New York, US, May 12, 2022 (GLOBE NEWSWIRE) -- Testing Inspection and Certification Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Testing Inspection and Certification Market” information by Sourcing Type, by Service Type, by End-User, by Application and Region – Forecast to 2030” market size to reach USD 89.68 billion, growing at a compound annual growth rate of 5.60% by 2030.
Testing Inspection and Certification Market Scope:
Testing, inspection, and certification is an easy process implemented by the end0-users to guarantee maintenance and safety. Safety maintenance, and quality & consumer products, are offered by the TIC market. The market plays a crucial part which helps boost productivity by meeting the product quality with international standards and guidelines. Health regulatory norms, safety, and quality have almost become a major aspect to look upon during the last few years. Thus, these aspects impact the worldwide import-export activities. Emerging nations and regions' imports have to go through a strong quality and safety testing procedures, or the products are rejected. Out of the wide labor force across India, only 4% are the skilled workforce, and most of them don't have any professional skills.
Competitive Analysis
The global testing, inspection, and certification (TIC) have prominent leaders such as:
- Bureau Veritas SA (France)
- Dekra Certification GmbH (Germany)
- SGS Group (Switzerland)
- Intertek Group plc. (U.K.)
- MISTRAS Group, Inc. (U.S.)
- ALS Limited (Australia)
- UL LLC (U.S.)
- ASTM International (U.S.)
- BSI Group (U.K.)
- SAI Global Limited (Australia)
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Market USP Exclusively Encompassed:
TIC Market Drivers
The global market for testing, inspection, and certification (TIC) has registered a tremendous growth rate in the last few years. The major parameters causing an upsurge in the market's growth include strong regulations and industry fundamentals in end-user sectors. The primary end-use industry sectors adopting the testing, inspection, and certification (TIC) process include pharmaceuticals, textile, and food & beverages. The growing need to deploy testing procedure tests to ensure the quality and safety of the products across the globe is another major aspect likely to catalyze the demand for the TIC market over the forecasted era. If the products cannot qualify for this test, they are rejected.
In the last few years, the world has witnessed a major surge in consumer awareness regarding food and beverages and quality testing, which is likely to offer lucrative opportunities to players across the globe over the coming years. Additionally, the growing manufacturing units across the developing countries such as Singapore, India, and China are another major parameter anticipated to boost the growth of the market over the assessment timeframe.
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Market Restraints
Although several aspects are projected to boost the performance of the testing, inspection, and certification (TIC) market, certain factors may restrict the growth of the market. The major parameter likely to restrain the market's growth is the lack of international testing, inspection, and certification standards. Additionally, some of the regions across the globe lack rules and regulation differentiation which is causing a direct impact on the investments that international players make. Nevertheless, a massive number of transactions coupled with the high demand for services will support the testing, inspection, and certification (TIC) market growth.
COVID-19 Impact
The global COVID-19 pandemic has had a severe impact on the majority of the market sectors across the globe. Several small, medium, and large businesses across the globe faced some unexpected challenges in recent times. Given the partial or complete shutdowns across several regions worldwide, manufacturing units were drastically affected, causing a direct impact on the growth of the testing, inspection, and certification (TIC) market. Furthermore, the lack of workers and government policies across the globe dragged the market down in 2020.
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Segmentation of Market Covered in the Research:
The global market for testing, inspection, and certification (TIC) has been fragmented into various segments based on application, sourcing, end-users, service types, and regions.
The global market for testing, inspection, and certification (TIC) is split into in-house and outsourcing based on the sourcing type. Among the two, the outsourcing segment is projected to lead the market globally due to a country's federal structure & administrative rules and the industry's requirements.
Based on application, the TIC market is categorized into industrial and commercial. The industrial segment is projected to secure the maximum revenue over the assessment timeframe.
Based on the service type, the global TIC market is bifurcated into certification, inspection services, and testing services. The testing services segment is projected to account for the maximum revenue share over the forecasted era.
Based on the end-users, the global testing, inspection, and certification (TIC) market is divided into food & beverages, oil and gas, automotive, aerospace, petroleum, and textile. The food & beverages segment is likely to secure the top position in revenue terms.
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Regional Analysis
According to the research reports by MRFR, the North American market is likely to dominate the global testing, inspection, and certification market over the assessment timeframe. The regional market's growth is mainly credited to the presence of the electronic sector across the region. Furthermore, the factors such as augmented global trade and growth in the software, aviation, & defense industry are also projected to catalyse the regional market's growth over the forecasted timeframe.
The testing, inspection, and certification market for the European region is anticipated to secure the second rank globally. The regional TIC market's growth is mainly attributed to the high-tech automation division across the region. Furthermore, the factors such as extensive automotive product availability, inspection services, and vehicle testing, alongside the burgeoning automobile industry, are also projected to catalyze the regional market's growth over the assessment timeframe.
The Asia-Pacific regional market for testing, inspection, and certification will likely grow rapidly over the assessment timeframe. The regional market's growth is accredited to the stringent government regulations, fuelling end-user sectors, and high demand for the services.
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