Testing Inspection and Certification Market Value
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Testing, Inspection, and Certification Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
LOS ANGELES, July 23, 2021 (GLOBE NEWSWIRE) — The Global Testing, Inspection, And Certification Market is expected to grow at a CAGR of around 4.0% from 2021 to 2028 and reach the market value of over US$ 250.5 Bn by 2028
Europe holds the dominating share for the testing, inspection, and certification (TIC) market, Asia Pacific to hold fastest growing CAGR for the market in the coming years
According to the TIC Council’s report, the European TIC industry is widely regarded as the world’s largest market on a regional basis. The European conformity assessment sector was valued at US$71 Bn in 2020, with the independent TIC sector accounting for approximately 35.6%, and is expected to grow to US$85-98 Bn by the end of 2024. In Europe, demand for TIC activities is higher in the energy and utilities (14%), food and beverages (13%), and chemical (12%) sectors. Aside from that, the consistent development of international standards with the intent of replacing regional, national, and private standards has contributed to the demand for TIC services in this region. Such factors have a positive impact on the growth of the TIC market.
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Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the TIC market. The APAC TIC sector is expanding rapidly as a result of changing consumer preferences as countries in this region transition from agricultural to industrial economies. Furthermore, as the population grows, so will the demand for safe and dependable consumer products, as well as infrastructure development fueled by industrialization in India and China, as well as rising preferences for independent TIC services. The APAC TIC sector is currently valued at approximately US$37 Bn in revenue and is expected to grow to between US$53 Bn and US$80 Bn by 2025, surpassing the North American TIC sector to become the world’s second largest market. Furthermore, Asia Pacific has a significant revenue share in the infrastructure and construction sector across the three regions, which may reflect the rapid pace of development in these countries, with these countries contributing approximately 4.5%.
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In 2020, the North American TIC industry accounted to US$ 30 Bn and generates approximately US$ 55 Bn in revenue, with the independent TIC sector accounting for approximately 35% of the total. Favorable government regulations that emphasize consumer safety, as well as an increasing volume of imports that do not meet regionally applicable safety standards, contribute to the growth of the North American TIC sector. A significant portion of TIC services in North America in the consumer products sector are contributing to a CAGR of 9% between 2018 and 2024 in the forecast period. The impactful factor responsible for such significant growth is a high level of consumer awareness for the products purchased.
The global testing, inspection, and certification market is segmented as service type, sourcing type, and application.
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The major players involved in the testing, inspection, and certification market involve SGS SA, Intertek Group PLC., DEKRA, Eurofins, Bureau Veritas, TÜV SÜD, TÜV Nord Group, Actis, ALS Global, and among others.
Some of the key observations regarding testing, inspection, and certification industry include:
- In September 2019, Bureau Veritas partnered with Cornis, a leader in turbine blade AI and inspection solutions. Bureau Veritas aims to provide advanced blade inspection (ABI) services based on data from in-situ collection and digital processing of images.
- In December 2019, SGS, a TIC company opened a textile and apparel testing lab in Ethiopia which will fasten the testing services to local business and provide compliance with international regulation
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