Testing, Inspection and Certification (TIC) Market Worth $265.0 Billion by 2028
Northbrook, IL 60062 -- (SBWire) -- 03/31/2023 --The global testing, inspection, and certification (TIC) market is projected to grow from USD 223.9 billion in 2023 to USD 265.0 billion by 2028, registering a CAGR of 3.4% during the forecast period according to a new report by MarketsandMarkets™. Some of the major factors contributing to the growth of the TIC market include increasing government incentives on renewable energy projects, growing focus on achieving optimal energy management, rising need for high-utility performance of machinery & equipment, increasing development of innovative medical devices, strict regulations and standards for wellness and beauty products owing to consumer safety.
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By service type, the certification segment registered for the highest growth rate during the forecast period.
Rising need for product marketability to support market growth. A certification body issues product certificates or licenses to organizations for the purpose of displaying a conformity mark on their products or issuing certificates indicating compliance with specifications. By complying with the standards, consumers are assured that their products are of high quality. A product certification certifies that the product has been tested and adheres to codes and/or standards. In order to maintain the conformity of their products to the standards, those seeking certification must demonstrate an adequate quality control system. Players offering certification services can find lucrative opportunities in the food, and IT & telecommunications sectors. SGS S.A. (Switzerland), for instance, launched FSMA certification audit services for cutting-edge information and communications technology (ICT) to replicate the full onsite audit experience without sacrificing quality or effectiveness. Companies such as Bureau Veritas and Intertek are introducing certification schemes globally. For instance, in April 2022, SGS S.A. updated the KUCAS certification. A Gulf Type Examination Certificate and a Technical Inspection Report (TIR) are required for all shipments of children's toys reaching Kuwait. SGS S.A. Gulf Limited issues TIRs for lubricants (regulated categories: engine, gear, and brake fluid).
By Application, the electrical and electronics sub-segment accounted for the largest share of the TIC market.
The electrical and electronics segment is expected to account for the largest share and to register the highest CAGR of the testing, inspection, and certification market for consumer goods and retail applications during the forecast period. The growth of this segment can be attributed to the adoption of new technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT). Moreover, adopting a new culture of working remotely or from home has led to a rise in the purchase of computers, laptops, smartphones, and other devices by consumers. This, in turn, contributes to significant demand for testing, inspection, and certification services to ensure that devices purchased by consumers follow stringent inspection and safety regulations.
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Asia Pacific is likely to witness the highest growth rate in the global TIC market during the forecast period.
Asia Pacific's testing, inspection, and certification market is forecast to grow at the highest CAGR between 2023 and 2028. A number of factors are driving the growth of the testing, inspection, and certification market in Asia Pacific, including increased research and development in autonomous and connected cars (new and improved technologies), improved lifestyles, and the high dependency of many countries in Europe and the Americas on Asian companies for medical devices, personal protective equipment (PPE), pharmaceuticals, and other necessary equipment. Since Asia Pacific has a large production capacity and exports, it is expected to hold the largest share of the testing, inspection, and certification market.
Key Market Players
SGS S.A. (Switzerland), Bureau Veritas (France), Intertek Group plc (UK), Eurofins Scientific (Luxembourg), and DEKRA SE (Germany), TÜV SÜD (Germany), DNV GL (Norway), TÜV RHEINLAND (Germany), Applus+ (Spain), and ALS (Australia), are some of the key players in the testing, inspection, and certification market.
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