Demand for Testing, Inspection, and Certification (TIC) Services to Remain High from Industrial and Oil & Gas / Chemical Sectors
NEWARK, Del., May 24, 2022 /PRNewswire/ -- The testing, inspection, and certification market is predicted to increase at a CAGR of 1.8% through 2032, reaching USD 256.9 billion by 2032 from USD 215 billion in 2022.
The testing, inspection, and certification sector contributes significantly to the global economy by helping to improve the quality of products used by diverse end-users across industries.
The high cost of testing, inspection, and certification services owing to disparities in standards and regulations is projected to pose significant risks to the testing, inspection, and certification market key trends & opportunities.
The digital revolution of consumer services and the quick adoption of breakthrough technologies help them carve out testing, inspection, and certification market growth.
The factors impeding testing, inspection, and certification market growth are increased competition and limited awareness among small scale manufacturers. The variables that are opportune for testing, inspection, and certification market opportunities include an increase in awareness of the demand for testing, inspection, and certification, as well as an increase in the requirement for safety.
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Due to the decreased demand for testing, inspection, and certification, the testing, inspection, and certification market has been hampered by corporate expenditure, lockdown measures, and lower manufacturing rates as a result of supply chain disruptions. The COVID-19 pandemic tested the resilience of the clients along with the service providers
Due to the recurrence of COVID-19 cases, North America and Europe remain the most affected areas. Most companies have seen lower-than-normal customer footfall, hurting sales of testing, inspection, and certification. Hence, demand for testing, inspection, and certification has remained low.
This has had an effect on the testing, inspection, and certification market future trends along with testing, inspection, and certification adoption trends, particularly North America and Europe's recovery is outpacing the rest of the world.
The Asia Pacific area is expected to hold significant testing, inspection, and certification market size due to the growth of indigenous industries and consequent acceleration in exports, the implementation of demanding standards, and urbanisation.
- The testing, inspection, and certification market in the United States is expected to reach US$ 90.1 billion by 2032, growing at a CAGR of 1.5% through 2032.
- The UK testing, inspection, and certification market is estimated to be valued at US$ 10.7 billion by 2032, with a CAGR of 0.9% through 2032.
- With a CAGR of 1.2% through 2032, China's testing, inspection, and certification market is estimated to reach US$ 17.6 billion by 2032.
- The testing, inspection, and certification market in Japan is estimated to be worth US$ 14.4 billion by 2032, growing at a 0.2% annual pace until then.
- South Korea is predicted to reach a testing, inspection, and certification market size of US$ 8.7 billion by 2032, with a CAGR of 0.2% through 2032.
- The consumer goods & retail section of the testing, inspection, and certification market is expected to grow at a CAGR of 1.7% through 2032.
- In house-services will surge at a CAGR of 1.1% in the testing, inspection, and certification market's sourcing type sector through 2032.
ABS, ALS Global, ASTM, BSI Group, Bureau Veritas, DEKRA, DNV, Intertek, ISO, Lloyds Register, SAI Global, SGS Group, and TUV are legacy players in the testing, inspection, and certification market.
The testing, inspection, and certification market is projected to see fierce competition. With substantial consolidation projected in the next years, fierce competition is expected to grow even more.
To extend their influence in the testing, inspection, and certification market trends, these vendors have used a variety of organic and inorganic growth tactics.
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Recent Development in Testing, Inspection, And Certification Market:
- PreScience was acquired by Bureau Veritas in January 2022. PreScience's services will complement Bureau Veritas' existing Buildings & Infrastructure portfolio across North America.
- SGS announced their alliance with Microsoft in January 2022.
- Intertek Group was chosen as an approved testing laboratory under the United States Food and Drug Administration's (FDA) Accreditation Scheme for Conformity Assessment (ASCA) Pilot Program in April 2021. With this designation, Intertek's global network of laboratories' 12 Medical Centers of Excellence is permitted to help manufacturers with medical device premarket testing.
- In March 2022, UL GROUP built a testing laboratory in Hai Duong. The facility offers end-to-end service solutions testing for certification, including Global Market Access Services for Vietnamese-made products.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Testing, Inspection and Certification
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
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