Testing, Inspection and Certification Market Analysis, Growth, Trend, and Forecast, 2024

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Testing, Inspection and Certification Market
Growth Outlook with Industry Review and Forecasts
from 2017-2024 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Regional Analysis of Testing, Inspection and
Certification Market

• Asia Pacific TIC market is expected to witness a
  considerable growth over the forecast timespan.
  Growing number of manufacturing facilities in
  India and China is aiding the growth of the
  market in the region. Improved standard of living
  has led to the demand for better-quality products
  that require strict testing and certification
  rules to be followed, driving the regional
  growth. Moreover, rapid industrialization in
  Latin America leading to an increase in the
  number of imports and exports is projected to
  propel the TIC market in the region.
• Stringent rules and specified standards adhering
  to international standards are imposed on
  import-export materials by the government
  international standardization institutions. It is
  expected to provide impetus to the rising demand
  for various certification services. Awareness
  among companies about the fact that
  certifications enhance the marketability and
  validate the compliance of their products is
  fueling the TIC market growth.

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• Application Analysis of Testing, Inspection and
  Certification Market
• By application type, the TIC market is
  categorized as consumer goods and retail,
  transportation, chemicals, agriculture food,
  construction infrastructure, mining, oil gas,
  energy power, industrial manufacturing, and
  supply chain logistics. The transportation
  segment is anticipated to witness a significant
  growth over the forecast timespan.
• This growth can be attributed to the rising
  production of vehicles followed by the increasing
  demand for passenger safety. However, the use of
  preservatives in packaged food products is on a
  rise compelling the demand for stringent
  regulations in product manufacturing, driving the
  agriculture food segment growth.
• In the recent years, rising standards owing to
  the environment and human safety are becoming
  compulsory for certain category of products,
  driving the demand for such services. Due to the
  increasing regulations and standards, companies
  can no longer build in-house inspection and
  testing capabilities, which are projected to
  increase the number of third-party service
  providers. To reduce the cost-related to testing
  services, industry players operating in various
  domains are increasingly outsourcing services,
  contributing to the TIC market growth.

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Competitive Market Share of Testing, Inspection
and Certification Market

• Major players in the TIC market include Eurofins
  Scientific, TUV Rheinland, TUV Nord, Avomeen
  Analytical Services, SGS, Bureau Veritas,
  Intertek, Eurofins Scientific and Element
  Materials Technology Medistri, Mistras, Dekra,
  DNV GL, TUV SUD, Lloyds Register, Applus, and
  ALS.
• The players operating in the industry are
  increasingly focusing on enhancing the service
  portfolio, expanding to the potential region. For
  instance, in 2017, Bureau Veritas announced the
  acquisition of ICTK Co., Ltd. aimed at expanding
  its testing services business in South Korea.

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