Testing, Inspection, & Certification Market with COVID-19 Impact Analysis by Offering, Application & Geography - Global Forecast to 2025
DUBLIN, Aug. 17, 2020 /PRNewswire/ -- The "Testing, Inspection, & Certification Market with COVID-19 Impact Analysis by Offering (In-house & Outsourced Services), Application (Consumer Goods & Retail, Agriculture & Food, Chemicals, Energy & Power, Automotive, IT & Telecommunications) & Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The TIC market is expected to grow at a CAGR of 3.6% from USD 204.2 billion in 2020 to USD 243.7 billion.
Factors such as a surge in the illicit trade of counterfeit and pirated goods, the inclination toward outsourcing TIC services, and the high demand for testing services to ensure effective interoperability of connected devices and networks have led to increased demand for TIC services.
TIC market for certification services expected to grow at highest CAGR during the forecast period
There has been an increasing demand for certification services owing to the growing number of specified standards by governments and international standardization institutions. Certification demonstrates a company's credibility in the market. To deliver credibility, companies in this market maintain extensive global accreditations and recognitions for certification services. As global markets grow and expand, consumers seek safe, reliable, and eco-conscious products. Certification services ensure product safety and performance attributes. Certification services mainly include customized audit and certification services with reference to quality, health & safety, environment, and social responsibility.
TIC market for outsourced services offering accounted for the largest share in 2020
The TIC market for outsourced services depends on factors such as the industry's requirements and a country's federal structure and administrative rules. Over time, these factors may have a significant impact on the market size, irrespective of the underlying macroeconomic conditions. The push toward outsourcing by manufacturing companies and, in specific instances, the privatization of state-owned laboratories will continue to be a strong factor driving the growth of the TIC market for outsourced services.
TIC market for agriculture and food application to grow at highest CAGR during the forecast period
The TIC market for agriculture and food application is expected to grow at the highest CAGR during the forecast period. TIC services for the agriculture industry are required to ensure quality and improve product efficiency. These services also support companies playing a crucial role in trading agricultural commodities and food products by acquiring international certifications. Moreover, changing regulations, especially in the agriculture space, across the world would drive the adoption of TIC services by manufacturers.
APAC is expected to be the fastest-growing market for TIC during the forecast period
The TIC market in APAC is projected to grow at the highest CAGR during the forecast period. The highest CAGR is the presence of giant manufacturing electronic companies in countries such as China, Japan, India, Vietnam, the Philippines, and Bangladesh. The domestic markets in APAC are growing rapidly owing to the rising per capita income among the middle-class population. Moreover, there is a growing consumer awareness about the importance of certification. TIC players are increasing their horizon by setting up their testing labs in the APAC countries as the potential of APAC countries on the overall various applications.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in TIC Market
4.2 TIC Market, by Service
4.3 TIC Market, by Application
4.4 TIC Market, by Agriculture and Food Application
4.5 TIC Market, by Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Surge in Illicit Trade of Counterfeit and Pirated Goods
5.2.1.2 Inclination Toward Outsourcing TIC Services
5.2.1.3 High Demand for Testing Services to Ensure Effective Interoperability of Connected Devices and Networks
5.2.1.4 Advancements in Networking and Communication Technologies
5.2.2 Restraints
5.2.2.1 Diverse Standards and Regulations Among Many Different Nations
5.2.3 Opportunities
5.2.3.1 Rise in Demand for TIC Services Globally
5.2.3.2 Growth Opportunities for Small and Medium-Sized Businesses
5.2.4 Challenges
5.2.4.1 Adoption of Advanced Technologies by Smaller TIC Players
5.3 Industry Trends
5.3.1 Value Chain Analysis
5.3.2 Key Industry Trends
5.3.3 Pest Analysis
5.3.3.1 Political Factors
5.3.3.2 Economic Factors
5.3.3.3 Social Factors
5.3.3.4 Technological Factors
5.4 Impact of COVID-19 on TIC Market
