The hydrogen technology testing, inspection, and certification market has grown significantly in recent years as governments and organizations globally aim to achieve zero emission targets through increased adoption of renewable energy technologies including hydrogen. Testing, inspection, and certification services ensure safety, performance and quality standards are met for hydrogen generation, storage and fuel cell equipment. Routine inspection and certification is crucial to build consumer confidence for mass commercialization of hydrogen as an alternative clean energy carrier.
Hydrogen can be used as an energy storage medium and fuel for various applications ranging from industrial processes to transportation. It is considered a promising zero-emission fuel when produced from water using renewable electricity. However, the flammable and explosive nature of hydrogen requires strict safety protocols to be followed during production, transportation and usage. This is driving the demand for independent third-party testing, inspection and certification services to validate equipment design and functionality according to industry standards.
The Global Hydrogen Technology Testing, Inspection, and Certification Market is estimated to be valued at US$ 6.1 Bn in 2024 and is expected to exhibit a CAGR of 17.% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the hydrogen technology testing, inspection, and certification are SGS SA, Bureau Veritas SA, Intertek Group plc, DEKRA SE, TÜV SÜD.
The growing deployment of hydrogen projects across various industries as a clean alternative fuel is driving the demand for testing, inspection and certification services to ensure operational safety. Various countries and regional blocshave announced ambitious targets and investment plans to boost the hydrogen economy.
Testing, inspection and certification companies are expanding globally to cater to the growing hydrogen market. They are establishing joint laboratories and partnering with local associations to provide customized certification services according to regional standards and regulations.
Market Key Trends
Digitalization and the use of advanced technologies like AI, IoT and blockchain is a key trend gaining traction in the hydrogen testing, inspection and certification market. Digital solutions help streamline inspection processes, improve reliability of inspections, and enable remote monitoring of assets. This allows certification bodies to scale up operations and enhance customer experience. Adoption of digital technologies is expected to accelerate with growing hydrogen infrastructure development worldwide.
Porter’s Analysis
Threat of new entrants: High capital requirements and stringent regulations make entry difficult in this specialized market. Bargaining power of buyers: Buyers can negotiate on price and certification procedures but have limited options due to technical skills required. Bargaining power of suppliers: Suppliers of certification equipment and services have some pricing power due to their specialized expertise. Threat of new substitutes: No close substitutes exist for independent third party testing, inspection and certification required to ensure safety and quality standards. Competitive rivalry: Intense competition exists among major global players due to their breadth of services and geographical reach.
Geographical Regions
North America currently accounts for the largest share of the global market value due to extensive government support for hydrogen infrastructure development and presence of major players.
Asia Pacific is poised to be the fastest growing regional market stimulated by government initiatives and funding to establish hydrogen value chains particularly in China, Japan and South Korea. Countries are leveraging hydrogen technology to transition to cleaner energy and decarbonize industries.
What Are The Key Data Covered In This Hydrogen Technology Testing, Inspection, and Certification Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Hydrogen Technology Testing, Inspection, and Certification 's growth between 2024 and 2031.
:- Accurate calculation of the size of the Hydrogen Technology Testing, Inspection, and Certification and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Hydrogen Technology Testing, Inspection, and Certification Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Hydrogen Technology Testing, Inspection, and Certification vendors
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it