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Testing, Inspection, & Certification (TIC) Market Size, Share & Industry Analysis, By Service Type (Testing, Inspection, Certification), By End-users (Healthcare & Medical Equipment, Consumer Goods & Retail, Food & Beverages, Chemical , Agriculture, Automotive, Manufacturing, Aerospace & Defence) And Regional Forecast 2021-2028

Region : Global | Report ID: FBI104939 | Status : Ongoing

 

KEY MARKET INSIGHTS

Testing, inspection, & certification (TIC) is a service offered to check and improve the quality of goods and services as per standards and regulations. The testing services are performed to check the products and commodities are as per the required specifications. The inspection service keeps the check that the products, services, assets, and others are produced or operated as per the regulatory requirement. Industries such as automotive, manufacturing, food & beverages, and more are highly adopting testing and inspection services owing to cater quality products.  Similarly, certification is offered to the manufactured product that maintains the international or national regulations, client requirements, and industry standards among others. The independent third party or an accredited body is allowed to provide validations of testing, inspection, & certification.


The increasing global trade is boosting the requirement of standardized product quality. The cross-border supply chain and outsourcing are demanding quality specified products from the supplier and manufacturer. This is likely to drive the TIC market growth. The rising government policies and regulations in standardizing products and services are further expected to push the TIC adoption. Also, the TIC services ensure the safety and life-span performance of the product. For instance, during the pandemic governments across the countries are focusing on testing and inspecting the N-95 masks. Further, the ventilators and personal protective equipment (PPE) kits are being purchased after certification from the regulatory bodies. This is expected to boost the testing, inspection, & certification market.


Key Market Driver -

• Increasing outsourcing trend is likely to drive the testing, inspection, & certification market growth

Key Market Restraint -

• Different regulations and standardization across countries is likely to hamper the demand of testing, inspection, & certification


Key Players Covered:


Some of the major players in the global testing, inspection, & certification market are Bureau Veritas SA, Element Materials Technology, Intertek Group plc, Eurofins Scientific, MISTRAS Group, Inc., ALS Limited, DNV GL, SGS Group, ASTM International, Lloyd's Register Group Limited, DEKRA SE, ÜV Rheinland Group., among others. The rising competition in the market is driving the prominent players to provide better solutions. The players are acquiring small and medium enterprises to gain expertise and to expand across geographical boundaries.


Regional Analysis


North America is expected to gain maximum market share during the forecast period. The increasing global trade across industries such as automotive, aerospace and defense, pharmaceutical, healthcare, and more is driving the TIC market demand. US is likely to witness high adoption owing to increasing consumer awareness regarding the product and services standards. Also, the US Federal regulations and compliances such as the Consumer Product Safety Commission, the Federal Trade Commission, the Food and Drug Administration are driving the market growth in the country.


Europe is also witnessing a surge of demand for testing, inspection, & certification services. The region has a significant presence of dominant players such as Dekra Certification, Intertek Group plc, Bureau Veritas S.A., BSI Group, and TÜV Rheinland Group among others. The increasing international trade is driving the testing, inspection, & certification market.   UK and Germany are witnessing high adoption of certification owing to government regulation and compliances.


Asia Pacific is expected to witness rapid growth during the forecast period. The presence of electrical and electronic manufacturers in China, Japan, Korea, and India is driving growth. China is expected to lead the market owing to the presence of a large number of hardware providers in the country. The rising hardware export market across China in boosting the adoption testing, inspection, & certification. India is likely to grow significantly owing to the Make in India scheme. This is likely to drive the demand for certified products. India is aiming to increase the adoption of locally manufactured products and reduce the import of products, this will help economic growth and competition in the market. Latin America and Middle East & Africa are likely to gain steady growth owing to increasing awareness in the testing, inspection, & certification services.


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Segmentation






















 ATTRIBUTE


  DETAILS

By Service Type




  • Testing

  • Inspection

  • Certification



By End-users




  • Healthcare & Medical Equipment

  • Consumer Goods & Retail

  • Food & Beverages

  • Chemical

  •  Agriculture

  • Automotive

  • Manufacturing

  • Aerospace & Defence

  • Others (Infrastructure & Construction, Education, etc.)



By Geography




  • North America (U.S. and Canada)

  • Europe (UK, Spain, Italy, France, DACH, Benelux, Nordics, CIS, and Rest of Europe)

  • Asia-Pacific (China, India, Japan, South Korea, ASEAN, Oceania, and Rest of Asia Pacific)

  • The Middle East & Africa (Turkey, GCC, North Africa, South Africa, and Rest of MEA)

  • Latin America (South America, Central America, and Caribbean)



Key Industry Developments



  • February 2019 – Bureau Veritas partnered with Microsoft Corporation to launch artificial intelligence-based testing services. The partnership aims to deliver efficient testing services in laboratories. Microsoft’s AI expertise will further help Bureau Veritas.

  • June 2020 – DNV GL launched infection prevention new certificate for maritime industry. The certification aims to improve the industry operation during COVID crises.


Testing, Inspection, & Certification (TIC) Market Size, Share and Global Industry Trend Forecast till 2026
  • Ongoing
  • 2020
  • 2017-2019

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