Testing, Inspection and Certification Market is estimated to reach USD 115 billion by 2022
PUNE, India, Jan. 16, 2017 /PRNewswire/ -- Market Research Future published a half-cooked research report on Testing, Inspection & Certification (TIC) Market. The global market for Testing, Inspection & Certification (TIC) market is expected to grow over the CAGR of around 5% during the period 2016 to 2022 and expected to grow at market size of USD 115 billion in 2022.
Market Highlights
The Global Testing, Inspection & Certification (TIC) market has been evaluated as growing market and expected that the market will touch high growth figures in Asia-Pacific region during forecast period.
Recently, in December 2016, SGS group has implemented new verification program for import business and has replaced existing pre-shipment inspection program. Under this new verification process a non-intrusive inspection process is performed on arrivals of goods to Cameroon. It has also acquired Laagrima, headquartered in Morocco to diversify its testing business to food and hospitality market. Other major market players such as BSI Group, SAI Global Limited, MISTRAS Group, Inc., and UL LLC among others is also investing and developing testing & inspection methods which thereby is fuelling the market growth.
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Testing, Inspection & Certification (TIC) Market:
The Testing, Inspection & Certification (TIC) can be segmented into types and end-users. Types of Testing, Inspection & Certification (TIC) available in the market are in-house testing and outsourced testing among others. End-user segment is categorized into Oil & gas, aerospace, food & beverage, automotive, petroleum and textile among others.
The major participants of this market are SGS group (Switzerland), Bureau Veritas SA (France), Dekra Certification GmbH (Germany), Intertek Group plc. (U.K.), ALS Limited (Australia), ASTM International (U.S.), BSI Group (U.K.), SAI Global Limited (Australia), MISTRAS Group, Inc.(U.S.), and UL LLC (U.S.) among others.
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Market Research Analysis:
Globalization has led to increase trade between emerging countries. At present, during import and export of the industrial products, strict rules and stringent quality check procedure has been applied before transportation of the products. Testing, inspection & certification is the essential and growing requirement of manufacturing units by various industrial sectors. To certain with product quality check without any rejection before product transportation, industries are adopting testing and inspection services into their production process.
The high demand of testing, inspection & certification (TIC) by various industrial sectors such as textiles, automotive, petrochemical, and oil & gas sector followed by aerospace and food & beverage sectors. The increasing inclination of out-sourced testing services, growing awareness about quality check among consumers, and growing manufacturing units in emerging economies such as China and India is supporting the market growth of testing, inspection and certification services.
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