Testing, Inspection, and Certification (TIC) Market to Surpass US$ 174.6 Billion by 2027 - Coherent Market Insights

Global testing, inspection, and certification (TIC) market was valued at US$ 182,933.6 Mn in 2018, and is expected to exhibit a CAGR of 5.9% over the forecast period to reach US$ 310,003.6 Mn in 2027. Europe accounted for 37.1% revenue share in the global testing, inspection, and certification market in 2018, according to Testing, Inspection, and Certification (TIC) Market Report, By Type (Management Systems Certification (MSC), Third-party Inspection, ASME, and Others), By Vertical (Oil & Gas, Chemicals, Life Sciences, Power & Utilities, Food, Beverages, & Agriculture, Transportation, Automotive & Aerospace, Consumer Products & Goods, Construction, Materials & Minerals, and Industrial Goods Manufacturing), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by . Globalization, growing awareness about product quality, along with stringent government legislations to ensure health and safety are expected to drive growth of the global testing, inspection, and certification (TIC) market. Increasing consumer awareness about quality, safety, and effectiveness of the product is a key factor propelling demand for testing inspection and certification services. Moreover, growing import and export activities worldwide are driving growth of the market. Quality control in industries such as automotive, oil and gas, food and beverages, and aerospace is important for international acceptance of products. For instance, in the oil and gas industry, quality control regulations and specifications play a major role owing to high risks associated with exploration, storage, extracting, refining, processing and distribution of oil and gas, which increases demand for best-in-class inspection services. Several market players provide testing, inspection, and certification services to the oil and gas industry such as Aarvi Encon, UL, SGS SA, Bureau Veritas, Intertek Group plc., and TÜV Rheinland. Furthermore, globalization is another factor boosting growth of the testing, inspection, and certification services market. Supply chains are becoming more complex due to globalization and rising demand from end users for national and international regulations, and industry standards to ensure quality, public health, and safety, which has led to a high demand for independent TIC  services. These services help manufacturers to improve productivity and quality of the product and to meet the global standards (ISO/ IEC standards). Furthermore, key players in the market are focused on expanding their services, as a result of growing textile and footwear industries in regions such as Latin America and Asia Pacific. For instance, according to India Brand Equity Foundation (IBEF), the domestic textile industry in India is estimated to reach US$ 223 billion by 2021, from US$ 150 billion in November 2017. Moreover, the textile industry in India contributes around 5% to India’s gross domestic product (GDP) and 14% to overall Index of Industrial Production (IIP). The textile industry is also one of the largest contributors to India's exports, with approximately 13.5% of total exports amounting to US$ 42.24 billion. Moreover, according to Fashion Industry Statistics India, in 2016, total exports of textile, apparel, and footwear from India was US$ 42.24 billion and exports of clothing and textiles was US$ 38.7 billion. To know the latest trends and insights prevalent in this market, click the link below: https://www.coherentmarketinsights.com/market-insight/testing-inspection-and-certification-tic-market-2821 Key Takeaways of the Market:

• Europe testing, inspection, and certification market held the dominant position in 2017, and is expected to retain its dominance throughout the forecast period. In 2017, the Europe market generated revenue of US$ 62,900.0 Mn. By 2026, the market is projected to reach US$ 116,814.0 Mn, exhibiting a CAGR of 6.1% over the forecast period. The major factors driving the growing demand for TIC services in the region are technological advancements in the automotive industry and outsourcing of TIC services. Also, increasing trade of consumer products is expected to drive growth of TIC market in Europe. Organizations such as the European Telecommunications Standards Institute, and European Committee for Standardization are constantly developing new rules and regulations such as those listed under the Construction Products Directive to maintain product safety and limit the flow of counterfeit products.
• Furthermore, key players such as Test Pro, Testing Solutions Group Ltd, and Testhouse Ltd. are focused on providing assurance and testing services which is expected to facilitate the market growth. Also, the withdrawal of U.K. from the European Union has added new channels for free trade and communication, which, in turn, is providing opportunities to offshore businesses to conduct trade in the U.K. However, different trade regulations such as import tariffs and regulation or discrimination against foreign suppliers, within and outside European Union, are major restraining factors for the TIC market growth in Europe.
• Major players operating in the global testing, inspection, and certification (TIC) market include SGS Group, Bureau Veritas SA, TUV Rheinland Group, Intertek Group PLC, ALS Limited, DNV GL, MISTRAS, Lloyd’s Register Group Limited, Underwriters Laboratories Inc., ABS Group, and ASTM International.