Dallas, Texas, United states, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Global Testing, Inspection and Certification Market is projected to reach USD 249.4 billion by 2027 from USD 207.2 billion in 2021; it is expected to grow at a CAGR of 3.8% from 2021 to 2027.
The Testing, Inspection, and Certification is made up of conformity assessment bodies which gives the services ranging from auditing and inspection to testing, verification, quality assurance, and certification. The industry includes both in-house and outsourced services.
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Testing, Inspection, and Certification (TIC) Market Impact of the COVID-19
The pandemic outbreak has pointedly impacted the worldwide economy. The epidemic has disturbed the testing, inspection, and certification (TIC) market significantly. Maximum organizations operating in the TIC market are strengthening their IT infrastructure and developing business continuity plans for all their operations. TIC providers are absorbed on new services and delivery models to smartly access latent demand for enlarged automation, remotely-performed services, and enhanced digitization. Therefore, the testing, inspection, and certification market holds significant potential to bounce back from the decline witnessed during the COVID-19 crisis.
Key Players
Key players in the Global Testing, Inspection, and Certification (TIC) Market are SGS GROUP, BUREAU VERITAS, INTERTEK, DEKRA SE, EUROFINS SCIENTIFIC, TÜV SÜD, DNV GL, TÜV RHEINLAND, APPLUS+, ALS LIMITED, and TÜV NORD GROUP
Market Segmentation
By Service Type
- Inspection
- Testing
- Certification
By System Type
- In-House
- Outsourced
By End use Industry
- Chemicals
- Agriculture and Food
- Medical and Life Sciences
- Oil & Gas and Petroleum
- Consumer Goods and Retail
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Regional Analysis
North America is anticipated to have the major market share for testing, inspection, and certification because of the presence of major TIC players and the emergence of several start-ups in the region, increasing demand for organic and processed foods, organizations’ increasing focus on meeting regulatory and compliance requirements. Nevertheless, Asia-Pacific is likely to witness rapid growth during the forecast period due to increasing demand for consumer electronics, growing consumer awareness regarding quality, and a surge in the number of TIC start-ups supported by government funding are projected to boost the growth of the region. Europe is also anticipated to witness significant growth over the forecast period.
Key Development
In May 2021, the South Korean government planned an investment of USD 451 billion on domestic semiconductor production over the next
in January 2020, TÜV SÜD and IX Wind signed a memorandum of understanding for the cooperation in various services for the wind power industry in Taiwan and Japan. The collaboration between IX Wind and TÜV SÜD has focused on the performance improvement and inspections of WTG and the full scope of supply quality management and control.
In November 2020, Applus+ acquired Soil and Foundation Company Limited and Geotechnical and Environmental Company (SAFCO), a leading construction inspection and testing service provider, to expand its service portfolio
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