What is Testing Inspection and Certification Market?
Increase in disposable income and rapid urbanization in developing economies, high growth in product recalls across the world, rising globalization and digitalization will help to boost global testing inspection and certification market in the forecasted period. Testing, inspection, and certification (TIC) plays a significant role to ensure the infrastructure, services, products are met with the standards and regulations pertaining to safety and quality. With inspection and testing at regular intervals across a few industries, including oil and gas becoming mandatory, the TIC services are projected to grow in demand, irrespective of the industrial seasonality.
Highlights from Testing Inspection and Certification Market Study
|High Growth Market||Asia- Pacific|
|Unit||Value (USD Million)|
|Key Companies Profiled||SGS Group (Switzerland), Bureau Veritas SA (France), Intertek (United Kingdom), TÜV SÜD Group (Germany), Eurofins Scientific (Luxembourg), DNV GL (Norway), TÜV Rheinland Group (Germany), Applus+ (Spain), ALS Limited (Australia) and TÜV NORD Group (Germany)|
Research Analyst at AMA predicts that European Manufacturers will contribute to the maximum growth of Global Testing Inspection and Certification market throughout the forecasted period. SGS Group (Switzerland), Bureau Veritas SA (France), Intertek (United Kingdom), TÜV SÜD Group (Germany), Eurofins Scientific (Luxembourg), DNV GL (Norway), TÜV Rheinland Group (Germany), Applus+ (Spain), ALS Limited (Australia) and TÜV NORD Group (Germany) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Lloyds Register Group Limited (United Kingdom), MISTRAS (United States), Element Materials Technology (United Kingdom) and UL LLC (United States).
Testing Inspection and Certification Market Segmentation:
|End User Vertical||Construction and Engineering,Chemicals,Energy and Commodities,Food and Healthcare,Transportation,Products and Retail,Industrial,Other End-user Verticals|
|Service Type||Testing Service,Inspection Service,Certification Service|
On the basis of geography, the market of Testing Inspection and Certification has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Europe region held largest market share in the year 2022. North America, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Increasing Export Regulations and High Emphasis on Energy Efficient and Environmentally Safety Products and Fuel in Illicit Trading, Counterfeiting, and Piracy Practices all over the World
Market Growth Drivers:
Rising Demand due to Increased Requirement for Harmonized Standards and High Demand for Outsourcing Service Model by Manufactures
Complex Nature of Global Supply Chains and Long Lead Time for Overseas Qualification Assessments
Stringent Government Policies and Trade Wars and Growth Fluctuations of End-user Industries
Rising Growth Opportunities for Small- and Medium-Sized Businesses in the TIC Ecosystem and Consolidation of Fragmented Markets
Key Target Audience
Government Research Organization, Private Research Organization, Government Regulatory Bodies, Industry Association, Downstream Vendors and Others
Market Leaders & Development Strategies
On 5th February 2019, SGS acquired Floriaan B.V. (Netherlands), which provides fire safety services to the industrial and real estate companies to address complex safety challenges.
On 21st January 2019, SGS has acquired of LeanSis Productividad, based in Spain. This acquisition will help the company gain expertise in the field of organizational capacity building.