Globally the market for Testing, Inspection and Certification (TIC) Market is expected to grow at the rate of more than ~5% from 2016 to 2022.
Pune, India -- (SBWIRE) -- 12/12/2017 -- Industry News
Dec. 2017 - Bureau Veritas has partnered with Avitas Systems for the next gen inspection services that is driven by advanced analytics.
Dec. 2017 - Bureau Veritas acquired ICTK in South Korea and enters smart payment market, ICTK strengthened the Group's leading position in wireless product testing & certification.
Testing, inspection & certification Market - Overview
The Global Testing, inspection & certification Market is growing with the rapid pace; mainly due to the rising incidents of safety issues. According to a recent study report published by the Market Research Future, The global market of Testing, inspection & certification is growing rapidly and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2022).
The Global Testing, Inspection & Certification Market is driven by the increased demand in automotive testing and increasing TIC in medical equipment industry. On the other hand, lack of global certification standards hindering the growth of Testing, inspection & certification Market.
The automotive industry requires constant innovation in durability and quality. Many automobiles pass the testing standards set by one organization, yet fail in other testing and certification. In September 2015, German Auto maker, Volkswagen received a notice from the United States Environmental Protection Agency (EPA) for the violation of the clean air act. It was found out that the company had intentionally programmed Turbocharged Direct Injection (TDI) diesel engines to have control over emissions during laboratory emission testing which caused the vehicle to meet the U.S. NOx standards but emit 40 time more in the real world driving which ultimately caused the company to recall its vehicles from the owners. In 2016, another case regarding the Maruti Suzuki Baleno popped up where more than 75,000 vehicles were recalled due to failure in standards in Airbags quality and faulty fuel filter. These incidents have given the rise for Testing, Inspection and certification of raw materials, production process, and final products.
With the growth in research and development and constant innovation in medical science, the rise of medical equipment is high resulting the some of the healthcare key players like Philips and Nokia healthcare develop equipment that meet the quality and safety standards to ensure that the product is safe for usage by both the doctor and the patient. Many different TIC key players like Intertek, UL and many more come up with certain testing solutions for medical equipment.
In August 2014, Intertek, a global leader in Testing, Inspection and certification helped a global medical device leader with streamlining the development and commercialization process to achieve the objective of time to market. The company realized that the innovation were being delayed to the market because of the constant need to re-test and re-design due to initial design testing failures which incurred a significant cost but loss of valuable time in market resulting in negative impact to the brand. As a result, Intertek helped facilitate a smooth transition to testing, allowing to reduce the time to the market by 50%.
TIC Market Players
SGS group (Switzerland), Bureau Veritas SA (France), Dekra Certification GmbH (Germany), Intertek Group plc. (U.K.), ALS Limited (Australia), ASTM International (U.S.), BSI Group (U.K.), SAI Global Limited (Australia), MISTRAS Group, Inc.(U.S.), and UL LLC (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Testing, inspection & certification Market.
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Testing, inspection & certification Market - Competitive Analysis
The Market of Testing, inspection & certification appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are focusing on strategic acquisions and partnerships. Prominent vendors of Testing, inspection & certification targeting to invest more in technology and research and development activities to innovate their already existing products..
Testing, inspection & certification Market - Segmentation
The Testing, inspection & certification Market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Types: in-house and outsourced among others.
Segmentation By End-Users: Oil & gas, aerospace, food & beverage, automotive, petroleum and textile among others.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific, the Middle East and Latin America
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Testing, inspection & certification Global Market - Regional Analysis
North-America is dominating the Global Testing, inspection & certification Market with the largest market share owing to the growing trade and increased demand from automotive industry. Testing, inspection & certification Market in Asia-Pacific market is expected to grow at a substantial CAGR during 2016 to 2022 due to the increase in the demand from consumer electronics sector and increase in the cross border trade. The European market for Testing, inspection & certification Market is expected to grow at a considerable CAGR (2016-2022).
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