Testing, Inspection & Certification Services Market is estimated to grow at a CAGR of 5.10% to register value $147.38 billion by 2023
Testing, Inspection & Certification Market (2015 - 2023)”
Europe dominates with major share and growth in the Testing, Inspection & Certification Services Market
Asia-Pacific market is expected to register the highest growth of 6.19% in TIC market. As per the industry experts, APAC market will control the global economy by 2025. The Asia-Pacific market is expected to reach revenue of $54.87 billion by 2023 from $38.39 billion in 2017. China is the largest market for testing, inspection and certification in the APAC region. Industrial market is expected to grow at a fast rate during the forecast period in the regions of APAC. European regions holds major share in terms of revenue. The European market is strongly projected to grow at a CAGR of 5.10% to register revenue of $55.21 billion by 2023 from $41.09 billion in 2017. Automotive industry is forecast to exhibit significant growth of 9.9% in revenue as rising performance evaluations drive the market.
Selected Tool and Technology Analysis done in the full Report:
TIC sector plays a major role in a world driven by rapid change and new technologies, energies, increasing Health, Safety, Entertainment and Quality regulations, outsourcing and rising end user quality expectations. The global market for testing, inspection and certification gained revenue of $117.4 billion in 2017. Among all application of testing inspection and certification market, certification and valuation of shipments segment is forecast to grow at a CAGR of 3.82% and is projected to reach $46.26 billion in 2023 from $35.59 billion in 2017. The fastest growing application market for TIC is estimated to be the product performance evaluation application which is estimated to grow at a CAGR of 6.66% and is forecast to reach $29.83 billion by 2023 from $20.32 billion in 2017.
Excerpts on Market Growth Factors
- New investments mainly in China and India in the sectors of mining, automotive, food and beverages sectors would present high growth opportunities and help the testing, inspection and certification service providers market to grow in the APAC regions.
- Growing focus on industrial automation in order to improve process and productivity companies has resulted in the growing market for TIC services. The growing demand forecasting for industry which would enhance the automation capabilities in manufacturing industry will spur the requirements for regular inspection and testing.
- The growth of e-commerce is increasing rapidly due to increased adoption of cost-to-serve model, also across end-user industries. Thus, the market is focussed to improve operating standards in rising use of TIC services, mainly in the inspection of products.
Key players of the Testing, Inspection & Certification Services Market
SGS Group, Intertek Group PLC, DNV GL Group, DEKRA SE, TUV SUD, TUV Rheinland AG, TUV Nord Group. TUV SUD AG serves in the industry of Aerospace, Automotive & Transportation, Chemical, Oil & Gas, Consumer Products and retail, Energy, Food, health and beauty and others. TUV Rheinland AG serves in management systems and Construction & Real Estate. The categories included are Quality, Service Industries, Tourism & Leisure, and Transportations. DEKRA SE has its services in Industries of Industrial, Automotive, Healthcare and Energy & process industry performing Automotive lighting testing, vehicle inspection, EMC tests medical services, and Explosion safety, system certification.
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