Dublin, Sept. 10, 2020 (GLOBE NEWSWIRE) -- The "Global Testing, Inspection & Certification (TIC) Market (by Service, Sourcing Type, Application, End-User & Region): Insights & Forecast with Potential Impact of COVID-19 (2020-2024)" report has been added to ResearchAndMarkets.com's offering.
The global testing, inspection and certification (TIC) market is forecasted to reach US$256.38 billion in 2024, witnessing growth at a CAGR of 5.70%, over the period 2020-2024.
The factors such as a rising focus on outsourcing, increasing implementation of renewable energy generation projects, rapid urbanization, escalating automotive production, growing demand for consumer electronics and surging globalization are expected to drive the market. A few notable trends include the growing degree of automation, emerging digital technologies and stringent government regulations. However, the market would be challenged by trade barriers and lack of global certification standards.
The global TIC market has been segmented on the basis of service type, offering, application and end-users. In terms of service type, the global TIC market can be categorized Testing, Inspection and Certification services. On the basis of offering, the market can be divided into In-house and Outsourced services. According to application, the global TIC market can be segmented into Industrial and Commercial applications. Whereas, the TIC market can be segmented into Consumer Goods & Retail, Agriculture & Food, Oil, Gas & Chemical, Automotive, Energy & Power and other end-users, in terms of end-users.
The fastest-growing regional market is Europe due to increasing technological improvements in the automotive industry, rising focus on outsourcing of TIC services to various third-party service providers, growing demand for organic and processed food, growing trade of consumer products. Further, the sudden outbreak of COVID-19 is causing an adverse disruption in the business environment, affecting many of the TIC'S business areas, which is expected to negatively impact the growth of the global TIC market during the forecasted period.
Key Topics Covered:
1. Market Overview
1.1 Introduction
1.2 Major Testing, Inspection and Certification Services
1.3 Key Roles of Testing, Inspection & Certification (TIC)
1.4 Types of Sourcing TIC Services
1.5 End-Use Sectors of TIC Services
1.6 Application of TIC Services to the Whole Value Chain
1.7 Certification Procedure of a Product
2. Impact of COVID-19
2.1 Economic Impact
2.2 Decline in Global GDP
2.3 Impact on TIC Sector
2.4 Most Impacted Industries by COVID-19
3. Global Market Analysis
3.1 Global TIC Market by Value
3.2 Global TIC Market Forecast by Value
3.3 Global TIC Market by Service Type
3.3.1 Global Testing Services Market by Value
3.3.2 Global Testing Services Market Forecast by Value
3.3.3 Global Inspection Services Market by Value
3.3.4 Global Inspection Services Market Forecast by Value
3.3.5 Global Certification Services Market by Value
3.3.6 Global Certification Services Market Forecast by Value
3.4 Global TIC Market by Sourcing Type
3.4.1 Global In-house TIC Services Market by Value
3.4.2 Global In-house TIC Services Market Forecast by Value
3.4.3 Global Outsourced TIC Services Market by Value
3.4.4 Global Outsourced TIC Services Market Forecast by Value
3.5 Global TIC Market by Application
3.5.1 Global Industrial TIC Market by Value
3.5.2 Global Industrial TIC Market Forecast by Value
3.5.3 Global Commercial TIC Market by Value
3.5.4 Global Commercial TIC Market Forecast by Value
3.6 Global TIC Market by End-User
3.6.1 Global Consumer Goods & Retail TIC Market by Value
3.6.2 Global Consumer Goods & Retail TIC Market Forecast by Value
3.6.3 Global Agriculture & Food TIC Market by Value
3.6.4 Global Agriculture & Food TIC Market Forecast by Value
3.6.5 Global Oil, Gas & Chemical TIC Market by Value
3.6.6 Global Oil, Gas & Chemical TIC Market Forecast by Value
3.6.7 Global Automotive TIC Market by Value
3.6.8 Global Automotive TIC Market Forecast by Value
3.6.9 Global Energy & Power TIC Market by Value
3.6.10 Global Energy & Power TIC Market Forecast by Value
3.7 Global TIC Market by Region
4. Regional Market Analysis
5. Market Dynamics
5.1 Growth Drivers
5.1.1 Rising Focus on Outsourcing
5.1.2 Increasing Implementation of Renewable Energy Generation Projects
5.1.3 Rapid Urbanization
5.1.4 Escalating Automotive Production
5.1.5 Growing Demand for Consumer Electronics
5.1.6 Upsurge in Economic Growth
5.1.7 Surging Globalization
5.2 Key Trends and Developments
5.2.1 Growing Degree of Automation
5.2.2 Emerging Digital Technologies
5.2.3 Stringent Government Regulations
5.2.4 Product Recalls
5.3 Challenges
5.3.1 Trade Barriers
5.3.2 Lack of Global Certification Standards
6. Competitive Landscape
6.1 Global Market
6.1.1 Revenue Comparison of Key Players
6.1.2 Market Capitalization Comparison of Key Players
6.1.3 Global TIC Market Share by Key Players
6.2 China
6.2.1 China TIC Market Share by Key Players
7. Company Profiles
- ALS Limited
- Bureau Veritas SA
- Eurofins Scientific SE
- Intertek Group plc
- SGS SA
- TV Rheinland Group
For more information about this report visit https://www.researchandmarkets.com/r/2ly3x1
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