technology Testing,
Inspection and Certification (TIC) Market"
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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
|
Key Market
Challenge
|
High hydrogen
generation, storage, and transportation costs
|
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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