Burlingame, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, " Testing, Inspection, and Certification (TIC) Market, By Type (Management Systems Certification, Third-Party Inspection, ASME, Others), By Vertical (Oil and Gas, Chemicals, Life Sciences, Power & Utilities, Food, Beverages, and Agriculture Transportation, Automotive & Aerospace, Consumer Products and Goods, Construction, Metals and Minerals, Industrial Goods.), - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030.” According to the report, the global testing, inspection, and certification (TIC) market is estimated to be valued at $51.2 billion in 2022 and is expected to exhibit a CAGR of 3.2% during the forecast period (2023-2030).
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Analysts’ Views on Global Testing, Inspection, and Certification (TIC) Market
Testing, inspection, and certification (TIC) is a tool or software which helps conformity assessment bodies worldwide to provide services ranging from auditing and inspection to testing, verification, quality assurance, and certification. It is a crucial process that helps ensure that products, services, and systems meet the required standards, regulations, and quality expectations. These services are essential across various end-use industries to verify that products are safe, reliable, and compliant with relevant standards or regulations. TIC also helps build trust among consumers, regulators, or stakeholders by providing evidence of quality and compliance.
Key Trends and Analysis of the Global Testing, Inspection, and Certification (TIC) Market:
Growing emphasis on quality and safety of the product or service is one of the key trends expected to augment growth of the global testing, inspection, and certification (TIC) market. For instance, consumers across the globe are becoming more aware of product safety, quality, and sustainability. Consumers want assurance that the products they buy meet the required standards or regulations. TIC tool/software help end-use industries to validate the safety, quality, and sustainability of their products, and thus, there is an increasing demand for TIC services. Moreover, testing, inspection, and certification (TIC) services help reduce yield recalls and maintain compliance with regulatory authorities and standards governing different sectors.
Global Testing, Inspection, and Certification (TIC) Market – Drivers
Stringent government regulations to augment market growth
The adoption or demand for TIC services is increasing due to stringent government regulations to ensure product safety, quality, or sustainability. The Federal Trade Commission (FTC), an agency of the US Government, is empowered by federal law to set safety standards, monitor adherence to those requirements, and impose product bans when necessary. Product safety rules and regulations are examined regularly by the commission. Moreover, the mission of the Consumer Product Safety Commission (CPSC) is to protect the public against unreasonable risks of injury associated with consumer products. This in turn is expected to drive market growth.
Testing, Inspection, and Certification (TIC) Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 225.1 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 3.2% | 2030 Value Projection: | US$ 290.0 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | 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. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Introduction of advanced technologies to propel market growth
The introduction of novel/advanced technologies in various end-use industries (including food and beverage, healthcare, automotive, and manufacturing) has increased the use of TIC tools/services as they promote the safe development and adoption of technologies while maintaining compliance. In January 2022, SGS announced a collaboration with Microsoft. The collaboration will integrate Microsoft’s cross-industry expertise, advanced data solutions and technologies (such as IoT or AI), and SGS global network and leading industry competence to develop innovative solutions for the Testing, Inspection, and Certification (TIC) industry’s customers.
Global Testing, Inspection, and Certification (TIC) Market – Restrain
High cost of TIC services to hamper the market growth
One of the key factors expected to hamper growth of the global testing, inspection, and certification (TIC) market is the high cost of TIC services. Several small and medium-sized enterprises (SMEs), especially those in emerging economies, operate with limited financial resources and may find it difficult to invest in software solution, such as TIC, due to the high cost of these services. The cost associated with obtaining certification and conducting regular inspections can strain the financial resources of these SMEs, limiting their ability to invest in TIC services.
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Global Testing, Inspection, and Certification (TIC) Market – Opportunities
Increasing use or adoption of TIC services is expected to offer significant growth opportunities for players in the global testing, inspection, and certification (TIC) market. TIC services are applicable in various end-use industries, such as oil & gas, food industry, pharmaceuticals, chemical industry, and other industries. These services help in increasing efficiency of production to reduce error by minimizing risk. In November 2021, SGS opened a new laboratory to enhance its chemical testing capabilities in China. A lab will provide a range of services, including medical device testing, drug packaging material testing, pharmaceutical and raw material testing, medical consumable testing, and extractable and leachable Testing, among others.
Global Testing, Inspection, and Certification (TIC) Market - Key Developments
In January 2022, Temasek Holdings Limited, an investment company owned by the Government of Singapore, announced the acquisition of Element Materials Technology, a prominent provider of testing, inspection, and certification (TIC) services.
In June 2021, Intertek launched Tradeable to support validation of suppliers or manufacturers and production, shipment, and goods handling processes across international supply chain. Tradeable will help customers mitigate trade related risks enabling them to trade with confidence.
Key Market Takeaways:
Global testing, inspection, and certification (TIC) market is expected to exhibit a CAGR of 3.9% over the forecast period. The global testing, inspection, and certification (TIC) market is growing rapidly in response to the increasing trade in counterfeit and defective products.
On the basis of By Type: Management Systems Certification Segment is expected to dominate the market during the forecast period and this is attributed to the increasing adoption or use of testing, inspection, and certification (TIC) services.
On the basis of Vertical: Food and Beverages Segment is expected to dominate the market over the forecast period and this is attributed to the increasing incidence of foodborne diseases.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period due to stringent government regulations, growing adoption of novel/advanced technologies, and increasing adoption of TIC services in the region.
Competitive Landscape:
Key players operating in the global testing, inspection, and certification (TIC) market include 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, among others.
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Detailed Segmentation:
- Global Testing, Inspection, and Certification (TIC) Market , By Type:
- Management Systems Certification
- Third-Party Inspection
- ASME
- Others
- Global Testing, Inspection, and Certification (TIC) Market , By Vertical:
- Oil and Gas
- Chemicals
- Life Sciences
- Power & Utilities
- Food, Beverages, and Agriculture
- Transportation
- Automotive & Aerospace
- Consumer Products and Goods
- Construction
- Metals and Minerals
- Industrial Goods
- Global Testing, Inspection, and Certification (TIC) Market , By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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