Testing, Inspection and Certification (TIC) Market Expected to reach 5.0 billion by 2028

Posted by edwardzmusso on May 8th, 2023

The global testing, inspection, and certification (TIC) market is projected to grow from USD 223.9 billion in 2023 to USD 265.0 billion by 2028, registering a CAGR of 3.4% during the forecast period.

The Testing, Inspection, and Certification (TIC) industry is expanding due to a number of causes. One of the key drivers has been the increased government subsidies for renewable energy projects, which has resulted in an increase in the number of enterprises participating in this industry. Furthermore, there is an increasing emphasis on attaining efficient energy management, which has increased demand for TIC services to assess the energy efficiency of buildings and equipment.

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Another factor driving the TIC industry is the increasing demand for high-utility performance in machinery and equipment. This has resulted in an increase in demand for testing and inspection services to assure product safety and quality.

The demand for product marketability is propelling the certification services market forward. Organisations receive product certificates or licences from certification bodies in order to display conformity markings on their products or confirm compliance with requirements. Product certification ensures customers that the product has been tested and meets all applicable codes and requirements. Those seeking certification must demonstrate an effective quality control system in order to maintain conformance.

Certification services are in high demand in the food, IT, and telecommunications industries. Certification schemes are being introduced globally by companies such as SGS S.A., Bureau Veritas, and Intertek. SGS S.A., for example, launched FSMA certification audit services for cutting-edge ICT to simulate the entire onsite audit experience. SGS S.A. upgraded the KUCAS certification in April 2022, requiring a Gulf Type Examination Certificate as well as a Technical Inspection Report for all shipments of children's toys arriving in Kuwait. TIRs for lubricants are issued by SGS S.A. Gulf Limited.

During the forecast period, the electrical and electronics segment is likely to dominate the testing, inspection, and certification market for consumer goods and retail applications. This segment is likewise predicted to grow at the fastest rate. The increased usage of new technologies such as AI, ML, and IoT can be contributed to the rise of this market. These technologies have accelerated the creation of innovative and sophisticated electronic devices, increasing demand for testing, inspection, and certification services.

Furthermore, the recent trend of remote work and learning has resulted in a surge in the purchasing of electronic equipment such as computers, laptops, and smartphones, contributing to the expansion of the electrical and electronics industry. The demand for testing, inspection, and certification services has also increased dramatically in order to ensure that these gadgets meet demanding inspection and safety rules.

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Between 2023 and 2028, the Asia Pacific testing, inspection, and certification market is predicted to develop at the fastest CAGR. Several factors are driving market growth in this region, including increased research and development in autonomous and connected cars, improved lifestyles, and many European and American countries' reliance on Asian companies for medical devices, PPE, pharmaceuticals, and other necessary equipment.

Furthermore, because Asia Pacific is a manufacturing and export hub, it is predicted to have the highest share of the testing, inspection, and certification market. The region's booming economy, combined with rising consumer goods demand, is propelling the market forward.

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edwardzmusso
Joined: February 8th, 2021
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