Market Research Report
Testing, Inspection, and Certification Market by Service (Testing, Inspection, Certification), Sourcing Type (In-House and Outsourced), Application (Consumer Goods and Retail, Construction and Infrastructure), and Geography - Global Forecast to 2024
|Published by||MarketsandMarkets||Product code||335960|
|Published||Content info||253 Pages
Delivery time: 1-2 business days
|Testing, Inspection, and Certification Market by Service (Testing, Inspection, Certification), Sourcing Type (In-House and Outsourced), Application (Consumer Goods and Retail, Construction and Infrastructure), and Geography - Global Forecast to 2024|
|Published: March 22, 2019||Content info: 253 Pages||
The TIC market is estimated to grow from USD 209.4 billion in 2019 to USD 266.2 billion by 2024-growing at a CAGR of 4.91%. The growth of the TIC market is driven by the increase in disposable income and rapid urbanization in developing economies; high growth in product recalls across the world; high adoption of outsourcing service models by worldwide manufacturers; increased requirement for harmonized standards; surge in illicit trading, counterfeiting, and piracy practices across the world; and enforcement of rigorous government regulations and standards across various sectors. However, the complex nature of supply chains and long lead time for overseas qualification tests pose major challenges for players in the TIC market.
The market for certification services is estimated to grow at a higher CAGR during the forecast period. Certification demonstrates a company's credibility in the market. Certification services in the TIC market validate the result of a test or inspection against a range of pre-specified standards set by governments, international standardization institutions, or clients. Generally, certification or safety marks are applied to the product. This service is crucial for manufacturers to demonstrate the compliance of their products with specific standards and improve the marketability of their products.
The market for the automotive application is estimated to grow at the highest CAGR during the forecast period. Automotive testing requires highly advanced capabilities and expertise to evaluate the performance and reduce the delivery time of a vehicle. Governments are increasingly focusing on implementing legislation to prevent road accidents and minimize the environmental impact of non-compliant vehicles. Manufacturers and suppliers have to ensure higher safety standards, sustainable quality, and operational excellence in meeting government safety standards.
The market in APAC is estimated to grow at the highest higher CAGR during the forecast period. Countries in APAC such as China and Japan are the most developed countries, with significant export capacity. However, its imports are mainly targeted at the agriculture, petroleum, and mining industries, among others. Major industries in APAC include consumer electronics, processed foods, and agriculture. These industries have a significant demand for TIC services to stay in compliance with international standards.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry people. The breakup of the profile of primary participants has been given below:
SGS Group (Switzerland), Bureau Veritas SA (France), Intertek (UK), and TUV SUD Group (Germany), Eurofins Scientific (Luxembourg), DNV GL (Norway), TUV Rheinland Group (Germany), Applus+ (Spain), ALS Limited (Australia), TUV NORD Group (Germany), Lloyd's Register Group Limited (UK), MISTRAS (US), Element Materials Technology (UK), and UL LLC (US) are a few leading players in the TIC market.
From an insight perspective, this research report has focused on various levels of analysis-industry analysis (industry trends), market ranking analysis of top players, value chain analysis; company profiles, which discuss the basic views on the competitive landscape, emerging and high-growth segments of the TIC market, and high-growth regions; and drivers, restraints, challenges, and opportunities pertaining to the TIC market.
The report provides insights on the following pointers:
(Business Overview, Services Offered, Recent Developments, SWOT Analysis, and MnM View)*
Details on Business Overview, Services Offered, Recent Developments, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.