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China Testing, Inspection & Certification Market - Forecast(2024 - 2030)
China Testing, Inspection & Certification Market Overview
China Testing, Inspection & Certification Market caters to a diverse range of industries in China
with its wide spectrum of standard, regulation and legislation's. China Testing, Inspection & Certification Market is expected to grow at a CAGR of 6.5% during 2021-2026 and is likely to reach $38.5 billion
by 2026. Due to the COVID-19 pandemic of 2020, the demand for automotive and
consumer products industry fell dramatically, as supply chains for raw
materials were disrupted due to lockdowns and logistics issues and also as many
consumers have been staying at home, the need or interest to purchase new devices also dropped. This supply and demand had a severe effect and hence caused a significant decline in
a number of industries which will bounce back slowly from 2021 onwards. The
increasing demand for penetrant testing, conformity assessment and quality assurance from the plastic, metals and ceramic in
the country has enhanced the China Testing, Inspection & Certification Market. The growth of the automotive
industry has driven the demand for inspection services, particularly from third party attestation, which is further
fuelling the China Testing, Inspection & Certification Market industry. Moreover, the growing manufacturing of electrical and electronics
products in Poland has also raised the need for advanced testing services.
These significant key driver are further anticipating the growth of the Poland
TIC market during the forecast period.
Report Coverage
The
report: “China Testing, Inspection & Certification Market Report–
Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the
following segments of the China Testing, Inspection & Certification Market
Key Takeaways
- With the increasing imports and dependencies on the 3rd countries for manufacturing goods, it is posing concerns for the developed nations as the products that are imported or procured have to withstand rigorous standards, regulations and legislations of the country or region.
- Automotive sector is under constant pressure to not only adapt to the present scenario, but also to ensure that it grasps the future trends of the global society, which in turn makes the survival easier. Automotive sector has been religiously working on understanding the current trends and future needs of society in order to come up with products that focus on the requirements of posterity.
- The demand for textiles will rise by manifold, as the global population will touch the 8.1 billion mark by 2025. By the mid-century, this figure would reach 9.5 billion, making to a staggering 11 billion by 2100. Following this, the global apparel market will grow to $2.1 trillion by 2025.
- In today’s competitive market, consumers pay more attention to the quality of material and end products, as compared to their cost and charges. Therefore, the products need not only be aesthetically pleasing but also consistently well-made and free from hazardous substances which is ensured by using testing, inspection and certification services.
China Testing, Inspection & Certification Market, By Testing Technology, 2021-2026
China Testing, Inspection & Certification Market Segment Analysis - By Testing Type
Water testing is set to dominate the market in 2020 at 11.1%. This is
majorly attributed to the water pollution caused by residues from agricultural
fields, discharge of untreated or partially treated sewage and industrial
effluents, and disposal of fly ash or solid waste into a water bodies such as
rivers, lakes and so on. The rivers are significantly polluted in China, and
this is creating a dire need of monitoring the rivers with environmental
testing equipment thereby escalating the market growth rate for the
environmental test equipment. In November 2019, Yangtze has been covered with
toxic foam due to the total pollutants in the river, thus resulting in the
government implementing increased water testing regulations. This is majorly
set to further elevate the market growth rate during the forecast period
2021-2026.
China Testing, Inspection & Certification Market Segment Analysis - By Application
In 2020, Industrial inspections segment accounted for 32.5% of TIC market in China and is estimated to register the highest growth of 10.1% during the forecast period owing to the stringent safety norms on various industrial and consumer products globally. Certification and valuation of shipments application held the 2nd largest share of around 20.2% in the China Testing, Inspection & Certification Market in 2020 and is likely to witness a CAGR of 7.4% during the same period owing to the rapid industrialization coupled with the rising trade of products and services in China region. However, economic scenario may deter the growth of TIC market; though, rapid consolidation in the industry will likely fuel the growth of TIC market in China in coming years. TIC services guarantees that products, infrastructures and processes meet the requisite standards and regulations with respect to quality, safety, social responsibility and environmental protection while still plummeting the risk of failure, accidents and disruption. With the increasing manufacturing, the trade with other region is likely to increase. And, lack of proper product conformity, products not meeting safety or quality standards shall in turn impact the trade dynamics.
China Testing, Inspection & Certification Market Drivers
Increasing regulations for the environmental protection
In 2009, the government
launched National Water mission, which majorly highlights the objective to
conserve water through minimising wastage, pollution reduction and ensuring
equitable distribution of water across the country. Therefore the growing
pollution in most of the states in China is creating a dire need for the
implementation of the government regulations is set to boost the market during
the forecast period 2021-2026. The rise in the number of stringent regulations with
regards to the product quality and the increased need to comply with safety
standards have been promoting the demand for the testing, inspection and
certification services, especially in the consumer goods industry. These
standards serve as a guideline for manufacturers to use for the assurance of
quality and safety.
Rising Adoption of Advanced Technology
Leading players in the
TIC industry are utilizing Big Data and digital processing improvements to pull
data from many different sources, without the integration challenges of the
past. These are best placed to offer a premium service to their customers. Digital
inspection, integrated sensors and predictive maintenance are replacing
physical inspection. These further help operators to enter new markets, embed
client relationships raise margins, and provide growth opportunities. TIC
service is now avoiding labor work and being transformed to Drones for crop
management and asset integrity. With this inspection, costs can be reduced and
inspection can be tailored to the areas interpreted by the inspector in real
time. Hence, automating the process slowly.
China Testing, Inspection & Certification Market Challenges
Time Consuming Qualification Testing
Testing,
Inspection and Certification services requires third-party verification for
certain products which leads to a time-consuming process. The occurrence of
time-consuming procedures for providing TIC to certain products leads to hamper
the export and import of products. Majority of the companies find this as major
concern as more time-consuming qualification testing leads to delay in
importing the goods and further hindering the productivity of the company. This
key challenge leading to the consumption of time in qualification testing will
thus dampen the growth of the Poland TIC market.
China Testing, Inspection & Certification Market Landscape
Product
launches, acquisitions, Partnerships and R&D activities are key strategies
adopted by players in the China Testing, Inspection & Certification Market. SGS group, Corp, Bureau Veritas
SA, Intertek Group are analyzed to dominate the market with prominent revenue
share in 2020. TUV SUD held the fourth largest share followed by ALS Limited
across China Testing, Inspection & Certification Market share in the same year.
Acquisitions/Product Launches
- In June 2020, TUV group sets up a new softlines testing facility
in Guangzhou which offers global standard testing services for exporters,
importers, manufacturers and global retailers for testing of garments.
- In August 2019, TUV SUD AG launches its hardlines testing laboratory to expand the existing facility of manufacturers and exporting companies that will be tested in laboratory for their quality and safety.