Global testing, inspection and certification market is experiencing growth owing to the factors such as increased outsourcing of testing, inspection & certification services and diversified requirement of products and standard regulations
The global testing, inspection, and certification (TIC) market is projected to grow at a CAGR of 5.7% through 2024 and surpass a valuation of US$ 285 Bn by the end of 2024. Wide ranging applications of testing, inspection, and certification in different end use applications are likely to create growth opportunities for vendors in the global market.
These projections are on the basis of a new research study added to the database of Market Research Reports Search Engine (MRRSE). The report is titled “Testing, Inspection and Certifica… (T.I.C.) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”.
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According to the report, end-users are looking for qualitative assurance and thorough testing, inspection, and certification (TIC) offers a feasible option of doing so. The qualitative aspect is more pronounced in the import-export business as many countries only accept imports after they have been certified for quality.
These factors are likely to boost the prospects of market players in this domain.
Testing, inspection, and certification vendors cater to a range of end-use industries including oil & gas, aerospace, food & beverages, automotive, automation, textile, and others. Among these, demand for TIC is quite prominent in the oil & gas business.
Considering the nature of the business and heavy investment, oil & gas companies usually look for quality assurance before making heavy investment. The oil & gas segment accounts for a revenue share of nearly 35% of the global market, and it is highly likely that its dominant revenue share will continue to remain so during the forecast period.
During the forecast period, this segment is likely to grow at a CAGR of over 5%.
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Asia Pacific is one of the most lucrative markets for TIC globally. Increasing industrialization in the region, combined with quick pace of growth in China and India has given a fillip to TIC vendors.
It is highly likely that demand for TIC services will continue to witness steady demand in Asia Pacific over the forecast period.
The report also offers a competitive study on the global TIC market, offering market share analysis of the top vendors in the region. According to the report, the top four vendors in the global TIC market account for nearly 30% revenue share of the market.
After this, the market remains really fragmented, with a number of players accounting for miniscule revenue shares. Intertek Group PLC, SGS Group, Dekra SE, and Bureau Veritas SA remain the dominant players in this market.
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