China Testing, Inspection And Certification Market Size, Share & Trends Analysis Report By Service, By Sourcing Type, By Application And Segment Forecasts, 2020 - 2027
NEW YORK, April 23, 2020 /PRNewswire/ --
China Testing, Inspection, And Certification Market Size, Share & Trends Analysis Report By Service (Testing, Inspection, Certification), By Sourcing Type (In-house, Outsourced), By Application, And Segment Forecasts, 2020 - 2027
Read the full report: https://www.reportlinker.com/p05867068/?utm_source=PRN
The China testing, inspection & certification market size is anticipated to reach USD 61.8 billion by 2027. The market is anticipated to expand at a CAGR of 7.8% from 2020 to 2027.
The high standards of living in China and increased focus of customers on quality and safety of food products and consumer goods such as toys, personal care and beauty products, and electrical and electronic appliances are driving the growth of the China TIC market. Further, increase in outsourcing of testing, inspection, and certification services by prominent companies operating in the manufacturing, automotive, and consumer goods application areas is projected to boost the growth of the market in China.
Furthermore, the market is expected to grow at a faster pace in China owing to government investments in the transportation and energy sectors as well as the construction industry.The China government has introduced favorable policies for international players to establish their foothold in the country to achieve progressive liberalization.
The domestic players capture a majority share of the market in several provinces of China. The government has encouraged foreign investments in the market by lifting the barriers for international testing, inspection, and certification providers to enter and operate in the Mainland marketplace.
Previously, most companies in China conducted their testing, inspection, and certification operations in-house.However, with the growing acceptance of the China Compulsory Certification (CCC), a greater emphasis is placed on the need for strict regulatory standards and certifications and this has led to an increase in outsourcing activities of testing, inspection, and certification in China due to cost benefits.
This growing trend of outsourcing testing, inspection, and certification services is anticipated to further drive the market over the forecast period due to the increased accessibility of the domestic market for international players and the provision of cost-effective solutions by the testing, inspection, and certification service providers.
Further key findings from the report suggest:
• The China TIC market is witnessing considerable growth owing to an increasing number of investments from international incumbents
• The inspection service segment is expected to exhibit the highest CAGR of 8.8% over the forecast period
• TIC forms an integral part of the infrastructure and transportation sectors in China and hence, the growth of the two sectors is expected to drive the demand for testing inspection, and certification activities
• The key industry participants include AsureQuality Limited; Bureau Veritas SA; DEKRA SE; DNV GL Group AS; Intertek Group PLC; Lloyd's Register Group Limited; SGS S.A; TUV Rheinland AG Group; Underwriters Laboratories Inc.; Asia Quality Focus; HQTS Group Ltd.; InTouch Services Ltd.; China Inspection Co., Ltd.; Centre Testing International; China Certification & Inspection Group; Asia Quality Control; V-Trust; TUV SUD; TUV Nord; American Bureau of Shipping; Hartford Steam Boiler; Larsen & Toubro; Asia Inspection; China Building Material Test & Certification Group Co. Ltd.; China Special Equipment Inspection and Research Institute; and China Classification Society.
Read the full report: https://www.reportlinker.com/p05867068/?utm_source=PRN
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