Study: Testing, Inspection and Certification (T.I.C.) Market to Tap US$285.34 bn by 2024

The global testing, inspection, and certification market is marked by an intense level of fragmentation, with only one leading firm, SGS Group, accounting for over 10% in the global market in 2015, points TMR in a recent report. The top four vendors in the market, including Bureau Veritas SA, Intertek Group PLC, Dekra SE, and SGS Group, accounted for a collective share of nearly 29%, with a host of small- and mid-sized companies holding the rest in 2015.

Global testing, inspection, and certification market is expected to expand at a 5.7% CAGR over the period between 2016 and 2024. The market, which had a valuation of US$178.65 bn in 2015, is expected to rise to US$285.34 bn by 2024.

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Stricter Regulations and Rising International Imports and Exports Stimulate Market Growth

In the past few years, regulations pertaining to the quality of products and their overall impact on the health of consumers and that of the environment have become increasingly strict across the globe. International imports and exports of products from a number of industries have also significantly increased globally. So as to conform to the diverse quality and safety standards of foreign destinations, the adherence to effective testing, inspection, and certification measures has become critical for product manufacturers. This factor is expected to have a sizeable impact on the overall development of the global market in the next few years.

Lack of Internationally Accepted Standards to Hinder Market Growth

A number of countries have their own different sets of testing, inspection, and certification guidelines and standards. Regulations and standards are also often different for different product types or industries. The scenario makes the global testing, inspection, and certification market highly diversified. This defeats the whole purpose of having a product certified against a standard, for it may be considered a token of excellent quality in some countries and mean nothing in some other.

The pharmaceutical industry is the most obvious sufferer in this regard – drug manufacturers cannot develop a single drug that will be readily approved in all the countries it is submitted. Thus, the lack of internationally accepted standards is expected to be a key restraint for the global market for testing, inspection, and certification market in the next few years.

Oil and Gas Industry to Present Most Promising Growth Opportunities

On the basis of application, the oil and gas industry emerged as the largest contributor to the overall revenues of the global testing, inspection, and certification market in 2015, accounting for a share of over 35% in the market. Although the segment will continue to remain the dominant end user of testing, inspection, and certification services through 2024 also, it will likely lose its prominence to the food and beverages segment. The testing, inspection, and certification market for the food and beverages industry will expand at a 6.7% CAGR from 2016 to 2024. During the same period, the market for the oil and gas industry will expand at a 5.6% CAGR.

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This release was published on openPR.