Testing, Inspection and Certification Market Set to Grow at the Fastest Rate
Posted by edwardzmusso on December 9th, 2021
According to a research report \"Testing, Inspection and Certification Market with COVID-19 Impact Analysis by Service Type (Testing, Inspection, Certification), Sourcing Type (In-House, Outsourcing), Application and Geography - Global Forecast to 2026\" published by MarketsandMarkets, 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.
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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
In-house testing services provide companies complete control over the entire process. This type of testing is conducted by companies who have core business expertise in such services. To perform in-house TIC activities, a company must build in-house capabilities in terms of technology, testing and measurement equipment, and skilled personnel. Approximately 60% of the TIC services are conducted in-house. This process is particularly evident in applications such as life sciences, utilities, and public sectors. The third-party TIC service is a cost-effective conformity assessment method that drives higher levels of compliance. It ensures greater consumer satisfaction with safer products, helps government agencies improve efficiencies and manage their market surveillance resources. It also helps manufacturers reduce in-house compliance costs and navigate global market requirements more easily. 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
The consumer goods and retail segment accounted for the largest share of the testing, inspection and certification market in 2020. In a highly regulated marketplace, manufacturing and retailing activities are no longer limited to producing and selling goods. Third-party quality assessment agencies/laboratories are gaining traction worldwide as they provide the necessary expertise to ensure the quality and safety of products. Digital transformation of industries has led to their overall reshaping, thereby reforming testing, inspection, and certification methods. 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. New tech-enabled TIC services harness cutting-edge technologies such as IoT, robotics, and analytics to transform the way services are delivered to customers. This has enabled TIC companies to remain highly proactive and predictive in response.
The testing, inspection and certification market in APAC is projected to have the highest CAGR during the forecast period (2021-2026)
The TIC market in APAC is expected to have the highest CAGR during the forecast period. High dependence of many European and American countries on APAC-based companies for medical devices, personal protection equipment (PPE) kits, pharmaceuticals, and other necessary equipment, increased research and development in the field of autonomous and connected cars (new and improved technologies), and improved lifestyles are the crucial factors driving the TIC market growth in APAC. Increased investments in R&D are leading to the expansion of application areas of TIC services in the automotive sector in North America, especially in the US. Considering huge manufacturing capabilities and exports, the APAC region is projected to account for the largest size of the TIC market. 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. More than 45 countries, including China, Japan, India, Hong Kong, Taiwan, Singapore, Thailand, and Australia, are taken into consideration for the analysis of the TIC market in APAC.
A few key TIC market players are SGS (Switzerland), Bureau Veritas (France), Intertek (UK), TÜV NORD (Germany), TÜV SÜD (Germany), Eurofins Scientific (Luxembourg), NTS (US), TÜV RHEINLAND (Germany), CETECOM (Germany), DEKRA SE (Germany), DNV GL (Norway), Element Materials Technology (UK), Mistras (US), ALS Limited (Australia), Applus+ (Spain) and UL (US).
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Joined: February 8th, 2021
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