Hydrogen Technology Testing, Inspection, and Certification Market Vital to Meet Energy Transition Goals

Hydrogen Technology Testing, Inspection, and Certification Market Vital to Meet Energy Transition Goals

Hydrogen technology involves the production, storage, transportation and use of hydrogen in various applications. Hydrogen has the potential to play a key role in the energy transition as it can be used as a clean-burning fuel and as a potential long-term energy storage solution. It is an excellent energy carrier and can be produced from diverse domestic resources such as natural gas, coal, biomass and renewable power like solar and wind. Hydrogen fuel cells are gaining traction in the automotive industry as an alternative to electric batteries for zero emission vehicles. Hydrogen can also be used to heat homes and buildings as well as generate electricity through fuel cells without carbon emissions.

The Global Hydrogen Technology Testing, Inspection, and Certification Market is estimated to be valued at USD 6.1 Bn in 2024 and is expected to reach USD 24.4 Bn by 2031, growing at a compound annual growth rate (CAGR) of 17.9% from 2024 to 2031.

Key Takeaways

Key players operating in the hydrogen technology market are Air Liquide, Linde Plc, Air Products and Chemicals Inc., ITM Power, and Nel ASA. These leading companies are focusing on expanding hydrogen production facilities and investing in hydrogen refueling infrastructure to capitalize on the rising demand.

The Hydrogen Technology Testing, Inspection, and Certification Market demand for clean hydrogen is growing rapidly across industries due to stringent emission norms and climate change initiatives of governments worldwide. Industries like chemicals, oil refining and transportation have started adopting hydrogen technologies on a large scale.

Technological advancements are enabling greater efficiencies and lower costs of hydrogen production from renewable resources. Fuel cell and electrolyzer manufacturers are developing advanced systems to boost hydrogen's competitiveness against conventional fuels.

Market Trends

Green hydrogen produced from renewable energy sources through electrolysis is gaining traction. Major companies have announced ambitious green hydrogen projects utilizing solar and wind power.

Developing hydrogen hubs and pipeline infrastructure is a key trend, with many European countries collaborating on cross-border hydrogen pipeline networks. Standards for transportation and refueling are being developed.

Market Opportunities

Widespread rollout of hydrogen refueling stations can drive commercialization of fuel cell vehicles. Automakers are introducing FCEVs at scale to tap the green mobility market.

Developing cost-competitive hydrogen production from biomass could unlock new revenue streams for waste-to-energy and agriculture sectors.

Impact of COVID-19 on Hydrogen Technology Market Growth

The COVID-19 pandemic has significantly impacted the hydrogen technology market. During the pre-COVID era, the market was growing at a steady pace due to the increasing focus on developing green and clean energy. However, the outbreak led to disruptions in equipment supply chains and delayed several planned projects.

As countries imposed lockdowns to curb the spread of the virus, the manufacturing and construction activities slowed down drastically impacting the production and installation of hydrogen generation plants, fueling stations, electrolyzers, turbines etc. This led to a steep decline in the market growth especially in 2020. The demand from the transportation sector also witnessed a sharp fall as people avoided public transport and focused on personal vehicles for commuting during the pandemic.

However, with vaccination drives ramping up globally, economic activities are gradually restoring. Many countries announced stimulus packages focusing on green technologies and alternative fuels to rebuild their economies in a sustainable manner. This has provided renewed impetus to the hydrogen market. Manufacturers are working on eliminating disruptions and ramping up production to cater to the growing order books. Governments are aggressively supporting the construction of hydrogen infrastructures like pipelines, refueling stations to accelerate the energy transition.

Regions that are Concentrating Value for Hydrogen Technology Market

Currently, North America and Western Europe account for the major share of the global hydrogen technology market in terms of value. Countries like the US, Canada, Germany, UK and France have been pioneering in developing and deploying hydrogen technologies on a commercial scale. They have maintained their dominance as early adopters with considerable investments and policy support for hydrogen fuel cells, electrolyzers and associated infrastructure development projects.

Fastest Growing Region for Hydrogen Technology Market

Asia Pacific region is expected to be the fastest growing regional market for hydrogen technologies over the coming years. Factors like burgeoning energy demand from manufacturing and transportation sectors coupled with the need for energy security are driving the governments of major Asian countries towards tapping indigenous hydrogen resources and migrating to a green hydrogen economy. China, Japan and South Korea are aggressively funding R&D activities, pilot projects for production expansion and deployment of related infrastructure, making APAC an imminent leader in the long run.

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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.

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