5.4.1 COVID Drivers
5.4.1.1 Increased Demand for TIC Services in Healthcare Industry
5.4.1.2 Rise in Adoption of TIC Services to Ensure Food Safety
5.4.2 Post-COVID Challenges
5.4.2.1 Post-COVID Challenges Faced by Testing, Inspection, and Certification Industry Players
6 TIC Market, by Service Type
6.1 Introduction
6.2 Impact of COVID-19 on Certification Services
6.3 Testing
6.3.1 Food and Drugs Testing Has Led to Increase in Demand for TIC Services
6.4 Inspection
6.4.1 Inspection Services Allow Products to Meet Industry Standards and Government Norms to Minimize Losses Due to Defective Products
6.5 Certification
6.5.1 Compliance to Ensure Marketability of Product is Achieved Through Certification Services
6.6 Others
7 TIC Market, by Sourcing Type
7.1 Introduction
7.2 Impact of COVID-19 on Outsourced Services
7.3 In-House Services
7.3.1 In-House Testing Services to Continue to Capture Larger Market Share During Forecast Period
7.4 Outsourced Services
7.4.1 Market for Outsourced Services to Grow at Higher CAGR During 2020-2025
8 TIC Market, by Application
8.1 Introduction
8.2 Impact of COVID-19 on Agriculture and Food
8.3 Consumer Goods and Retail
8.4 Agriculture and Food
8.5 Chemicals
8.6 Construction and Infrastructure
8.7 Energy & Power
8.7.1 Increasing Demand for Nuclear, Wind, and Solar Sources Propel TIC Market Growth
8.7.2 Energy Sources
8.7.2.1 Nuclear
8.7.2.2 Wind
8.7.2.3 Solar
8.7.2.4 Alternative Fuels
8.7.2.5 Fuel Oils and Gases
8.7.2.6 Coal
8.7.3 Power Generation
8.7.4 Power Distribution
8.7.5 Asset Integrity Management Services
8.7.6 Project Lifecycle Services
8.7.7 Others
8.8 Industrial and Manufacturing
8.9 Medical and Life Sciences
8.10 Mining
8.11 Oil & Gas and Petroleum
8.12 Public Sector
8.12.1 Product Conformity Assessment (PCA) Requires TIC Services to Ensure Products Meet Country-Level Regulations
8.12.2 Product Conformity Assessment Services
8.12.3 Monitoring Services
8.12.4 Valuation Services
8.12.5 Others
8.13 Automotive
8.13.1 Vehicle Inspection Services (Vis) in Automotive Industry Foster Growth of TIC Market
8.13.2 Electrical Systems and Components
8.13.3 Electric Vehicles, Hybrid Electric Vehicles, and Battery Systems
8.13.4 Telematics
8.13.5 Fuels, Fluids, and Lubricants
8.13.6 Interior and Exterior Materials and Components
8.13.7 Vehicle Inspection Services (Vis)
8.13.8 Homologation Testing
8.13.9 Others
8.14 Aerospace
8.15 Marine
8.16 Railways
8.17 Supply Chain and Logistics
8.18 It and Telecom
8.19 Sports & Entertainment
9 Geographic Analysis
9.1 Introduction
9.2 North America
9.3 Europe
9.4 Asia-Pacific
9.5 Rest of the World
10 Competitive Landscape
10.1 Overview
10.2 Ranking Analysis: TIC Market
10.3 Competitive Leadership Mapping, 2019
10.3.1 Visionary Leaders
10.3.2 Dynamic Differentiators
10.3.3 Innovators
10.3.4 Emerging Companies
10.3.5 Strength of Service Portfolio
10.3.6 Business Strategy Excellence
10.4 Competitive Situation and Trends
10.4.1 Service Expansions
10.4.2 Service Launches and Developments
10.4.3 Acquisitions
10.4.4 Partnerships and Agreements
11 Company Profiles
11.1 Introduction
11.2 Key Players
11.2.1 Sgs Group
11.2.2 Bureau Veritas
11.2.3 Intertek
11.2.4 Dekra Se
11.2.5 Eurofins Scientific
11.2.6 Tv Sd
11.2.7 Dnv Gl
11.2.8 Tv Rheinland
11.2.9 Applus+
11.2.10 Als Limited
11.2.11 Tv Nord Group
11.2.12 Lloyd'S Register Group Limited
11.2.13 Mistras
11.2.14 Element Materials Technology
11.2.15 Ul LLC
11.3 Other Important Players and Associations
11.3.1 Irclass
11.3.2 Qs Testing
11.3.3 Thomas Bell-Wright International Consultants
11.3.4 TIC Sera
11.3.5 Hohenstein
11.3.6 Apave International
11.3.7 Sai Global
11.3.8 Astm International
11.3.9 Vde Testing Institute
11.3.10 Keystone Compliance
11.3.11 Washington Laboratories Ltd.
11.3.12 Force Technology
11.3.13 Kiwa Inspecta
11.3.14 Rina S.P.A.
11.3.15 Technick Inpekcia
11.3.16 Trk Loydu
11.3.17 Safety Assessment Federation (Safed)
11.3.18 Hv Technologies Inc.
11.4 Key Innovators
11.4.1 Avomeen Analytical Services
11.4.2 Envigo
11.4.3 Gateway Analytical
11.4.4 Medistri Sa
12 Adjacent and Related Markets
12.1 Introduction
12.2 Limitations
12.3 TIC Ecosystem and Interconnected Markets
12.4 Automotive TIC Market, by Application
12.4.1 Electrical Systems and Components
12.4.2 Electrical Vehicles, Hybrid Electric Vehicles, and Battery Systems
12.4.3 Telematics
12.4.4 Fuels, Fluids, and Lubricants
12.4.5 Interior and Exterior Materials and Components
12.4.6 Vehicle Inspection Services (Vis)
12.4.7 Homologation Testing
12.4.8 Others
12.5 Automotive TIC Market, by Region
12.5.1 North America
12.5.2 Europe
12.5.3 Apac
12.5.4 Row
13 Appendix
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