Selbyville, Delaware, April 14, 2020 (GLOBE NEWSWIRE) -- Geographical insights:
The worldwide TIC market is segmented appropriately on the basis of regions. It is mainly classified into Asia Pacific, Europe, and North America TIC markets.
As per the research report, Asia Testing, Pacific Inspection, and Certification market is likely to reach USD 80 billion by the end of 2024, perhaps ascribing to the rapid industrialization and urbanization in emerging economies including China and India. Large scale industrialization in these countries has called in for huge investments in infrastructure, energy, and transportation sectors thereby generating numerous opportunities for the market growth. Additionally, massive demand for more durable and reliable products contributing towards the environmental safety is giving rise to advanced TIC services in the region.
TIC services are massively used across the consumer goods sector. The consumer products application segment is poised to increase at a CAGR of 11 per cent through 2024 because of the increasing spending and awareness pertaining to the safety and quality of consumer products. Apparently, this has produced a gradual rise in the demand for more dependable and sturdy products, thereby prompting the manufacturers to make use of TIC services.
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These TIC services basically help to reduce the risks, ensure compliance with defined standards, and also enhance the efficiency of products by optimizing the expenditure involved in acquiring, developing, packaging, and distributing the consumer products.
Based on the type spectrum, the outsourcing TIC market is projected to attain a growth rate of nearly 14 per cent over 2018-2024. This growth is potentially driven by the escalating need amongst companies to reduce the labor costs and enhance their profitability. Meanwhile, numerous organizations in developed regions are outsourcing their TIC operations to countries with extensively lower labor costs. In addition to this, outsourcing also reduces the company’s infrastructural investment and enables them to lay their focus on core functionality.
TIC market across APAC is highly concentrated and boasts the presence of top notch industry players including Intertek, SGS, Bureau Veritas, UV SUD, Applus, and multiple others. These players are engaged in M&As to sustain their presence in the global market. A vital testament for the above mentioned statement is The Lab’s acquisition by SGS. SGS acquired the Hong-Kong based material testing inspection firm in 2016, thus augmenting its stance in Asia Pacific construction material testing market.
Europe also holds a prominent spot in the global TIC services market. It has been estimated that the Europe Testing, Inspection, and Certification Services market would record a valuation of USD 85 billion by 2024. This growth is ascribed to the burgeoning trend of outsourcing the TIC services to several third party service providers. Numerous manufacturing facilities and large corporations are progressively outsourcing the TIC operations to minimize their operating costs and laying focus on their core business functioning.
In line with this, organizations like the European Telecommunication Standards Institute, and European Committee for Standardization, are continuously introducing new guidelines to ensure product safety and prevent influx of counterfeit products.
TIC industry size from the agriculture and food application segment is predicted to exhibit a CAGR of 8 per cent through 2024. Growing focus by various government establishments to enhance food safety is fundamentally fueling the growth trend of TIC market from agriculture and food application sector.
A potential increase in food contamination is predominantly driving regulatory bodies to put forth compliance regulations to reduce the number of foodborne diseases. Besides, a surge in trade between various countries aligned with the emergence of global food supply chains are contributing to the proliferating demand for TIC services in the agriculture and food sectors.
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UK TIC market accounted for over 20 per cent of revenue share in the European region. This is because of the robust presence of myriad industry giants like Testing Solutions Group, Ltd., Test pro, and Testhouse Ltd. The aforementioned companies are granted outsourced projects from different offshore countries including the United States, Portugal, Hungary, and Australia.
One of the major challenges faced by these companies is the inexpensive service offered by the countries in APAC region. However, Brexit has established new channels for free trade and communication whilst providing a gamut of opportunities for offshore businesses to conduct trade in the country.
Major key players partaking in Europe TIC industry share include Intertek, Dekra, SGS, Applus, TUV Rheinland, and others. As per reliable sources, TIC services giant SGS, in 2015 announced that it is taking over Le Brigand NDT in lieu of increasing its market share across the aviation industry. Le Brigand NDT is a France based provider of non-destructive testing services.
North America TIC services market is also touted to stand tall in the regional hierarchy of the global Testing, Inspection, and Certification realm attributing to the rising number of stringent government regulations laying emphasis on consumer safety and product quality. Speaking of which, the region is anticipated to surpass a valuation of USD 40 billion over the forecast period.
Estimates claim that the region imports over billions of dollars to address the rapidly increasing consumer needs. For instance, the United States imported goods valued at USD 2.614 trillion from all across the globe in 2017.
Based on the type segmentation, outsourcing TIC services market across North America, is likely to depict a CAGR of 8 per cent through 2024. This is due to increased outsourcing TIC activities by various industry players and public institutions to external specialist’s service providers. The external TIC service providers assist companies in achieving higher product quality as they employ testing personnel, possessing proficiency in an expansive range of TIC methodologies.
In terms of the application spectrum, North America TIC services industry from consumer products sector is poised to grow at a rate of 9 per cent over 2018-2024. Some of the fundamental factors influencing the growth of TIC services market across consumer products industry are rising awareness with respect to the product quality, increased consumer spending, and safety of consumer products.
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Stringent regulations by local, national, and international governments and an ascent in the marketability of the product by abiding to the defined standards are fueling the regional TIC services market from consumer products segment.
Companies operating in the North America TIC market include SGS, CSA Group, NTS, Kiwa, Bureau Veritas, ALS Global, and multiple others. M&As continue to be the strategy of choice for companies to expand their reach. For example, in June 2016, SGS acquired IPS Testing. The latter is a testing laboratory that offers analytical and physical testing services.
Related Report:
Testing, Inspection and Certification (TIC) Services Market Share & Forecast, 2019 – 2025
Testing Inspection and Certification (TIC) Market will surpass USD 260 billion by 2025; according to new research report. The growth of the market is driven the privatization of testing, inspection, and certification services. Previously, these services were conducted by government organizations; however, the increasing pressure on government authorities to reduce the operation cost has led to the privatization of services.
Europe is dominating the TIC services market with over 40% of share in the revenue. The stringent government regulations related to product safety are aggregating the demand for TIC services in the region. For instance, the European Union along with the local government has introduced various stringent guidelines mandating the use of NDT services to ensure employee and product safety.
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