The Global Testing, Inspection, And Certification (TIC) Market is estimated to be valued at US$ 232.3 Bn or billion 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 ensure products adhere to quality standards and technical specifications of their intended use. TIC services are essential in industries such as energy & power, food & beverages, consumer goods, healthcare, transportation, and others to ensure quality, safety, and compliance of products and systems.
Market key trends:
Mandatory regulation is one of the key trends positively impacting the growth of the Testing, Inspection, and Certification (TIC) market. Stringent government regulations and standards pertaining to product quality, safety, and the environment have increased the demand for TIC services across industries globally. The implementation of regulations such as REACH and RoHS in Europe has compelled companies to ensure compliance through external monitoring and certification. This is expected to drive the growth of the TIC market during the forecast period.
Market key trends:
One of the key trends in the testing, inspection, and certification market is the increasing outsourcing of TIC services by manufacturers. This is mainly due to the benefits offered by third-party inspectors and certifiers such as improved quality control, reduced turnaround time, and compliance with global standards. Many companies now outsource their testing and certification requirements to dedicated TIC service providers in order to focus on their core business operations.
SWOT Analysis
Strength: Established global presence and credentials of major TIC players to assure quality and safety standards.
Weakness: High costs associated with inspections and certification can be a burden for small businesses.
Opportunity: Growing importance of TIC in emerging domains like electric vehicles, renewable energy, healthcare presents new avenues for growth.
Threats: Increased competition from local players offering similar services at lower prices.
Key Takeaways
The Global Testing, Inspection, And Certification (TIC) Market is expected to witness moderate growth, exhibiting CAGR of 3.2% over the forecast period, due to increasing outsourcing of quality assurance services by manufacturers.
Regional analysis: Asia Pacific region dominates the global TIC market and is expected to grow at the fastest rate during the forecast period. This can be attributed to rising international quality standards and growing manufacturing industry in China and India. Countries like China, Japan and India are major contributors to the regional market.
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.
