New York, United States, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Companies must follow safe and efficient testing and inspection procedures to maintain the highest quality standards, guarantee high output, and achieve maximum efficiency. Utilizing Testing, Inspection, and Certification (TIC) techniques enables businesses to streamline operations by customizing their supply chain activities to suit their needs and preferences. Government investments in energy, transportation, and building industries are examples of these attributes. The expansion of the TIC market is anticipated to be boosted by the rise in the outsourcing of testing, inspection, and certification services by well-known businesses active in the manufacturing, automotive, and consumer goods application areas. The growing demand from businesses and companies for safe and practical testing, inspection, and certification methods encourages the TIC market to expand.
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Increased Outsourcing of TIC Services Drive the Global Testing, Inspection, and Certification Market
The expense of internal product testing, certification, and inspection has increased due to the proliferation of laws and standards. As a result, several industry participants have begun outsourcing the TIC services to outside providers. For instance, the revenue of the outsourcing segment is anticipated to increase over the projection period due to the growth of third-party inspection regulations internationally and the strict application of CCC certification in China.
One of the key drivers for businesses in the global TIC industry is expected to be increased outsourcing of TIC services. Independent TIC service providers are crucial in helping the government carry out its responsibility of shielding customers from dangerous or unreliable products. The Compulsory China Certification, for instance, includes more than 23 product categories, including those for wires, cables, appliances, consumer products, and automobile parts. The need for testing services has significantly expanded in China due to the growth in the revenues of the automotive, industrial, and consumer goods industries, forcing the government to liberalize its market to foreign competitors. The revenue of the outsourcing segment is anticipated to increase throughout the forecast period due to the expansion of third-party inspection regulations on a global scale and China's strict implementation of CCC certification.
Development in Infrastructure and Renewable Energy Generation Projects in the Growing Economies Creates Lucrative Market Opportunities
The transportation and infrastructure sectors are constantly evolving in the growing economies. It is anticipated that the market will have a sizable growth opportunity since the testing, inspection, and certification are essential components of these industries and the increased demand for the continual expansion of transportation facilities like roads and railroads. The country's economic growth encourages the improvement of the nation's infrastructure, which catalyzes the market expansion in other developing economies like China and India. For instance, the government of Vietnam published a proposal for the most recent national power development plan in February 2021. It entails raising the capacity of non-hydro renewable energy sources like wind and solar.
Demand for the TIC industry is anticipated to increase as renewable energy generation projects are implemented. For instance, in 2017, the Indian market was put in second place as the world's most desirable market for renewable energy. By 2022, the nation has the most ambitious expansion plan globally, calling for 175 GW of renewable energy. This renewable energy consists of 100 GW of solar, 60 GW of wind, 10 GW of biomass, and 5 GW of small hydropower. Therefore, as testing, inspection, and certification play a significant part in developing such projects, the various governments' investments in the construction of infrastructure and power plants are anticipated to spur market expansion.
Report Scope
| Report Metric | Details |
| Market Size | USD 457 Billion by 2030 |
| CAGR | 4% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service Type, Sourcing Type, Application, Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | ALS Limited, Applus+, Bureau Veritas, DEKRA SE, DNV, Element Materials Technology, Eurofins Scientific, Intertek Group PLC, Mistras Group, Inc., SGS SA, TUV NORD GROUP, TUV SUD, UL LLC. |
| Key Market Opportunities | Development in Infrastructure and Renewable Energy Generation Projects in the Growing Economies |
| Key Market Drivers | Increased Outsourcing of TIC Services Emerging Digital Technologies |
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Regional Insights
Asia-Pacific accounts for the largest market share and is estimated to grow at a CAGR of 5.2% during the forecast period. China and India are the most dynamic testing and inspection markets in Asia-Pacific, attributing to the significant increase in manufacturing and commodities exports in the region. The food products export is a prominent contributor to increasing export from India. India's seafood exports are subject to laws and restrictions specific to that nation or area. As a result, the food industry is expected to grow considerably in inspection and testing. This would increase food safety inspection and sampling openness for the Food Safety and Standards Authority of India (FSSAI).
Europe is estimated to reach an expected value of USD 130 billion by 2030, growing at a CAGR of 3.4%. Over the forecast period, it is anticipated that rising investments in infrastructure and building would drive market expansion in the European region. By integrating predictive maintenance, technological advancements and the growing importance of IoT (internet of things) have impacted inspection and maintenance favorably.
North America is growing steadily due to considerable growth in imports and exports, especially in food and medical products. Furthermore, it is anticipated that the need for TIC services will be fueled by the rapid technological advancements resulting in product diversity and, sometimes, shorter life cycles.
Key Highlights
- The global testing, inspection, and certification market size were valued at USD 335 billion in 2021. It is anticipated to reach USD 457 billion by 2030, growing at a CAGR of 4% during the forecast period (2022–2030).
