Testing, Inspection, and Certification (TIC) Market Is Estimated To Witness High Growth Owing To Rapidly Growing Manufacturing Sector
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| Testing, Inspection, and Certification (TIC) |
The
Testing, Inspection, and Certification (TIC) market is estimated to be valued
at US$ 232.3 Bn or Mn in 2023 and is
expected to exhibit a CAGR of 3.2%
over the forecast period 2023 to 2030, as highlighted in a new report published
by Coherent Market Insights.
Market Overview:
Testing, inspection, and certification (TIC) services help ensure products,
processes, systems, and services meet defined standards or other quality
requirements. TIC services cover a wide range of industries including
agriculture, apparel, healthcare, oil and gas, manufacturing, consumer goods,
transportation, and more. They play a vital role in international trade by
providing independent assurance that products and management systems meet
applicable standards and other technical specifications set by regulators or
required by purchasing organizations.
Rapidly growing manufacturing sector: The rapidly rising manufacturing
sector around the globe is fueling demand for TIC services to ensure
manufacturing processes and output products meet quality and safety standards.
Quality checks are crucial for international trade of manufactured goods.
According to industry estimates, the global manufacturing sector is expected to
grow at over 4% during the forecast period, thus boosting TIC market growth.
Strict regulations: Growing regulatory pressure from governments and
standardization bodies worldwide to adhere to stringent quality control and
safety norms across industries is a key driver of the TIC market. Regulations
help foster customer trust and confidence by ensuring products are safe and fit
for use.
SWOT Analysis
Strength:
- Testing, Inspection, and Certification services helps improve product quality
and safety standards.
- Presence of well-established labs and capabilities benefit customers seeking
certification.
- Strong technical expertise and growing compliance requirements boost demand
for TIC services.
Weakness:
- Intense competition among service providers pressures margins.
- Compliance processes can increase costs and timelines for businesses.
Opportunity:
- Expanding trade and rising outsourcing of quality control functions open new
growth avenues.
- Emerging technologies like IoT and blockchain can enhance efficiency of
inspection processes.
Threats:
- Economic uncertainties may lead clients to defer certification related
spending.
- Non-tariff barriers pose challenges to international acceptance of certificates.
Key Takeaways
The Global
Testing, Inspection, And Certification (TIC) Market is expected to
witness high growth, exhibiting a CAGR of 3.2% over the forecast period, due to
increasing regulatory standards and complex compliance requirements across industries.
The market size for TIC services is estimated to reach US$ 232.3 Bn by 2023.
Regional analysis
Europe currently dominates the TIC market, supported by stringent product
regulations and extensive outsourcing of testing activities by manufacturers
based in Germany, U.K, and France. However, Asia Pacific is poised to grow at
the fastest pace during the forecast period, driven by the manufacturing boom
in China, India, and Southeast Asian countries coupled with rising domestic
consumption.
Key players
Key players operating in the Testing, Inspection, and Certification market are
SGS Group, Bureau Veritas SA, TUV Rheinland Group, Intertek Group PLC, ALS
Limited, DNV GL, MISTRAS, Lloyd’s Register Group Limited, Underwriters
Laboratories Inc., ABS Group, and ASTM International. These firms provide a
comprehensive range of TIC services and are focusing on regional expansions as
well as acquisition-driven growth strategies.
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