Pune, India, May 03, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the Asia Pacific TIC services market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 85 billion by 2026.
Rapid developments in industrialization and urbanization across countries like China and India will significantly drive the testing, inspection, and certification (TIC) services market forecast in the Asia Pacific. These advancements have led to increasing investments towards the transport, infrastructure, and energy verticals and have resulted in a surge in environmental and food safety violations. This has pushed the government regulatory bodies to form stringent rules to limit environmental degradation caused by e-waste dumping in the region to offer consumer safety.
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Increasing demand for cost optimization
Annual revenue of consumer products in the Asia Pacific TIC service market is anticipated to strike an 11% CAGR through 2024 owing to the rise in safety and quality concerns for the products among the consumers. The adoption of testing, inspection, and certification services reduces safety threats and ensures that the products have complied with the defined standards. They also help to enhance production efficiency and offer optimized costs of procurement, development, packaging, and distribution. The higher spending capacities of consumers and the growing requirement for sturdy and dependable commodities have resulted in a higher preference for these services by various product manufacturers.
The demand for outsourced TIC business services is slated to rise to 14% of the total industry share through the same year. This is due to the robust requirement of the companies to cut down on their labor costs while enhancing their profitability. Owing to this labor cost-cutting, leading businesses in some of the developed APAC economies like India and China are consistently outsourcing their testing, inspection, and certification operations. This move has further helped these firms to focus on their core functionalities while mitigating their infrastructure investments.
Higher presence in South Korea
Application of testing, inspection, and certification (TIC) services in transportation across Asia
Pacific is estimated to grow at a 7% CAGR over the coming years. This can be attributed to the presence of old infrastructures in China, South Korea, and Japan. Taking note of this, construction firms in these regions are seeking assistance from third-party service providers to test as well as inspect the building materials, their machinery, and equipment.
South Korea is a leading contributor to TIC integrated marketing services in the Asia Pacific TIC services market and its value is estimated to hit a growth rate of 8% up to 2024. This can be owed to the increasing investments by leading foreign industry participants like SGS and Intertek, to establish advanced testing laboratories to sustain competition.
Also, the spurt in counterfeit instances for products has forced various government authorities in the region to mandate the use of testing, inspection, and certification services. For instance, the government authorities in South Korea launched and mandated the KC certification on electrical & electronic products to impose higher penalties on products that are non-compliant to the standards.
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Growth from marketing strategies
Regional service vendors in the APAC region are investing in local and small-scale firms to extend their offerings. For instance, SGS merged with The Lab in February 2016. This collaboration helped the former company to acquire the Hongkong based firm’s construction material testing components.
Also, a few of the leading service providers operating in the TIC services market across the Europe and North America region are teaming up with various start-up firms in the Asia Pacific to amplify their global penetration. For instance, Bureau Veritas acquired Australian service provider, McKenzie Group in December 2017.
Dekra, Applus, Intertek, TUV SUD Bureau Veritas, and TUV Rheinland are some of the other major solution providers in the APAC sector.
The influx of globalization has paved the way for continued international trade owing to the increasing need for durable and reliable products. This trend has led to the rise in the number of exports from the emerging nations of the Asia Pacific region to Europe. However, these exports are expected to undergo, and clear severe assessments in order to match European and North American standards. These factors are likely to stimulate the demand for the testing, inspection, and certification services in the APAC region over the coming years.
Browse Related Report:
North America Testing, Inspection, and Certification (TIC) Services Market Statistics By Type (In-House, Outsource), By Application (Life Science, Consumer Product, Agriculture & Food, Construction, Transportation, Energy, Oil, Gas, & Chemical, Mining), By Service (Testing, Inspection, Certification), Countries Outlook (U.S., Canada), Industry Report, Growth Analysis & Forecast, 2018 – 2024
https://www.graphicalresearch.com/industry-insights/1146/north-america-tic-services-market
Europe Testing, Inspection, and Certification (TIC) Services Market Growth By Application (Agriculture & Food, Life Science, Construction, Consumer Product, Transportation, Energy, Oil, Gas, & Chemical, Mining), By Service (Testing, Inspection, Certification), By Type (In-House, Outsource), Countries Outlook (UK, Germany, France, Italy, Spain, Russia, Denmark), Industry Forecast, 2018 – 2024
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
