BANGALORE, India, May 4, 2020 /PRNewswire/ -- The global testing, inspection and certification market size was estimated at USD 8.720 Billion in 2018 and is projected to hit USD 12.700 Billion by 2025.
The field of testing, inspection, and certification consists of conformity assessment bodies that offer services ranging from auditing and inspection to monitoring, verification, quality assurance, and certification. The sector consists of the services, both in-house and outsourced.
This report focuses on the status of global testing, inspection and certification, future outlook, opportunities for development, key industry, and key players. The study goals are to address the production of research, inspection, and qualification in the USA, Europe, and China.
TRENDS INFLUENCING THE TIC MARKET SHARE
- Rising global demand for materials, products, systems, and processes regulation; ever-increasing trade flows; global integration of supply chains; and increased corporate outsourcing of R&D activities as well as quality assurance work to third parties have driven the TIC industry's long-term expansion.
- Agriculture and the food industries are founded on the principles of health and sustainability, and it is very important to track these principles closely. In order to guarantee quality and improve the productivity of food products, TIC services are required for the agricultural industry. These programs also help companies that play a crucial role in trading agricultural goods and food products through the acquisition of foreign certifications. This application of TIC in the agriculture and food industry is expected to increase the TIC market size.
- Augmented reality, next-generation automation, blockchain, mobile devices, big data and analytics, cloud and cybersecurity, and smart sensors are many innovations that play an important role in delivering better TIC services. Additionally, intelligent sensors embedded in the products for remote monitoring and inspection. This capability leads to continuous safety and security tests, which can further assist in predictive maintenance. The increasing implementation of the latest technology is expected to impact the TIC market size.
- The implementation of renewable energy generation projects will also improve the demand for Testing, Inspection, and Certification (TIC) market.
- Following the recent COVID-19 outbreak, the market for testing, inspection, and certification plays a critical role in ensuring that the goods and services provided to consumers, especially in the healthcare sector, meet the fundamental criteria for safety and health. The TIC council has advised the respective countries to continue to provide the TIC services for workplace plant and machinery health.
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TIC MARKET SHARE ANALYSIS
- Europe holds the largest TIC market share for revenue, which accounts for over 38.51 % in 2017. North America is in second place with a market share of 27.38 % for sales.
- Asia-Pacific holds a significant TIC market share for sale, which accounts to over 22 %. The Asia Pacific area is characterized by a large number of populations having improved purchasing power, continuous automation investments, and growing policy emphasis on strict TIC services regulations. It is also anticipated that substantially expanded deployment of renewable energy generation projects would fuel demand for market monitoring, inspection, and certification services.
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THE KEY PLAYERS COVERED IN THIS STUDY
- SGS Group
- Bureau Veritas
- Dekra Certification
- TUV SUD
- Eurofins Scientific
- TUV Rheinland
- UL LLC
- ALS Limited
- TUV Nord Group
- Mistras Group
- SAI Global
- BSI Group
- Exova Group
TIC MARKET SEGMENT BY TYPE, THE PRODUCT CAN BE SPLIT INTO
TIC MARKET SEGMENT BY APPLICATION, SPLIT INTO
- Consumer Product
TIC MARKET SEGMENT BY REGIONS/COUNTRIES, THIS REPORT COVERS
- United States
- Southeast Asia
- Central & South America.
SIMILAR REPORTS :
- Testing, Inspection And Certification for Apparel Footwear Handbags Market Report
In 2018, the global Testing, Inspection and Certification for Apparel Footwear Handbags Market size was USD 5.088 Billion and was forecast to hit USD 7.065 Billion by the end of 2025, at a CAGR of 4.8 percent in 2019-2025.
Exports of Apparel / Footwear / Handbags Industries from developing regions and the growth of the demand for technical apparel/footwear / Handbags Industries are some of the factors driving the TIC market.
- Automotive Testing, Inspection and Certification Market
The global Automotive Testing, Inspection and Certification Market size was USD 14.000 Billion in 2018 and is forecast to hit USD 20.500 Billion by the end of 2025, at a CAGR of 5.6% in 2019-2025.
The Automotive Testing, Inspection, and Certification (TIC) industry consists of compliance evaluation bodies offering services ranging from auditing and examination to monitoring, verification, quality control, and certification. Thanks to the involvement of some of the world's leading car manufacturers and a rapidly growing domestic automotive industry, Europe dominated the automotive testing, inspection, and certification (TIC) market in 2017 with 43.7 percent share.
- Testing, Inspection and Certification Services Market
This study focuses on the status of global services for testing, inspection, and certification, future outlook, growth potential, key industry, and key players. The objective of the report is to present the development of testing, inspection, and certification services in the USA, Europe, and China.
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