New York, June 22, 2023 (GLOBE NEWSWIRE) -- The Global Testing, Inspection, and Certification (TIC) Market size was valued at USD 238.6 billion in 2022. Testing, Inspection, and Certification are projected to increase at 5.4% CAGR and is expected to be valued at around US$ 422.6 Billion by 2033 end. The growth of the market is being driven by the factors mentioned above.
The Testing, Inspection, and Certification (TIC) industry plays a critical role in ensuring the quality, safety, and compliance of products, services, and processes across various sectors. TIC services encompass a wide range of activities, including testing of products, inspection of facilities and equipment, and certification of compliance with regulatory standards. This research report aims to provide a comprehensive analysis of the Testing, Inspection, and Certification market, including its current state, trends, key players, and future prospects.
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The global Testing, Inspection, and Certification market have witnessed significant growth in recent years. The market is driven by factors such as increasing consumer awareness regarding product quality and safety, stringent regulations and standards, globalization of trade, and the need for risk mitigation in various industries. The TIC market encompasses a wide range of services, including testing of products, inspection of processes and facilities, and certification of compliance.
Key Market study points
- The growth of the market is being driven by a number of factors, including increased government regulations, growing demand for quality assurance, globalization, and advances in technology.
- The TIC market is segmented by service type, sourcing type, application, industry vertical, and region.
- The key players in the market include SGS SA, Bureau Veritas, Intertek Group plc, Eurofins Scientific, and DEKRA SE.
- The Asia Pacific region is expected to be the fastest-growing market for TIC services, followed by North America and Europe.
- The food and beverage industry is the largest application segment for TIC services, followed by the automotive and electronics industries.
- The in-house sourcing type is the dominant segment in the TIC market, but the outsource sourcing type is expected to grow at a faster rate during the forecast period.
- The certification service segment is the largest segment in the TIC market, followed by the testing and inspection service segments.
The TIC market is a dynamic and growing market. The market is being driven by a number of factors, including increased government regulations, growing demand for quality assurance, globalization, and advances in technology.
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Market Segmentations
The TIC market is segmented by service type, sourcing type, application, industry vertical, and region.
By service type: The TIC market is divided into testing, inspection, and certification. Testing services involve the evaluation of the characteristics of a product or service to determine its compliance with specified requirements. Inspection services involve the physical examination of a product or service to determine its compliance with specified requirements. Certification services involve the formal recognition of the conformity of a product or service to specified requirements.
By sourcing type: The TIC market is bifurcated into in-house and outsource. In-house TIC services are provided by the organization itself. Outsource TIC services are provided by third-party TIC providers.
By application: The TIC market is divided into quality and safety, production evaluation, industrial inspection, system certification, and others. Quality and safety applications involve the evaluation of the quality and safety of products and services. Production evaluation applications involve the evaluation of the production processes of an organization. Industrial inspection applications involve the inspection of industrial equipment and facilities. System certification applications involve the certification of management systems, such as quality management systems and environmental management systems.
By industry vertical: The TIC market is analyzed across agro industry, food industry, pharmaceuticals, chemical industry, oil and gas, and others. Agro industry applications involve the testing and certification of agricultural products, such as fruits, vegetables, and grains. Food industry applications involve the testing and certification of food products, such as beverages, dairy products, and meat products. Pharmaceuticals applications involve the testing and certification of pharmaceutical products, such as drugs and medical devices. Chemical industry applications involve the testing and certification of chemical products, such as plastics and fertilizers. Oil and gas applications involve the testing and certification of oil and gas products, such as crude oil and natural gas.
By region: The TIC market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is the largest market for TIC services, followed by Europe and Asia Pacific.
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Competitive Landscape
The global TIC market is highly competitive, with the presence of both international and regional players. Key market players include Bureau Veritas SA, DEKRA, Intertek Group plc, Eurofins Scientific Group, TUV SUD AG, TUV Rheinland AG, SGS SA, DNV GL, UL LLC, Applus+, MISTRAS Group Inc., ATRAC Group, Apave International, ALS Global, Compoende Beneficiamento De Pecas Ltda, KIWA NV, Favareto SA,ASTM International and more. These companies focus on strategic collaborations, acquisitions, and technological advancements to maintain their market position and expand their service offerings.
Recent Developments
- SGS: In 2022, SGS acquired 3S Global, a leading provider of environmental, health, and safety (EHS) services in the United States. This acquisition expands SGS's EHS footprint in the United States and positions the company to better serve its customers in the oil and gas, manufacturing, and construction industries.
- Bureau Veritas: In 2022, Bureau Veritas acquired BSI Group, a leading provider of standards, testing, certification, and training services. This acquisition expands Bureau Veritas's global reach and capabilities in the TIC market.
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