TIC market Analysis by Key Manufacturers, And Various End-Use Industries 2027

 

Global TIC Market: Overview

The global testing, inspection, and certification market is estimated to register growth at a CAGR of 8% during the forecast period, from 2020 to 2027. This market growth can be ascribed to many factors such as increasing awareness on the health safety measures, stringent environmental standards, and technological advancements in the industry.

A study by Transparency Market Research (TMR) delivers in-depth analysis of major factors shaping the growth curve of the global TIC market. Hence, this report covers comprehensive study of expansion opportunities, key regions, competition analysis, growth drivers, challenges, growth restraints, and different strategies used by companies in the market for TIC.

The global TIC market is segmented based on many crucial parameters such as service type, sourcing type, industry, and region. In term of service type, the market is divided into two parts, namely, testing & inspection and certification. Based on sourcing type, the global TIC market is classified into two segments, namely, outsourcing and in-house sourcing.

On the basis of industry, the TIC market is bifurcated into many sections such as transformational & contract manufacturing, infrastructure & construction, agriculture & forest, food & beverages, chemical, information technologies, transportation &logistics, healthcare & pharmaceutical, energy & utilities, travel & tourism, government, water & wastewater management, textile, cosmetics, education, and others.

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Expansion of Construction Industry Fueling Demand for TIC Services

With growing focus of major government authorities on infrastructure development, there has been a rise in the construction activities across the globe. This factor is estimated to create high demand for TIC, which help in maintaining the quality standards of material and services set by regional governments. This, in turn, is prognosticated to fuel the sales growth in the TIC market.

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Rise in Trading Activities Creates High Demand for TIC

At the time of trading several crucial items such as processed food and medicines, these products need to pass different stringent regulations imposed by respective government authorities in order to confirm the high quality of these products is maintained. Thus, rise in the trading of such items is creating revenue-generation opportunities in the TIC market. Moreover, TIC tools and services are being increasingly adopted across varied end-use industries such as energy & utilities and infrastructure and construction sectors. This factor is boosting the expansion of the TIC market.

Players Observe Substantial Sales Opportunities in Europe

In terms of region, the global TIC market is divided into several parts such as North America, Europe, Asia Pacific, Middle East and Africa, and South America. Of them, Europe is one of the promising regions in the TIC market owing to increased focus of regional government authorities toward performing testing, inspection, and certification of products from several industries such as oil & gas, food & beverages, cosmetics, and infrastructure & construction. Moreover, a rise in awareness on the safety of consumer products is fueling the expansion of the Europe TIC market.

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Companies Focus Merger and Acquisition Strategies to Lead Market

Players in the global TIC market are using organic as well as inorganic strategies in order to stay ahead of the competition. For instance, several companies are seen involved in the mergers and acquisitions to gain major share of the market. Moreover, enterprises are increasing focus on upgradation of their facilities with next-gen laboratory equipment as well as technical expertise. These activities are likely to help in the market expansion in the years to come.

The list of key players operating in the TIC market includes many names such as Bureau Veritas SA, Intertek Group PLC, ASTM International, SGS Group, TUV SUD AG, ALS Ltd., AsureQuality Ltd., DNV GL Group AS, Dekra SE, Underwriters Laboratories Inc, TÜV Rheinland Group, and Lloyd's Register Group Limited.

Companies in the TIC industry are making amendments in their policies in order to sustain in the critical situations owing to the COVID-19 outbreak. They are focused on carrying out their regular activities while following all safety standards imposed by regional government authorities.

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