Testing, Inspection, and Certification (TIC) Market Promoted by Thrust on Quality of Products

Competition in the global market for testing, inspection, and certification (TIC) is stiff owing to the presence of a copious number of players. This also makes the landscape fragmented. Over the course of the next few years, it is predicted that the competition will further intensify on account of more players foraying into the space lured by promising prospects of the market. Popular strategies with savvy players in the TIC market wanting to enhance their presence are mergers and acquisitions and collaborations. They are also eyeing under tapped emerging economies to expand their geographical footprints.

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A recent report on the market for testing, inspection, and certification (TIC) finds that it will rise by registering a steady 5.8% CAGR during the forecast period starting in 2017 and ending in 2025. It projects the market’s worth to become US$299,628.6 mn by 2025 from US$184,545.5 mn in 2016 by clocking the aforementioned CAGR.

Here are some of the factors that are shaping the present growth pace of the market are:

  • Testing, inspection, and certification (TIC) services are becoming increasingly crucial for companies across a range of industries owing to the pressing need to adhere to safety and quality requirements of products being offered for sale. Growing regulations pertaining to standard products is boding well for the market as well. In the European Union (EU), for example, the General Safety Regulation (EC) No 661/2009 in 2014 laid out rules for advanced safety measures in new cars, vans, buses, and trucks being sold in the region. Some of those include systems to measure tire pressure, reminders for seatbelts for drivers, advanced systems for emergency braking, and ISOFIX child seat anchorages.

  • In addition, demand of end-users for third party assurance on account of various risks to product quality and surging trade among nations of the world owing to sweeping pace of globalization has also served to catalyze growth in the global market for testing, inspection and certification (TIC) services worldwide.

  • The trend of outsourcing of TIC services is predicted to present opportunities galore to players in the market. Emerging economies in South America and Asia Pacific would likely play a key role in upping demand in the near term because of the mushrooming manufacturing units in the regions that are importing numerous goods to developed nations that are particular about quality.

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For keen players wanting to bet right on the market for testing, inspection, and certification (TIC), here are a few pointers:

  • The testing and inspection sector is predicted to create comparatively greater scope of revenue generation than certification.

  • At present, most of the demand in the market is generated by the energy and utilities and infrastructure and construction sector. Other sectors driving demand in the market are food and beverage, transformation and contract manufacturing, chemical, healthcare, and pharmaceutical, agriculture and forest, transportation and logistics, cosmetics, and textile, among others.

  • While the emerging economies in Asia Pacific and Latin America appear as promising markets, it is Europe that is grossing maximum revenue at present in the market for testing, inspection, and certification (TIC) mainly due to strict regulations in a range of industries such as food and beverages, cosmetics, infrastructure and construction, oil and gas, and water and wastewater management.