TIC Services Market size worth over $240 Bn by 2026

Testing, Inspection Certification (TIC) Services Market size is set to surpass USD 240 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

The TIC services market is gaining traction owing to the rising demand for verification, testing, and certification services in the automotive manufacturing industry. The automotive sector is subjected to several government regulations pertaining to passenger and vehicle safety coupled with environmental regulations related to pollution, fuel efficiency, and noise emission levels. In addition, automotive OEMs are extensively focusing on development of electric vehicles, ADAS, and self-driving cars, which will further boost the demand for TIC services.


 

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The increasing uptake of TIC services in the medical and life sciences sector to inspect new medical devices will spur the market growth. The recent outbreak of COVID-19 pandemic has increased the manufacturing of medical equipment such as Personal Protective Equipment (PPE) kits, pulse oximeters, ventilators, among others. The new equipment requires high-end test and inspection solutions, and market players, such as TUV SUD, TUV Rheinland, Eurofins Scientific, etc., are extensively focusing on providing TIC services to medical OEMs.
 

The highly volatile regulatory framework across different industries has been a major challenge restraining the testing, inspection certification services market growth. Most countries are implementing stringent regulations to comply with international environmental safety norms. The regulations vary from region to region and have given rise to an unrest among various industries such as automotive & transportation, food & beverage, oil & gas, among others. In addition, the risks related to standardization and quality of services provided by TIC companies always exist, further hampering the market expansion.  
 

Increasing demand for testing services in the food & beverage sector

Testing, Inspection & Certification (TIC) Services Market

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The testing service segment held over 65% of the market share in 2019 and is anticipated to grow at a CAGR of around 6% during the forecast timeline driven by the increasing demand for testing services in the food & beverage sector. The food manufacturers are producing food products in large quantities, and any spoilage may result into operational losses. The testing services ensure the food is free of any physical, chemical or biological hazards recuing the chances of spoilage and wastage. This has forced food manufacturers to employ testing services across multiple points of the supply chain. The companies are accelerating their offerings for testing services, catering to high demand in the market.
 

Browse key industry insights spread across 360  pages with 779 market data tables and 34 figures & charts from the report, “Testing, Inspection and Certification (TIC) Services Market Size By Service (Testing, Inspection, Certification), By Type (In-House, Outsource), By Application (Agriculture & Food {Seeds & Crop, Fertilizers, Food, Trade & Logistics, Pest Control & Fumigation}, Construction {Building Material [Material Testing, Material Certification, Coating Inspection & Failure Analysis], Infrastructure, Capital Equipment}, Life Science {Pharmaceuticals, Clinical Trials, Environmental, Medical Devices}, Consumer Products {Hardline, Softline, Electronics, Household Personal Care & Cosmetics, Hazardous Area Equipment}, Transportation {Automotive, Marine & Offshore, Railways, Aerospace}, Energy {Energy Source, Power Generation, Power Distribution}, Oil, Gas & Chemical {Upstream, Midstream, Downstream, Petrochemicals, Chemical Feedstock, Finished Product}, Mining, Industrial Machinery), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/testing-inspection-certification-tic-market
 

Increasing adoption of in-house TIC services in electronics & semiconductor manufacturing industries

The in-house TIC services segment dominated a market share of 60% in 2019 and will expand at 5.5% CAGR from 2020 to 2026. The growth is credited to the increasing uptake of in-house testing services by electronics and semiconductor manufacturing industries. The in-house testing is conducted by companies when it is associated with their core business expertise. In order to perform in-house TIC activities, the company should have in-house capabilities such as high-end technology-based test and measurement equipment coupled with skilled professionals.
 

Growing demand for TIC services in the mining sector

The mining segment accounted for less than 5% of the market share in 2019 and is expected to register growth of over 3% till 2026 led by increasing uptake of TIC services in the mining sector. Mining involves various products such as coal, minerals, metals, biomass, rocks, metal ores, and alloys. This industry undergoes several testing & inspection processes such as material testing, geochemical testing, mechanical and physical testing, equipment inspection and testing, and biomass testing among others. Rising coal production in coal mines will further boost the market growth.
 

The proliferation of oil & gas refineries in the U.S. will boost the adoption of TIC services in North America  

The North America TIC services market held a revenue share of 20% in 2019 and is anticipated to witness around 6.5% growth rate through 2026. The region is characterized by the presence of various oil & gas refineries that majorly focus on increasing the domestic production of oil & natural gas in the U.S. According to the U.S. Energy Information Administration, in 2019, the U.S. crude oil production grew by 11% and accounted for 12.2 million barrels per day in comparison with 10.9 million barrels in 2018. The increasing production of oil & gas products is the primary factor fostering the demand for testing, inspection, and certification process. In line with the recent outbreak of the COVID-19, the oil & natural gas sector is projected to witness a decline in demand in 2020 and 2021. However, the oil & gas demand is expected to recover by 2022, adding new opportunities over the coming years.
 

Key players operating in the industry include Applus+, ALS Limited, DEKRA, Eurofins Scientific, Intertek Group PLC, KIWA Group, RINA Group, TUV NORD, TUV SUD, among others. The key players are focusing on strategic acquisition, partnership, and collaboration activities to strengthen their market presence over competitors in the market. In December 2020, Applus+ announced the acquisition of QPS Evaluation Services Inc., a product certification company, which serves a wide range of industries such as electrical & electronic (E&E), industrial, and medical products manufacturing.
 

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