Testing inspection and certification market is driven due to rising imports and exports in international market, Europe dominates testing inspection and certification market, oil and gas industry emerged as most promising end use destination for testing inspection and certification market.
Albany, NY -- (SBWIRE) -- 10/06/2017 -- The global market for testing, inspection, and certification (TIC) is highly fragmented. The global testing, inspection, and certification (TIC) market caters the requirements of wide range of industries that includes telecom, food and beverages, oil and gas, aerospace, and medical devices among others. This has provided a great competitive landscape for the key players in the market. Some of the prominent names in the global testing, inspection, and certification market are Intertek Group PLC, Dekra SE, SGS Group, and Bureau Veritas SA. The companies are constantly adopting to the advancements in the market and using tactical business strategies to enhance their market presences. Bureau Veritas S.A. recently announced that the company has signed a deal with Ascenz Pte. Ltd. to offer ship monitoring and performance solutions to the ship-owners across the world to back bunker savings.
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The global market for testing, inspection, and certification (TIC) was dominated by the top four players. They accounted for almost 29% of total market share in 2015. The other small and mid-sized companies accounted for the remaining 71% of the total market share. The global testing, inspection, and certification market stood at a valuation worth US$178.65 bn in the year 2015 and it is expected to reach the total valuation of US$285.34 bn by 2024. The market is expected to grow at a CAGR of 5.7% over the aforementioned forecast period of 2016-2024. The oil and gas sector has come up to be the most-promising end-user segment for the global market for testing, inspection, and certification (TIC). The oil and gas sector was most dominating in the global market as it accounted for over 35% of total share of the market. The segment is expected to continue its dominance in the market across the world during the aforementioned forecast period of 2016-2024 with a sturdy CAGR of 5.6%.
Flourishing Import-Export Market to Drive Global TIC Market
It is expected that the emerging economies across the world will experience an enormous growth in the global testing, inspection, and certification (TIC) market. This is mainly because of the flourishing industrial segment and a considerable rise of affluent customers. These emerging nations are on course to become hub for global exports and imports. To comply products with different quality and safety regulations on international level, the product manufacturers are strictly bound to adhere with the mentioned standards of quality. This is chiefly driving demand for the global testing, inspection, and certification (TIC) services market. Increasing number of exports and imports in the global market and rising stringent quality norms coupled with a complex blend of universal and domestic regulations and standards are driving the testing, inspection, and certification (TIC) market globally.
Product manufacturers are forced to comply with the strict quality checks, inspections, and obtain globally accepted certifications in order to trade internationally. This factor will spur the rising adoption of services of testing, inspection, and certification across a wide range of sectors such as oil and gas, food and beverages, textile, and aerospace among others in the coming years.
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Lack of Clear International Regulations Pose Problems for Development of TIC Market
However, nations across the world have different sets of TIC regulations and standards, which also vary in terms of type of industries and products. This high diversity among the set of norms for TIC could often create a complicated situation for advocating international trade. Thus, such different TIC guidelines is expected to be a chief restraining factor for the growth of the global market. Moreover, pharmaceutical sector suffers the most in this situation as the drug producers find it hard to develop medicines and drugs that will get easy approvals across the world when submitted to respective country, thus creating hindrance in the development of the global testing, inspection, and certification market.