- By service type, the global testing, inspection, and certification market are segmented into Testing, Inspection, and Certification. The Testing segment accounts for the largest market share and is estimated to grow at a CAGR of 3.7% during the forecast period.
- By sourcing type, the global testing, inspection, and certification market are segmented into In-house and Outsourced. The In-house segment accounts for the largest market share and is estimated to grow at a CAGR of 3.6% during the forecast period.
- By application, the global testing, inspection, and certification market is segmented into Consumer Goods & Retail, Agriculture & Food, Chemicals, Infrastructure, Energy & Power, Education, Government, Manufacturing, Healthcare, Mining, Oil & Gas and Petroleum, Public Sector, Automotive, Aerospace & Defense, Supply Chain & Logistics, and Others. The Infrastructure segment accounts for the largest market share and is estimated to grow at a CAGR of 4.7% during the forecast period.
- By region, the global testing, inspection, and certification market are segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. APAC acquires the leading market position.
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The key players in the global testing, inspection, and certification market are
- ALS Limited
- Applus+
- Bureau Veritas
- DEKRA SE
- DNV
- Element Materials Technology
- Eurofins Scientific
- Intertek Group PLC
- Mistras Group Inc.
- SGS SA
- TUV NORD GROUP
- TUV SUD
- UL LLC.
