Testing Inspection and Certification (TIC) Market - Drivers, Outlook, Segmentational Analysis to 2023
Testing, Inspection, and Certification (TIC) is a process done to ensure that the manufactured products and component systems are good enough for the intended purpose. Inspection and testing processes are performed before, during and after manufacturing to make sure the quality of the product is not compromised while certification is the confirmation of the quality of the product. These services are required to meet a number of safety and quality requirements of national and international standards.
Market Overview
According to the report found on Wise Guy Reports (WGR), the global testing, inspection and certification market accounted for USD 184.2 billion in 2020 and is projected to reach the valuation of USD 312.25 billion by 2026. The global market will be growing at a CAGR of 6% during the forecast period (2020-2026).
Drivers and Restraints
The growth of testing, inspection, and certification market is fueled by increasing goods in emerging economies, growth in product recalls, government regulations and standards. Acceleration in research and development along with continuous innovation in the field of science has driven a sense of urgency among companies operating in large-scale sectors like healthcare, consumer goods, retail, white goods, automotive, etc. On the other hand, the complex nature of supply chains across the globe strives to undermine the growth of the global market.
Market Segmentation
Application-wise, the transportation segment leads the market owing to the factors such as strict regulations and legislation. It includes marine, automotive, aerospace and defense, and rail. As these industries are required to meet the highest levels of safety and reliability for the safety of passengers and assets, these make extensive use of TIC.
By type, the segment of outsourced services is presumed to grow at the highest CAGR during the appraisal period, as a result of the high focus on their core business and avoiding high in-house laboratory costs.
Based on service type, the global market is segmented into inspection, testing, certification, and others.
Regional Analysis
The market for testing, inspection, and certification is split among the regions of Europe, North America, Asia Pacific and the Rest of the World.
Europe captured the largest share in the Testing Inspection and Certification (TIC) Market, with the growth attributed to the continual introduction of new rules such as energy efficiency in construction coupled with growing focus on outsourcing. The Asia Pacific market is anticipated to note a substantial growth over the review period on account of the rising number of manufacturing facilities in countries like India and China. Also, the elevated demand of consumer electronics, as well as increasing consumer awareness towards quality, is working in favor of the market in the region.
On the other hand, the growth of North America market is the result of increasing international trade happening in countries like United States (U.S) and Canada, which has driven the demand for efficient TIC. Also, the strong presence of a number of large-scale manufacturing sectors such as pharmaceutical, automotive, electronics, defense, and aviation has augmented the growth of TIC market in the region.
Key Players
The key players in the global market are Mistras, Eurofins Scientific, Element Materials Technology, Dekra SE, Bureau Veritas SA, UL, ALS Limited, Avomeen Analytical Services, DNV GL Group AS, TUV Nord, TUV Rheinland, SGS, Envigo, Medistri, Lloyd’s Register, Intertek Group PLC, Applus, ASTM International and Asure Quality Limited.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
Contact:
+1 646 845 9312
Email: sales@marketresearchfuture.com
Market Overview
According to the report found on Wise Guy Reports (WGR), the global testing, inspection and certification market accounted for USD 184.2 billion in 2020 and is projected to reach the valuation of USD 312.25 billion by 2026. The global market will be growing at a CAGR of 6% during the forecast period (2020-2026).
Drivers and Restraints
The growth of testing, inspection, and certification market is fueled by increasing goods in emerging economies, growth in product recalls, government regulations and standards. Acceleration in research and development along with continuous innovation in the field of science has driven a sense of urgency among companies operating in large-scale sectors like healthcare, consumer goods, retail, white goods, automotive, etc. On the other hand, the complex nature of supply chains across the globe strives to undermine the growth of the global market.
Market Segmentation
Application-wise, the transportation segment leads the market owing to the factors such as strict regulations and legislation. It includes marine, automotive, aerospace and defense, and rail. As these industries are required to meet the highest levels of safety and reliability for the safety of passengers and assets, these make extensive use of TIC.
By type, the segment of outsourced services is presumed to grow at the highest CAGR during the appraisal period, as a result of the high focus on their core business and avoiding high in-house laboratory costs.
Based on service type, the global market is segmented into inspection, testing, certification, and others.
Regional Analysis
The market for testing, inspection, and certification is split among the regions of Europe, North America, Asia Pacific and the Rest of the World.
Europe captured the largest share in the Testing Inspection and Certification (TIC) Market, with the growth attributed to the continual introduction of new rules such as energy efficiency in construction coupled with growing focus on outsourcing. The Asia Pacific market is anticipated to note a substantial growth over the review period on account of the rising number of manufacturing facilities in countries like India and China. Also, the elevated demand of consumer electronics, as well as increasing consumer awareness towards quality, is working in favor of the market in the region.
On the other hand, the growth of North America market is the result of increasing international trade happening in countries like United States (U.S) and Canada, which has driven the demand for efficient TIC. Also, the strong presence of a number of large-scale manufacturing sectors such as pharmaceutical, automotive, electronics, defense, and aviation has augmented the growth of TIC market in the region.
Key Players
The key players in the global market are Mistras, Eurofins Scientific, Element Materials Technology, Dekra SE, Bureau Veritas SA, UL, ALS Limited, Avomeen Analytical Services, DNV GL Group AS, TUV Nord, TUV Rheinland, SGS, Envigo, Medistri, Lloyd’s Register, Intertek Group PLC, Applus, ASTM International and Asure Quality Limited.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
Contact:
+1 646 845 9312
Email: sales@marketresearchfuture.com
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