New York, US, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Electrical & Electronics Testing, Inspection & Certification Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Electrical & Electronics TIC Market By Service Type, By Product, By Offerings - Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2020 to 2030 at a healthy CAGR of approximately 5.17% to attain a valuation of around USD 157.63 Billion by the end of 2030.
Electrical & Electronics Testing, Inspection & Certification Market Key Players
Eminent players profiled in the electrical and electronics testing, inspection, & certification market report include:
- Bureau Veritas SA
- Dekra Certification Gmbh
- Intertek Group PLC
- ALS Limited
- ASTM International
- The British Standards Institution (BSI) Group
- Sai Global Limited
- Tuv Sud
- Applus+
- UL LLC
- NSF International
- National Technical Systems Inc
- TÜV Rheinland, TUV NORD AG
- CSA Group
- Element Materials Technology
- Eurofins Scientific.
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Electrical & Electronics TIC Market
Increasing Use by Organizations across Different Industrial Sectors to Boost Market Growth
Organizations from various industrial sectors utilize these solutions to improve the productivity & efficiency of manufacturing processes, ensuring that manufacturers adhere to laws, regulations, and standards that are set by the government to improve product quality.
Electrical & Electronics Testing, Inspection & Certification Market Opportunities
Growing Need for Household Appliance Testing to offer Robust Opportunities
Home appliance testing is becoming more and more in demand, as is the validation of electrical equipment, and brand protection is becoming more and more important. This will offer robust opportunities for the market over the forecast period.
Electrical & Electronics TIC Market Restraints and Challenges
Dearth of Global Certification Standards to act as Market Restraint
The dearth of global certification standards and changes in technologies & regulations may act as market restraints over the forecast period.
Electrical & Electronics Testing, Inspection & Certification Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 157.63 Billion |
| CAGR during 2022-2030 | 5.17% |
| Base Year | 2019 |
| Forecast | 2020-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | The market growth is propelled by the rising demand for household appliance testing and an increasing need for equipment validation. In addition, rising smart home projects are expected to further fuel the growth of this market in the coming years. |
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Electrical & Electronics Testing, Inspection & Certification Market Segmentation
The global electrical & electronics testing, inspection & certification market is bifurcated based on service type, product, and offerings.
By service type, testing will lead the market over the forecast period. Numerous tests, including those for automobiles, chemicals, electrical components, packaging, materials, food, textiles, & apparel, among others, aid organizations in meeting quality, performance, regulatory compliance, safety, benchmarking, evaluation, validation, analysis, and other standards for goods, raw materials, parts, manufacturing facilities, & other items.
By product, electrical component will spearhead the market over the forecast period.
By offerings, electromagnetic compatibility will domineer the market over the forecast period.
COVID-19 Analysis
Ventilators, PPE kits, & N-95 masks are just a few examples of the medical equipment that many businesses around the globe have increased production of, giving TIC industry participants many opportunities to test and validate such medical products. Recently, many businesses began evaluating masks and ventilation systems, including Eurofins and TÜV SÜD. The outcome is that the healthcare industry is now driving the TIC market ahead with greater demand for diagnostic services.
The COVID-19 has dramatically altered the TIC market. Several regional geographies have seen a decline in manufacturing and industrial activities as a result of COVID-19 due to the imposition of lockdowns by various national governments. However, the healthcare sector experienced notable TIC activities for the burgeoning demand for healthcare services and related goods, particularly pharmaceutical supplies. Due to the growing need from consumers for access to safe and adequate quality food products during the pandemic, the consumer goods sector also adopted TIC methods. For instance, to increase its skills in the assurance of healthcare and medical devices, DNV, a global certification, assurance, and risk management business, announced in January 2022 that it had acquired the German-based notified body MEDCERT. As a result of the acquisition, DNV's ability to offer further medical device notification services will be significantly increased.
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Electrical & Electronics Testing, Inspection & Certification Market Regional Analysis:
North America to Head Electrical & Electronics Testing, Inspection, & Certification Market
In terms of market share, North America dominates the market for electrical and electronic testing, inspection, and certification. The markets in this area have also been divided into those in the US, Canada, and Mexico. In terms of electrical and electronic testing, inspection, and certification in 2018, the US was the market leader, followed by Canada and Mexico. Strict testing and inspection laws for electrical and electronic equipment have increased demand for testing, inspection, and certification services in the nation, which has significantly increased the size of the TIC market as a whole. The region's market for electrical and electronic testing, inspection, and certification is expanding as a result of strict testing and inspection regulations, including different quality standard certifications like NOM, CEC, and USTC. The largest market share belongs to the United States. Manufacturing and transportation sectors are expanding significantly as a result of rising consumption across the nation. Hazardous compounds are being handled and stored more frequently. The frequency of testing and inspections has directly increased demand for TIC services as environmental, health, and safety issues have increased. To control resource degradation, regulatory authorities changed the frequency of inspection requirements. The country is home to numerous mining operations, which is fueling rapid growth among TIC service providers in the US.
Europe to Grab Second Position in Electrical & Electronics Testing, Inspection, & Certification Market
In terms of electrical and electronic testing, inspection, and certification in 2018, Europe was the second-largest market. Europe has been divided into the United Kingdom, Germany, France, and the rest of Europe, according to the MRFR. With significant players in the semiconductor, power electronics, and information and communication technology industries, Germany is one of the top nations for innovation and technology (ICT). The expansion of the electrical and electronics testing, inspection, and certification market in the region is being aided by the presence of major companies in the ICT, power electronics, and semiconductors sectors as well as Germany's leadership in technology and innovation.
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Electrical & Electronics Testing, Inspection & Certification Market Industry Updates
The IDEA TESTS Group, a well-known supplier of microbiological, clinical, and in-vitro testing as well as regulatory activities to the French personal care and cosmetics sectors, was acquired by testing, inspection, and certification company SGS SA in October 2022. Through this acquisition, the business would be able to improve its microbiological, clinical, and in-vitro testing capabilities in France and increase service offerings to its strategic core industries of hygiene and cosmetics.
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