Dublin, Aug. 27, 2021 (GLOBE NEWSWIRE) -- The "Testing, Inspection and Certification Market - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The testing, inspection and certification market is projected to reach USD 249.4 billion by 2026 from USD 207.2 billion in 2021; it is expected to grow at a CAGR of 3.8% from 2021 to 2026.
APAC has the largest market share for testing, inspection and certification and also has the highest growth rate and is expected to grow at the highest CAGR during the forecast period. Many economically advanced countries have their manufacturing units in developing economies of APAC, especially in China and India. These units are required to manufacture products in compliance with internationally accepted standards.
The domestic markets in APAC are growing rapidly owing to the rising per capita income among the middle-class population. Moreover, there is growing consumer awareness about the importance of certification. The driver for the growth of the TIC market in APAC is the growing inclination of manufacturers to produce aerospace and aeronautical components, electrical and electronic products, and heavy machinery and equipment.
Globalization has led to the standardization of products and goods used in the food & beverages, electronics, and automotive industries. The development of transport ways, such as water and road, has helped improve respective carriages and the standard of infrastructure required for the running and maintenance of modes of transport.
TIC players are increasing their horizon by setting up their testing labs in APAC countries as the potential of APAC countries in applications such as consumer electronics and goods, automobiles, renewable energy solutions is depicting a double-digit growth.
The in-house services segment, in market by sourcing type, of the testing, inspection and certification market is projected to hold a larger share during the forecast period
Operations carried out by companies offering in-house and outsourced TIC services may vary from application to application. Owing to the criticality of applications, industries such as the public sector and mining prefer in-house services rather than opting for outsourced TIC services. On the other hand, for applications in consumer goods and environmental industries, outsourced TIC services have a higher demand.
In applications, the consumer goods and retail segment is projected to hold the largest share of the testing, inspection and certification market during the forecast period
Presently, customers and clients face new types of risks in the form of duplication of technologies, usage of below standard components in different equipment, adulteration in food and food ingredients, etc. These risks have led to significant disruptions in the way services are being delivered to customers. For instance, Bureau Veritas has come up with platforms such as QuikTrak, the largest qualified inspector marketplace, and LEAD, for the digital sales and delivery of certification audits and tools, as well as for carrying out training programs.
A few key TIC market players are SGS (Switzerland), Bureau Veritas (France), Intertek (UK), TUV NORD (Germany), TUV SUD (Germany), Eurofins Scientific (Luxembourg), NTS (US), TUV RHEINLAND (Germany), CETECOM (Germany), DEKRA (Germany), DNV GL (Norway), and UL (US).
Premium Insights
- Introduction of Innovative Tic Services in Recent Times Has Helped Government Agencies to Discourage Fake Products
- Product Standardization Norms and Penetration of Advanced Technologies Across Multiple Industries to Lead Tic Market Growth During Forecast Period
- In-House Services to Hold Larger Share of Tic Market Than Outsourced Services in 2021
- Consumer Goods and Retail Application to Account For Largest Size of Tic Market in 2021
- Medical Devices to Capture Largest Size of Tic Market for Medical and Life Sciences Application in 2026
Market Dynamics
Drivers
- Increasing Focus of Manufacturing Companies to Improve Customer Retention by Offering Quality Products
- Surging Demand for Interoperability Testing for Connected Devices and Iot
- Growing Indulgence in Unlawful Trade of Counterfeit and Flawed Pharmaceutical Products
Restraints
- High Cost of Tic Services due to Diverse Standards and Regulations Across Different Geographies
Opportunities
- Digital Transformation of Customer Services
- Rapid Adoption of Breakthrough Technologies
Challenges
- Adoption of Advanced Technologies by Smaller Tic Players
- List of Key Emerging/Upcoming Services
Case Study Analysis
- Pipelines and Platforms: Applus+ Adopted Inspection Services for Its Customized Remote Visual Tanks and Pipelines
- Steel Manufacturing: Tuv Sud Helped Manufacturing Company with Specific Inspection Services
- Gas Supplies: Element Provides Niche Testing and Assurance Services to Airbus Company
Companies Mentioned
- Als Limited
- Amspec
- Apave International
- Applus+
- Astm International
- Asurequality
- Avomeen Analytical Services
- Baltic Control Ltd.
- British Standards Institute (Bsi)
- Bureau Veritas
- Core Laboratories
- Dekra Se
- Dnv Gl
- Element Materials Technology
- Envigo
- Eurofins Scientific
- Force Technology
- Gateway Analytical
- Gulf Inspection International Co.
- Hohenstein
- Humber Inspection International Ltd.
- Hv Technologies Inc.
- Intertek
- Irclass
- Keystone Compliance
- Kiwa Inspecta
- Lloyd's Register Group Limited
- Medistri Sa
- Mistras
- National Collateral Management Service Limited (Ncml)
- Nippon Kaiji Kentei Kyokai (Nkkk)
- Nqaqsr North America
- Prime Group
- Qs Testing
- Rina S.P.A.
- Safety Assessment Federation (Safed)
- Sai Global
- Sgs Group
- Technicka Inspekcia
- Thomas Bell-Wright International Consultants
- Tic Sera
- Turk Loydu
- Tuv Nord Group
- Tuv Sud
- Ul LLC
- Vde Testing Institute
- Washington Laboratories Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/7i82x3
