NEW YORK, Feb. 13, 2020 (GLOBE NEWSWIRE) -- The global testing, inspection and certification (TIC) market is expected to grow at a CAGR of 5.0% during the forecast period with its market size was valued at USD 210.0 billion in 2019.
Industry Insights by Service (Testing, Inspection, and Certification), By Sourcing Type (In-House and Outsourced), By Application (Automotive, Aerospace, IT & Telecom, Transportation & Logistics, Sports & Entertainment, Agriculture & Food, Chemicals, Construction, Retail & Consumer Goods, Government & Public Sector, Energy & Power, Industrial, Pharmaceuticals, Metal & Mining, and Others)
With growing trend of TIC outsourcing, there is a significant rise in the number of small and mid-scale tic companies globally, especially in APAC region. These companies is expected to bring numerous new opportunities for the TIC ecosystem.
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Retail & consumer goods application segment accounted for a foremost share of TIC market in 2019
On the basis of application, the market is subdivided as automotive, aerospace, IT & telecom, transportation & logistics, sports & entertainment, agriculture & food, chemicals, construction, retail & consumer goods, government & public sector, energy & power, industrial, pharmaceuticals, metal & mining, and others. Of all these applications, the retail & consumer goods application segment accounted for a foremost share of TIC market, owing to wide range of consumer goods manufactured every year in different regions and significant demand of quality and standard testing and inspection of the products on regular basis.
Explore key industry insights in 57 tables and 35 figures from the 135 pages of report, “Global Testing, Inspection & Certification (TIC) Market Analysis and Forecast to 2025 - Industry Insights by Service (Testing, Inspection, and Certification), By Sourcing Type (In-House and Outsourced), By Application (Automotive, Aerospace, IT & Telecom, Transportation & Logistics, Sports & Entertainment, Agriculture & Food, Chemicals, Construction, Retail & Consumer Goods, Government & Public Sector, Energy & Power, Industrial, Pharmaceuticals, Metal & Mining, and Others)”
Geography Insight
Geographically, APAC, is the largest and fastest growing testing, inspection & certification market with largest number of small and large product manufacturers residing in the region. Further, administration of several countries in the region are inspiring companies across the globe to make investment in the region. This will further up surge the growth of the China Testing, Inspection & Certification (TIC) market in years to come.
Competitive Insight
Some of the key players operating in the global testing, inspection and certification market are ALS Limited, Applus Plus, Bureau Veritas SA, DNV GL, Element Materials Technology, Eurofins Scientific, Intertek, Lloyd’s Register Group Limited, MISTRAS, SGS Group, TUV NORD Group, TUV SUD Group, TUV Rheinland Group, and UL LLC.
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Key Takeaway from the Report:
- Among all the service, certification segment captures largest market share in 2019 and is expected to grow at fastest rate during the forecast period.
- Of all the source type, in-house accounted for the foremost share in the testing, inspection & certification market in 2019.
- Among all the application, the retail & consumer goods application segment accounted for a foremost share of TIC market in 2019.
The Report Offers:
- Historical market estimate for the years 2015–2019 and forecast for the years 2020–2025
- Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
- Market insights by in-depth segmentation with industry dynamics.
- Competitive analysis and benchmarking of the industry leaders and their product offerings
- Profiles of leading players and innovators, their financial overview and product portfolio
- Analysis of key industry trends and recent developments
- Value chain analysis and distribution channel analysis with opportunity assessment
- Market share analysis of major players
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The report provides the market value for the base year 2019 and a yearly forecast till 2025 in terms of revenue (USD Million). The report segments the global testing, inspection and certification market on the basis of service, source type, application, and region.
Global Testing, Inspection and Certification Market Coverage
Service Insight and Forecast 2015 – 2025
- Testing
- Inspection
- Certification
Source Type Insight and Forecast 2015 – 2025
- In-House
- Outsourced
Application Insight and Forecast 2015 – 2025
- Automotive
- Aerospace
- IT & Telecom
- Transportation & Logistics
- Sports & Entertainment
- Agriculture & Food
- Chemicals
- Construction
- Retail & Consumer Goods
- Government & Public Sector
- Energy & Power
- Industrial
- Pharmaceuticals
- Metal & Mining
- Others
Geographical Segmentation
Testing, Inspection and Certification Market by Region
North America
- By Service
- By Source Type
- By Application
- By Country – U.S., Canada, and Mexico
Europe
- By Service
- By Source Type
- By Application
- By Country – Germany, U.K., France, Italy, Spain, and Rest of Europe
Asia-Pacific (APAC)
- By Service
- By Source Type
- By Application
- By Country – China, Japan, India, South Korea, Singapore, and Rest of Asia-Pacific
Rest of the World (RoW)
- By Service
- By Source Type
- By Application
- By Country – Brazil, South Africa, Saudi Arabia, and Other Countries
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