Testing, Inspection and Certification Market Growth, Analysis, Latest Trends
Posted by edwardzmusso on January 25th, 2022
The testing, inspection and certification market is projected to reach USD 249.4billion by 2026 from USD 207.2billion in 2021; it is expected to grow at a CAGR of 3.8% from 2021 to 2026. APAChas 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.
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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 market is experiencing growth due to the adoption of advanced technologies in the industrial, healthcare, and consumer electronics sectors and the introduction of new services and solutions such as virtual inspections, visual inspection, and remote auditing in the middle of the COVID-19 pandemic.Particularly in the healthcare sector, TIC services are adopted in pharmaceutical, diagnostics, medical devices, clinical research, and digital health applications, which have been at the forefront in the battle against the COVID-19 pandemic. Pharma companies are developing drugs, antidotes, and vaccines to fight against the virus. Companies are even developing new test services to measure the severity of COVID-19 infection and treat patients.
Various countries are spending huge amounts on the treatment of their citizens and R&D for vaccines. Skilled doctors, scientists, biologists, medical experts, nurses, and other life sciences professionals are leading major research programs worldwide. The COVID-19 pandemic has made many countries aware that their budgets toward the healthcare industry are not enough. They have to increase their spending to safeguard the world’s population from the ongoing crisis and such crises in the future. Life sciences companies need to work closely with various regulators and policymakers through empowered working groups to driveinvestments, growth, and jobs.
The TIC market is segmented based on sourcing type into in-house and outsourcing. Based on service type, the market has been classified into testing service, inspection service and certification service. Based on region, the TIC market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). The TIC market in these regions is further segmented into different countries.
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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