Global Testing, Inspection, and Certification (TIC) Market: Segmentation
By Service Type
- Testing
- Inspection
- Certification
By Sourcing Type
- In-house
- Outsourced
By Application
- Consumer Goods & Retail
- Agriculture & Food
- Chemicals, Infrastructure
- Energy & Power
- Education
- Government
- Manufacturing
- Healthcare
- Mining
- Oil & Gas and Petroleum
- Public Sector
- Automotive
- Aerospace & Defense
- Supply Chain & Logistics
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East and Africa
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions and Exclusions
2.4 Secondary Data Sources
3 Market Overview
3.1 Report Segmentation and Scope
3.2 Value Chain Analysis: Testing, Inspection, and Certification Market
3.3 Key Market Trends
3.3.1 Drivers
3.3.2 Restraints
3.3.3 Opportunities
3.4 Porter’s Five Forces Analysis
3.4.1 Bargaining Power of Suppliers
3.4.2 Bargaining Power of Buyers
3.4.3 Threat of Substitution
3.4.4 Threat of New Entrants
3.4.5 Competitive Rivalry
3.5 Impact of Corona on Market
3.6 Market Share Analysis
4 Type Overview
4.1 Introduction
4.1.1 Market Size and Forecast, 2017–2029 (USD Million)
4.2 In-House
4.2.1 Market Size and Forecast, 2017–2029 (USD Million)
4.3 Outsourced
4.3.1 Market Size and Forecast, 2017–2029 (USD Million)
5 Application Overview
5.1 Introduction
5.1.1 Market Size and Forecast, 2017–2029 (USD Million)
5.2 Consumer Product
5.2.1 Market Size and Forecast, 2017–2029 (USD Million)
5.3 Commodities
5.3.1 Market Size and Forecast, 2017–2029 (USD Million)
5.4 Industry
5.4.1 Market Size and Forecast, 2017–2029 (USD Million)
5.5 Life Science and Pharma
5.5.1 Market Size and Forecast, 2017–2029 (USD Million)
5.6 Others
5.6.1 Market Size and Forecast, 2017–2029 (USD Million)
6 Regional Analysis
6.1 Introduction
6.1.1 Market Size and Forecast, 2017–2029 (USD Million)
6.2 North America
6.2.1 Market Size and Forecast, 2017–2029 (USD Million)
6.2.2 The U.S.
6.2.2.1 By Type
6.2.2.2 By Application
6.2.3 Canada
6.2.3.1 By Type
6.2.3.2 By Application
6.2.4 Mexico
6.2.4.1 By Type
6.2.4.2 By Application
6.3 Europe
6.3.1 Market Size and Forecast, 2017–2029 (USD Million)
6.3.2 Germany
6.3.2.1 By Type
6.3.2.2 By Application
6.3.3 France
6.3.3.1 By Type
6.3.3.2 By Application
6.3.4 The U.K.
6.3.4.1 By Type
6.3.4.2 By Application
6.3.5 Italy
6.3.5.1 By Type
6.3.5.2 By Application
6.3.6 Spain
6.3.6.1 By Type
6.3.6.2 By Application
6.3.7 Benelux
6.3.7.1 By Type
6.3.7.2 By Application
6.3.8 Russia
6.3.8.1 By Type
6.3.8.2 By Application
6.3.9 The Rest of Europe
6.3.9.1 By Type
6.3.9.2 By Application
6.4 Asia-Pacific
6.4.1 Market Size and Forecast, 2017–2029 (USD Million)
6.4.2 Japan
6.4.2.1 By Type
6.4.2.2 By Application
6.4.3 China
6.4.3.1 By Type
6.4.3.2 By Application
6.4.4 Australia
6.4.4.1 By Type
6.4.4.2 By Application
6.4.5 India
6.4.5.1 By Type
6.4.5.2 By Application
6.4.6 South Korea
6.4.6.1 By Type
6.4.6.2 By Application
6.4.7 Southeast Asia
6.4.7.1 By Type
6.4.7.2 By Application
6.4.8 Taiwan
6.4.8.1 By Type
6.4.8.2 By Application
6.4.9 The Rest of Asia-Pacific
6.4.9.1 By Type
6.4.9.2 By Application
6.5 The MEA
6.5.1 Market Size and Forecast, 2017–2029 (USD Million)
6.5.2 Saudi Arabia
6.5.2.1 By Type
6.5.2.2 By Application
6.5.3 South Africa
6.5.3.1 By Type
6.5.3.2 By Application
6.5.4 The UAE
6.5.4.1 By Type
6.5.4.2 By Application
6.5.5 Egypt
6.5.5.1 By Type
6.5.5.2 By Application
6.5.6 The Rest of MEA
6.5.6.1 By Type
6.5.6.2 By Application
6.6 South America
6.6.1 Market Size and Forecast, 2017–2029 (USD Million)
6.6.2 Brazil
6.6.2.1 By Type
6.6.2.2 By Application
6.6.3 Argentina
6.6.3.1 By Type
6.6.3.2 By Application
6.6.4 Chile
6.6.4.1 By Type
6.6.4.2 By Application
6.6.5 Peru
6.6.5.1 By Type
6.6.5.2 By Application
6.6.6 The Rest of South America
6.6.6.1 By Type
6.6.6.2 By Application
7 Company Profile
7.1 SGS Group
7.1.1 Company Overview
7.1.2 Financial Performance
7.1.3 Recent Developments
7.1.4 Product Portfolio
7.2 Bureau Veritas
7.2.1 Company Overview
7.2.2 Financial Performance
7.2.3 Recent Developments
7.2.4 Product Portfolio
7.3 Dekra Certification
7.3.1 Company Overview
7.3.2 Financial Performance
7.3.3 Recent Developments
7.3.4 Product Portfolio
7.4 Intertek
7.4.1 Company Overview
7.4.2 Financial Performance
7.4.3 Recent Developments
7.4.4 Product Portfolio
7.5 TUV SUD
7.5.1 Company Overview
7.5.2 Financial Performance
7.5.3 Recent Developments
7.5.4 Product Portfolio
7.6 Eurofins Scientific
7.6.1 Company Overview
7.6.2 Financial Performance
7.6.3 Recent Developments
7.6.4 Product Portfolio
7.7 DNV TUV Rheinland
7.7.1 Company Overview
7.7.2 Financial Performance
7.7.3 Recent Developments
7.7.4 Product Portfolio
7.8 UL LLC
7.8.1 Company Overview
7.8.2 Financial Performance
7.8.3 Recent Developments
7.8.4 Product Portfolio
7.9 ALS Limited
7.9.1 Company Overview
7.9.2 Financial Performance
7.9.3 Recent Developments
7.9.4 Product Portfolio
7.10 TUV Nord Group
7.10.1 Company Overview
7.10.2 Financial Performance
7.10.3 Recent Developments
7.10.4 Product Portfolio
7.11 Mistras Group
7.11.1 Company Overview
7.11.2 Financial Performance
7.11.3 Recent Developments
7.11.4 Product Portfolio
7.12 SAI Global
7.12.1 Company Overview
7.12.2 Financial Performance
7.12.3 Recent Developments
7.12.4 Product Portfolio
7.13 BSI Group
7.13.1 Company Overview
7.13.2 Financial Performance
7.13.3 Recent Developments
7.13.4 Product Portfolio
7.14 Element Material Technology (Exova Group Plc)
7.14.1 Company Overview
7.14.2 Financial Performance
7.14.3 Recent Developments
7.14.4 Product Portfolio
Table of Content and Figure @ https://straitsresearch.com/report/testing-inspection-and-certification-tic-market/toc
Market News
- In June 2022, Intertek, a global leader in Total Quality Assurance, was awarded the Saudi Electricity Company (SEC), the Middle East and North Africa's largest utility company, two ISO certificates for meeting international standards of ISO/IEC 20000-1:2018 for Information Technology Service Management and ISO/IEC 27001:2013 for Information Security Management. These were given to the organization to continue to uphold worldwide standards and grow its breadth across 68 different services within its Information Technology & Digital Transformation division.
- In March 2022, Bureau Veritas India achieved a significant milestone by winning the contract to provide an Integrated Certification System for 2500 organic farms for SS Eco Agro Group (Khargone, Madhya Pradesh).
News Media
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