Seattle, WA -- (SBWire) -- 09/25/2019 --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. Among regions Europe accounted for 37.1% revenue share in the global testing, inspection, and certification market in 2018.
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Following Europe, Asia Pacific is expected to account for significant market share, led by China and India. Increasing food and environmental safety regulations implemented by the government to ensure consumer safety and the amount of environmental deterioration caused due to e-waste is expected to drive growth of testing, inspection, and certification (TIC) market in Asia Pacific. Furthermore, rapidly increasing international trade has increased a number of exports from Asia Pacific to Europe. Exports from emerging economies in Asia Pacific need to clear detailed estimation, in order to meet various standards set by regulatory authorities in North America and Europe, which is expected to drive growth testing, inspection, and certification (TIC) market in Asia Pacific.
Growing use of digital technology is expected to drive growth of Global T Global testing, inspection, and certification (TIC) market
Key companies in the market are focused on the use of innovative technology, in order to enhance their products, which will eventually boost the market growth. For instance, SCS, Bereau Veritas, and Intretek are adopting digital technology, which will support the market growth during the forecast period. These companies are using cloud connectivity and smart sensors to issue, share, and create automated certification report. Furthermore, digital technology enhances detection limits and analytical methods, which will assist key players to meet increasing demand analytics techniques, better reporting, and greater accuracy. For instance, in May 2018, Bureau published a paper 'The Digital Asset across Industries- a TIC Company Perspective', which signifies the importance of companies embracing digital technology, in order to define their needs in accordance with new technologies and decide how to integrate them in their value chain processes.
Furthermore, the Industry 4.0 transformation is expected to improve quality, efficiency, and performance of key players in the market. It is also expected to enhance the data management and cybersecurity.
Europe held the dominant position in the Testing, Inspection, and Certification (TIC) market in 2017
Europe is expected to be the largest market in terms of size during 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 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. Key players in the market such as Test Pro, Testing Solutions Group Ltd, and Testhouse Ltd. are driving the market growth by providing assurance and testing services. Also, Brexit, the withdrawal of U.K. from European Union, added new channels for free trade and communication, which has led to higher opportunities for offshore businesses to conduct trade in the U.K. However, different regulations for trade such as import tariffs and regulation or discrimination against foreign suppliers within and outside the European Union are restraining growth of the TIC market in Europe.
Lack of commonly accepted international standards by countries is one of the major factors hampering growth of the global testing, inspection, and certification market. The standards of testing, inspection, and certification to safeguard consumers from unsafe and non-compliant products and services vary according to countries. Companies which provide TIC services need to follow these varying standards, which leads to an increase in the cost of operation, in addition to other expenses. Moreover, the complex nature of the supply and value chain, as well as the uncertainties in macroeconomics is another factor hindering growth of the testing, inspection, and certification market.
Furthermore, scarcity of skilled workforce, and lack of global certification standards is also expected to restrain the market growth. Increasing globalization and import-export activities leads to high demand for product testing, inspection, and certification. However, varying quality and testing methods and lack of global certification standards hinders the market growth. Moreover, countries in Asia Pacific and Middle East are experiencing a shortage of skilled workforce. For instance, according to Coherent Market Insights' analysis, in India, out of the total labor force, only around 5% are skilled workforce.
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Global Testing, Inspection, and Certification (TIC) Market: Key Players
Major players operating in the global testing, inspection, and certification (TIC) industry 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.
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Testing, Inspection, and Certification (TIC) Market Growth Prospects, Business Overview and Growth Rate by 2026