Acknowledging the exponential traction, the market
perceives currently, Market Research Future (MRFR), in its recently published
study report asserts that the global testing, inspection & certification
market is expected to reach USD 58.38 BN by 2023 with approx. 5.8 % CAGR
throughout the forecast period (2018-2023).
Testing, inspection & certification is a process
adopted by end-user sector to ensure safety, maintenance, and quality in
consumer products. Testing, Inspection & Certification services play an
essential role in increasing productivity by meeting product quality with
international standard.
In recent years, regulatory norms of health,
quality, and safety have become strict which is thereby affecting the global
import & export business. Imports from developing regions have to pass
through stringent quality and safety testing procedures. This, as a result, has
increased demand for testing, inspection, and certification process in the
manufacturing sectors.
Moreover, strong industry fundamentals and stringent
regulation in end-user sectors such as food & beverage, textiles, and
pharmaceuticals, are escalating the market on the global platform, creating a
massive demand for these services.
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With the growing awareness about quality among
consumers which is thereby generating a considerable demand for these services
is allowing the market to grow at twice the rate of global GDP. Also, the
growing manufacturing units in emerging countries such as China, India, and
Singapore among others drive the growth of testing, inspection, and
certification market.
“It’s a perfect time for the mergers and
acquisitions for the providers operating in this highly acquisitive market as
trade buyers target external growth and private equity (PE) opt for aggressive buy
and build growth strategies,” states the MRFR research analyst.
On the other hand, factors such as the lack of
international standards of testing, inspection & certification are
hampering the growth of the market. Also, the regional rules & regulations
differentiation is affecting the investments made by international
players. Nevertheless, a large number of
transactions and the high demand for these services from small and mid-size
companies is expected to support the growth of the TIC market over the
assessment period.
Global TIC Market – Segmentations
The MRFR analysis is segmented into five key
dynamics for enhanced understanding.
By Sourcing Type: Outsourcing and In-house.
By Service Type: Testing Service, Inspection
Service, And Certification Service.
By End-user: Automotive, Textile, Aerospace, Oil
& Gas, Petroleum, and Food & Beverage among others.
By Application: Commercial and Industrial.
By Regions:
North America, Europe, APAC, and the Rest-of-the-world (RoW).
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Global TIC Market - Regional Analysis
North America is dominating the global testing,
inspection and certification market with the largest market share due to the
large presence of the electronics sector in the region. Moreover, factors such
as the increased global trade, growth in the software, defense, and aviation
industry, and advancement in medical equipment automation substantiate the
growth of the regional market. The region is expected to create a large revenue
pocket over the forecast period.
The testing, inspection and certification market in
the European region is expected to account for the second-largest market,
following the North American market closely.
The presence of high-tech automation division in the region which
provides extensive vehicle testing & inspection services to the automotive
products alongside the burgeoning automobile industry in the region drives the
growth of the regional market. Moreover, factors such as the growing demand for
organic and processed food fuels the market growth.
The Asia Pacific is rapidly becoming a promising
market for testing, inspection and certification services. The high demand of these services, especially
in emerging countries such as China and India along with the stringent
government regulations to ensure better health and strong security in various
end-user sectors are fueling the growth of the TIC market in the region.
Moreover, factors such as the increased demand for
consumer electronics, growing consumer awareness towards quality, increase in
cross border imports and exports substantiate market growth.
Key Players –
Some of the players leading the global testing,
inspection, and certification (TIC) market includes Bureau Veritas SA (France),
SGS group (Switzerland), Dekra Certification GmbH (Germany), ALS Limited
(Australia), Intertek Group plc. (U.K.), ASTM International (U.S.), SAI Global
Limited (Australia), BSI Group (U.K.), UL LLC (U.S.), and MISTRAS Group, Inc.
(U.S.) among others.
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