Testing, Inspection and Certification (TIC) Market Worth 113.24 Billion USD by 2022
PUNE, India, September 1, 2016 /PRNewswire/ --
According to the new market research report "Testing, Inspection and Certification (TIC) Market by Type (Testing, Inspection, & Certification), Sourcing Activity (In-House and Outsourced), End-User Industry (Environmental, Consumer Goods, Manufacturing), and Geography - Global Forecast to 2022", published by MarketsandMarkets, the TIC market is expected to reach USD 113.24 Billion by 2022, growing at a CAGR of 5.15% between 2016 and 2022.
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Browse 115 market data Tables and 100 Figures spread through 227 Pages and in-depth TOC on "Testing, Inspection and Certification (TIC) Market".
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The major factors driving the growth of the TIC market include the increasing number of new regulations and standards in end-user industries, rising trend of outsourcing TIC services to third-party service providers, formulation of stringent regulations and standards to ensure the quality and safety of products, increasing product diversification, and global trading of products & growth of distributed manufacturing.
"The TIC market for the consumer goods end-user industry to hold the largest market share by 2022"
Governments have formulated stringent regulations and standards to ensure the quality and safety of products and there is increasing awareness among consumers regarding the quality of consumer goods. These products have become essential in everyday life and are manufactured keeping in mind the regulations specified by government bodies to guarantee product safety. The increasing demand for consumer goods leads to a greater requirement of testing, inspection, and certification services to ensure the product quality and safety.
"Trend of outsourcing TIC to third-party vendors is expected to grow rapidly during the forecast period"
The market for outsourced TIC is served by a variety of independent service providers whose primary business activity is providing TIC services. Also, the major industries mainly outsource these services to third-party providers to reduce costs as the increasing regulations make it more costly to conduct these tests in-house.
"APAC expected to grow at the highest rate during the forecast period"
The APAC market has emerging economies such as India and China. Considering the overall scenario, the region is expected to see strong growth in all sectors as governments enforce stringent legislation to ensure health and safety compliance. TIC services in end-user industries such as agriculture, consumer goods, and electrical goods are likely to continue to show strong growth. With the growing disposable income in the region, the number of vehicles in use is also expected to increase. Thus, vehicle testing would have a strong demand, especially in countries such as China and India. The industrial growth in China and India would also increase the demand for industrial infrastructure and TIC services as industrial plants are built with strict energy efficiency mandates.
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The major companies involved in the development of TIC market include SGS Group (Switzerland), Bureau Veritas S.A. (France), Intertek Group plc (U.K.), TÜV SUD Group (Germany), Dekra Certification GmbH (Germany), ALS Limited (Australia), ASTM International (U.S.), BSI Group (U.K.), Exova Group plc (U.K.), TÜV Rheinland Group (Germany), TÜV Nord Group (Germany), SAI Global Limited (Australia), Eurofins Scientific (Luxembourg), MISTRAS Group, Inc.(U.S.), and UL LLC (U.S.) among others.
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