The developing economies of Asia Pacific and Latin America are expected to contribute significantly to the growth of the testing, inspection, and certification market.
San Francisco, CA -- (SBWIRE) -- 10/31/2017 -- Testing, Inspection, and Certification Market: Overview
The testing, inspection, and certification (TIC) solutions verify that a product conforms to regulatory standards pertaining to quality, performance, and technical safety that are universally accepted. Product testing, inspection and certification is an approach to provide assurance to consumers and are in the interest of consumers for a safe purchase.
Testing, Inspection, and Certification Market: Key Trends
The top factor driving the global TIC market is the increasing awareness among consumers about the quality, performance, and safety assurance attached with products that conform to international standards. The increasing volume of international imports and exports, which is controlled by a combination of local and global standards and regulations is further fuelling growth of the global testing, inspection, and certification market. This has necessitated manufacturers to adhere to quality control specifications and obtain universally accepted certifications for participation in international trade. This is expected to boost the adoption of testing, inspection, and certification services predominantly in food and beverages, aerospace, automotive, and oil and gas industries.
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The oil and gas industry has contributed significantly to the growth of the TIC market over the past few years; the end-use segment held a dominant share of over 35% in the global market in 2015. This is because testing, inspection, and certification are mandatory across all stages of any exploration and production project, starting from project feasibility to de-commissioning of the site.
With the increasing number of oil and gas exploration activities both onshore and offshore, the oil and gas industry is expected to extend growth opportunities to the testing, inspection, and certification market.
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Testing, Inspection, and Certification Market: Market Potential
Top companies in the TIC market are vying to obtain accreditation from international agencies in a bid to cater to regional markets and operate globally. In a recent industry development, Bureau Veritas – a world leader in testing, inspection, and certification services has obtained certification from United Kingdom Accreditation Services to carry out verifications and assessments for services that are compliant with the regulations of European Union Monitoring, Reporting, and Verification.
Testing, Inspection, and Certification Market: Regional Outlook
Europe is a leading regional market as it has high concentration of some of the top vendors in the global testing, inspection, and certification market. The region contributed over 30% to the revenue of the global market in 2015.
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The developing economies of Asia Pacific and Latin America are expected to contribute significantly to the growth of the testing, inspection, and certification market. The region is anticipated to display growth at the fastest pace in the near future. Factors such as rapid industrial development and a growing middle class population with disposable incomes have led to high volume of international imports and exports in these regions. This has necessitated product manufacturers to comply with diverse safety and quality standards that are universally accepted, thereby driving the need for testing, inspection, and certification services. The booming food and beverages industry in the region and the increasing awareness among about the quality assurance of certified products will be predominantly driving the TIC market in the region.
Testing, Inspection, and Certification Market: Competitive Landscape
Some of the key players in the global testing, inspection, and certification market are Bureau Veritas SA, SGS Group, ASTM International, Dekra SE, Lloyd's Register Group Limited, TUV SUD AG, Intertek Group PLC, ALS Ltd., AsureQuality Ltd., Underwriters Laboratories Inc., DNV GL, and TÜV Rheinland Group.
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