DALLAS, March 4, 2014 /PRNewswire/ --
According to a new report, "Testing, Inspection and Certification (TIC) Market by Products (Electronics & Automotive) & Geography (APAC, Europe, North America, South America, and Row) - Global Forecast to 2013- 2020", published by MarketsandMarkets, the total market for Testing, Inspection and Certification (TIC) Market will be worth of $27.46 Billion by 2020 at an estimated CAGR of 7.22%.
Browse more than 53 market data tables with 54 figures spread through 188 pages and in-depth TOC on "Testing, Inspection and Certification (TIC) Market"
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Certificate Testing are the services provided so as to ensure that the product meets the quality and regulatory standards, also, it helps the local manufacturer to meet the internationally accepted standards. The overall certificate testing market is highly fragmented and has been in the spotlight since many years, owing to the large number of acquisitions, which is leading towards the industry consolidation.
The Certificate Testing Market covers the industry on the basis of products and geography. The products section includes electronics and automotive products. The electronics product comprises semiconductor, advanced materials, telecommunications, and others. The semiconductor products are further categorized into electromagnetics, microelectronics, sensors, optoelectronics, and others; advanced materials consist of superconductors and other materials. The automotive segment comprises major products, namely - electrical system and components, EV, HEV and battery systems, Telematics, engine R&D and emission testing, fuels, fluids and lubricants, interior and exterior materials and components, and others. The geographic analysis covers the major regions, namely, North America, South America, Europe, Asia-Pacific, and Rest of the World.
The major drivers for the Certificate Testing Market are stringent regulatory standards, outsourcing of testing and certification services, and awareness among the end-users and more. There are restraints in the market such as lack of internationally accepted standards and local government mandates. Rapid growth in emerging economies and the shift of the manufacturers to these economies provide opportunities for the global certificate testing market.
Some of the key players in this market include SGS Group (Switzerland), BSI Group (U.K.), Dekra Certification GmbH (Germany), Bureau Veritas S.A. (France), Intertek Group PLC (U.K.), Dekra Certification GmbH (Germany), TUV SUD (Germany), TUV Rheinland Group (Germany), TUV Nord Group (Germany), and UL LLC (U.S.). Asia-Pacific is anticipated to be the leading market for the certificate testing industry throughout the forecasted period due to rapid developments and growth in international trade.
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