Westford, USA, April 26, 2022 (GLOBE NEWSWIRE) -- The expansion of the transportation and logistics sector provides the industry with promising growth opportunities. This can be attributed to increased global trade and the need for companies to deploy intelligent logistics systems. This enables TIC solutions to ensure the timely delivery of goods and products throughout the value chain, thereby diminishing operational expenditure. Furthermore, regional governments' ongoing efforts to improve transportation facilities for people by increasing the frequency and safety of public vehicles promote the deployment of a well-organized TIC environment. For instance, in January 2022, Bureau Veritas, a leading provider of testing, inspection, and certification services, has acquired PreScience Corporation, a transportation infrastructure construction management service provider in the United States. This acquisition would help Bureau Veritas' growth in the transportation sector for testing and inspection, as well as provide safe, sustainable transportation infrastructure.
The COVID-19 pandemic has caused significant disruption in the TIC market. COVID-19 has reduced manufacturing and production activities in several regions as a result of many national governments implementing lockdowns. However, significant TIC practices were observed in the healthcare division as a result of the growing need to acquire healthcare services and related products, including medicinal supplies. Due to people's growing need for safe and suitable quality food products during the pandemic, the consumer goods domain also embraced TIC practices.
Read the market research report, " Global Testing, Inspection, and Certification (TIC) Market is segmented By Sourcing (in-house and outsource), By Application (quality and safety, production assessment, industrial inspection, system certification, and other), By industrial vertical, including (agro industry, food industry, pharmaceuticals, chemical industry, oil & gas, and others) & By Region - Forecast and Analysis 2021-2027” by SkyQuest
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Rising infrastructure and renewable energy generation projects are also providing significant growth opportunities for the global TIC market. Rising rapid urbanization has resulted in an increase in infrastructure development activities in several developed and developing economies. This encourages planners and decision-makers to implement TIC-related solutions that aid in improving safety and ensuring the quality of infrastructure projects. Furthermore, renewable energy projects such as solar energy and wind energy necessitate highly specialized equipment that must operate at peak efficiency, highlighting the importance of deploying effective TIC systems to ensure the proper operation of critical machine components. For example, in October 2021, UL LLC, a global safety certification company, announced the establishment of a cable fire safety testing laboratory. The facility is located in the industrial city of Abu Dhabi. It offers access to a local fire safety testing laboratory for manufacturers and distributors of optical and electronic cables and busways from all over the Middle East.
Asia Pacific dominated the global market in 2021 with a revenue share of over 30.0%. The high revenue share can be attributed to rising economic development in countries such as China, India, Japan, and South Korea. This has resulted in an increase in industrial and manufacturing activity in the region, providing opportunities for growth in the TIC market. Furthermore, Singapore's rapidly developing AI technology ecosystem facilitates software and programmes, allowing for the expansion of testing and inspection services. For example, in February 2022, Applus+, a major player in testing, inspection, and certification market, expanded its presence in Indonesia with ASME Certification. (American Society of Mechanical Engineers). Further, the company would take a significant effort as an Authorized Inspection Agency to ensure its inspectors have the highest technical expertise in the region. Their staff would assist customers with certification inspections and actively participate in the inspection process.
Significant players in the TIC market have officially started to diversify and expand their service offerings. The need to mitigate the COVID-19 crisis has prompted businesses to create wastewater testing and analysis products and services. For instance, in February 2022, the Centres for Disease Control and Prevention, the United States' national public health organization, announced that it would expand efforts to obtain wastewater samples from towns to look for traces of the coronavirus. Currently, the organization collects daily samples from over 400 locations spread across 37 states and two territories.
Companies have also initiated opening new development centres in new geographies to expand market penetration. This enables them to develop stronger business relationships with their customers and clients. Furthermore, service providers have started to engage in mergers and acquisitions, which aids in the generation of new revenue channels.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
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SkyQuest has segmented the Global Testing, Inspection, And Certification (TIC) Market based on Sourcing Type, Application, Industrial Vertical, and Region:
- Testing, Inspection, And Certification (TIC) Sourcing Type Outlook (Revenue, USD Million, 2020 - 2027)
- In-House
- Outsource
- Testing, Inspection, And Certification (TIC) Application Outlook (Revenue, USD Million, 2020 - 2027)
- Quality And Safety
- Production Assessment
- Industrial Inspection
- System Certification
- Other
- Testing, Inspection, And Certification (TIC) Industrial Verticals Outlook (Revenue, USD Million, 2020 - 2027)
- Agroindustry
- Food Industry
- Pharmaceuticals
- Chemical Industry
- Oil & Gas
- Others
- Testing, Inspection, and Certification (TIC) Regional Outlook (Revenue, USD Million, 2020 - 2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Central & South America
- Brazil
- Rest of CSA
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
- North America
List of Key Players of the Testing, Inspection, and Certification (TIC) Market
- NTS (US)
- Tüv Rheinland (Germany)
- Cetecom (Germany)
- Dekra Se (Germany)
- Dnv Gl (Norway)
- Element Materials Technology (UK)
- Mistras (US)
- ALS Limited (Australia)
- Applus+ (Spain)
- Ul (US)
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