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 Coherent Market Insights.
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.
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