Hyderabad, July 20, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Europe Testing, Inspection, and Certification Market Report (2023-2028),” the market is estimated at USD 55.48 billion in 2023. It is expected to register a CAGR of 4.54% during the forecast period.
Testing, inspection, and certification (TIC) play a considerable role in ensuring that the infrastructure, services, and products meet the standards and regulations concerning safety and quality. To adapt to the diverse quality and safety standards of the import destinations, there is an increasing need for effective testing, inspection, and certification market in Europe. Additionally, the increase in the volume of imports and exports in the region, particularly for products in the food and beverages, consumer electronics, and automotive (electric vehicles) markets, is anticipated to provide more scope for TIC services in the region.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 55.48 billion |
| Market Size (2028) | USD 69.27 billion |
| CAGR (2023-2028) | 4.54% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The increase in the volume of imports and exports in the region. |
| Augmented demand for quality from consumers, quality assurance and compliance solutions. |
Who are the Top Companies in the Europe Testing, Inspection, and Certification Market?
The European TIC market is moderately competitive, comprising several players. The market appears to be moderately concentrated.
The noteworthy players in the European TIC market are:
- Société Générale de Surveillance SA (SGS SA)
- TÜV SÜD Limited
- Applus+ Servicios SA
- ATG Technology Group
- Bureau Veritas SA
- Intertek Group
- AS Baltic Control Ltd Aarhus
- CIS Commodity Inspection Services BV
- DEKRA SA
- VIC Inspection Services Holding Ltd
- Vinçotte International SA
- RTM BREDA SRL
- Kiwa NV
- AQM SRL
- Element Materials Technology
- LabAnalysis SRL
- Eurofins Scientific SE
- UL LLC
- TÜV Rheinland Group
- DNV GL
- ALS Limited
- Quality Analysis GmbH
- TÜV NORD Group
Other Reports That Might Be of Your Interest:
- North America Testing, Inspection, and Certification Market Report - The North American testing, inspection, and certification market is expected to register a CAGR of 3.80% over the next five years.
- Automotive Industry's Testing, Inspection, and Certification Market Report - The automotive industry's TIC market is expected to grow by registering a CAGR of about 5.90% over the next five years.
Key Highlights from the Europe Testing, Inspection and Certification Market Report:
Consumer Goods & Retail Segment Projected to Witness the Highest CAGR
- Owing to the flourishing competition in Europe from new markets and augmented demand for quality from consumers, quality assurance and compliance solutions are critical for consumers. Consumer goods and retail services require testing and certification. This segment is expected to become the fastest-growing segment on account of the expansion of online retail platforms in Europe.
- TIC services provided by the market vendors cover the complete consumer products’ value chain from the plan, buy, and make to ship, stock, and sell to enable informed quality and sourcing decisions.
Germany to Dominate the Market
- The mounting automotive production and trends, such as electric vehicles and autonomous cars, are anticipated to increase the demand and adoption of TIC services in Germany. As per the IEA, Germany was the largest market in Europe in terms of the number of EVs in 2021, with electric cars holding 25% of new cars sold overall.
- In March 2021, the independent testing institute ISP established operating its new EV battery testing center in Salzbergen in northwest Germany, which is estimated to deliver all testing services for batteries of EVs.
What are the Latest Developments in the Europe Testing, Inspection and Certification Market?
- In October 2022, through its subsidiary ALTER TECHNOLOGY, TÜV NORD acquired a minority stake in the Edinburgh-based Global Surface Intelligence (GSI). GSI developed a remote sensing platform that can provide forest owners with real-time asset information in a regular, repeatable, and automated approach.
- In January 2022, SGS collaborated with Microsoft. The partnership aimed to integrate Microsoft's cross-industry expertise, advanced data solutions and productivity platforms, and SGS' global network and industry competence to advance innovative solutions for the TIC industry's clients.
Mordor Intelligence has Segmented the Europe Testing, Inspection and Certification Market Based on Sourcing Type, End-user Vertical, and Country:
- By Sourcing Type
- Outsourced
- Type of Service
- Testing and Inspection
- Certification
- In-house/Government
- Outsourced
- By End-user Vertical
- Consumer Good and Retail
- Automotive
- Food and Agriculture
- Manufacturing and Industrial Goods
- Energy and Utilities
- Oil & Gas and Chemicals
- Construction
- Transport, Aerospace, and Rail
- Life Sciences
- Marine & Mining
- Other End User Verticals
- By Country
- United Kingdom
- Germany
- France
- Italy
- Rest of Europe
- Rest of South America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Europe Testing, Inspection, and Certification Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Natural Resource Industry TIC Market Report - The natural resource industry testing, inspection, and certification (TIC) market is expected to register a CAGR of about 5.1% over the next five years.
- Transportation Industry Testing, Inspection, & Certification Market Report – The TIC market for the transportation industry is expected to register a CAGR of 5.1% over the next five years.
- Consumer Goods and Retail Industry TIC Market - The testing, inspection, and certification market in the consumer goods and retail industry is expected to register a CAGR of 5.6% over the next five years.
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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