TIC Market Growth, Analysis, Latest Trends and Forecast till 2026

Posted by edwardzmusso on February 18th, 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 2026APAChas the largest market share for testing, inspection and certificationand alsohas 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.

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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. North America is expected to have the highest market share during the forecast period owing to the huge manufacturing and R&D centresfor aerospace and electronics industry. Apart from that, constant awareness regarding benefits of certified products and services across different domains and government regulations on food, cosmetics and related industries are improving opportunities for TIC market in North America.

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).

Top 2 Players in testing, inspection and certification Market:

SGS GROUP

SGS Group is one of the leading players offering inspection, verification, testing, and certification services to ensure the compliance of products or services with national and international regulations and standards. Inspection services offered by the company help reduce product damage and financial risks, control product quality and production quantity, and meet relevant regulatory standards in various regional markets. SGS Group operates through a network of more than 2,000 offices and laboratories, mainly in Europe, the Americas, APAC, the Middle East, and Africa. SGS has been constantly making new partnerships, acquisitions and is also expanding its business. For instance, in June 2021, SGS announces the official opening of its new food testing laboratory in Papua, New Guinea. The new facility offers internationally recognized quality testing to the food manufacturing, hospitality, and retail market segments. Also, during the same month, SGS provides the fuel quality monitoring program for Cepsa in Spain and Portugal. Cepsa selected SGS, to provide fuel quality monitoring at Cepsa petrol stations in Spain and Portugal.

The company mainly operates in 9 segments—Agriculture, Food & Life; Minerals; Oil, Gas & Chemicals; Consumer & Retail; Certification & Business Enhancement; Industrial; Environment, Health & Safety; Transportation; and Governments & Institutions.

BUREAU VERITAS

Bureau Veritas is among the leading companies having a broad portfolio of testing, inspection, and certification (TIC) services. The company offers high-quality services to industries such as construction and real estate, consumer goods, electrical and electronics, food & beverages, oil & gas, power and utilities, process industries and mining, retail, and transportation, along with governments and public organizations, to address the challenges related to quality, safety, and environmental protection. The company has offices and laboratories in Europe, APAC, and the Americas, and it strives to expand its reach globally through acquisitions. For instance, in April 2021, Bureau Veritas announced the acquisition of Bradley Construction Management, a US-based leading provider of construction management services for the renewable energy sector. Bradley Construction Management provides owner\'s representation, as well as construction and site management assistance services, for wind, solar, and energy storage projects.

Bureau Veritas helps its clients from the aerospace industry to monitor the technical conditions of aircraft and continuously review the schedule of their maintenance inspections to ensure high performance. It also provides regulatory and technical compliance assessment, aircraft recovery and delivery assistance, lease/purchase agreement compliance verification, on-going lease (lease monitoring) supervision, and supply chain risk management services to its clients from the aerospace industry.