Testing, Inspection and Certification Services Market Size worth $260bn by 2025

 

Testing, Inspection and Certification (TIC) Services Market size is set to reach USD 260 billion by 2025; according to a new research report by Global Market Insights, Inc.
 

The testing, inspection and certification services market is propelled by the growing trend of outsourcing services from third-party specialist firms. Outsourcing also allows companies to utilize various time zones to their advantage. For instance, let us consider a company which operates in the U.S. and has its testing facility in Europe. After the employees have completed their daily work, they can forward their product details to the testing facility in Europe, which commences hours later. This intersection allows companies the benefit of their customers’ downtime to accomplish deadlines.   


 

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An upsurge in conscious consumerism will continue a large-scale piling pressure on companies to protect their brand’s reputations. This has driven many businesses to adopt TIC services as they are able to deliver real competitive advantages. Nowadays, customers expect wider choices, lower prices, and higher quality. Hence, the companies are acquiring certifications from trusted TIC services providers to gain credibility among customers.
 

U.S. TIC Services Market Revenue, By Service, 2018 & 2025, (USD Billion)
Testing, Inspection & Certification (TIC) Services Market

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As the trade of products & services is increasing rapidly, it is making the value chain more intricate as safety standards vary between various economic zones. The market regulatory authorities have been very slow in responding to the increasing products and services, which do not comply with safety and quality regulations. This has led to an augmented political interest and public concern regarding the disruptive argument between quality & safety. This leads to the demand for increased supervision & market surveillance by regional governments and by local public authorities.
 

Browse key industry insights spread across 553 pages with 881 market data tables & 35 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 (U.S., Canada, UK, Germany, France, Italy, Spain, Russia, Denmark, Australia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/testing-inspection-certification-tic-market
 

The certification service market is anticipated to attain a CAGR of over 9% during the forecast timeline. The rise in the globalization is serving as the major force propelling the growth of the market. Globalization has broken the international trade barriers, which has fostered trade among countries. This has led companies in expanding their operations across different countries. When these companies try to access global markets, their products face numerous national & regional compliance issues depending on their product types. This encourages the adoption of the certification’s services among the market players to proof the credibility and safety of the product among consumers. 
 

The In-house testing services are leading the TIC services market with the more than 58% share in the revenue in 2018. The growth of the market is attributed to the privatization of the TIC services. Previously, the TIC services were conducted by the government authorities; however, due to the limited budgetary constraints, most of the TIC activities were outsourced to various private firms. This has led to the privatization of TIC services across the globe.
 

The oil, gas & chemical industry accounts for more than 15% share in the testing, inspection and certification (TIC) services market. the growth of the market is driven by the stringent government regulation and polices related to the safety of the oil, gas and chemical products. Furthermore, awareness among SMEs about safety and quality of chemicals used in various manufacturing operations is fueling the market revenue. Additionally, the increasing concern towards environment health and impact of oil, gas, and chemical products on biotics are the primary factors fostering the demand for testing, inspection, and certification process across the industry.
 

The Asia Pacific testing, inspection and certification services market will attain a CAGR of 9% during the forecast period. The market growth is driven by the growing number of environmental and food safety violations in the region. These violations have led the government authorities in the region to implement regulations and standards to ensure consumer safety and limit the amount of environmental degradation caused due to the dumping of e-waste in the region. Furthermore, the increasing trade across the region is further encouraging the demand for the TIC service.    
 

The key players in the market are Applus, Apave, Bureau Veritas, Corelab, DEKRA, Eurofins, Intertek, DNV GL, Lloyd’s Register Group, TUV SUD, SGS SA, SYNLAB, TUV Rheinland, TUV Nord, ALS, SOCOTEC, Kiwa Group, RINA, and UL. Merger & acquisition is the common strategy used by market players to gain the market share. For instance, in November 2017, SGS acquired BioVision Seed Research Limited to strengthen its presence in the Canadian Agriculture market. 
 

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The testing, inspection and certification services market research report includes in-depth coverage of the industry with estimates & forecast revenue in USD from 2014 to 2025, for the following segments:

By Provider

  • Testing
  • Inspection
  • Certification
  • Others

By Type

  • In-house
  • Outsource

By Application

  • Agriculture & food
    • Seed & crop
    • Fertilizers
    • Food
    • Pest control & fumigation
    • Others
  • Construction
    • Building material
      • Material testing
      • Material certification
      • Coating inspection & failure analysis services
      • Others
    • Infrastructure
    • Capital equipment
      • Pressure equipment
      • Others
    • Others
  • Life science
    • Pharmaceuticals
    • Clinical trials
    • Environmental
    • Medical devices
  • Consumer products
    • Hardline
    • Softline
    • Electronic
    • Household personal care & cosmetic
    • Hazardous area equipment
  • Transportation
    • Automotive
    • Marine & offshore
    • Railways
    • Aerospace
  • Energy
    • Energy source
    • Power generation
    • Power distribution
    • Others
  • Oil, gas & chemical
    • Upstream
    • Midstream
    • Downstream
    • Petrochemicals
    • Others
  • Mining
  • Industrial machinery
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Russia
    • Denmark
  • Asia Pacific
    • Australia
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa

 

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