Testing, Inspection, and Certification (TIC) Services Market Analysis By Key Players DNV GL, Eurofins, Exova Group Limited, Intertek, Lloyd's Register, MISTRAS Group, Inc., RINA, SAI Global, SGS, SOCOTEC, Applus+, BSI, Bureau Veritas, DEKRA
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Globalization has further foster the demand for the TIC services. The new trade partnerships between the nations are encouraging companies to outsource their business operations to offshore countries. This is augmenting the demand for the third-party service providers to inspect the supply chain, raw material, and quality control procedure to ensure the safety and quality of the product. Furthermore, the rise in the conscious consumerism along with the development of the brand protection policies across the globe also supports the market growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• AmSpec Group
• APAVE Inspection UK Limited
• Bureau Veritas
• Corelab Laboratories
• DNV GL
• Exova Group Limited
• Lloyd's Register
• MISTRAS Group, Inc.
• National Collateral Management Services Limited
• SAI Global
• TUV Nord
• TÜV Rheinland North America
• TÜV SÜD
The outsourcing is estimated to grow at a CAGR of over 8% during the forecast period. The demand for the third-party companies is driven by the development of various government regulations & standards to improve product the quality and efficiency. Furthermore, the increasing pressure on the government organizations to reduce the spending on the testing, inspection, and certification services is also augmenting the demand for the third-party services providers.
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The testing services accounted for over 65% stake in the TIC services market. The growth is credited to the increasing concerns among consumers for improved quality of products & services. Furthermore, the rising focus of the government on the product quality and health is also augments the demand for the testing services. On the other hand, the certification services are anticipated to grow at a CAGR of more than 9% during the forecast period. The continuous efforts by the government to reduce the carbon dioxide emissions and energy consumption will drive the demand for the certification services.
The transportation sector holds more than 25% of the share in the TIC services market. The growth is attributed to the technological advancements in the automobile component. Moreover, the requirement to comply with the international standards and guidelines will also foster the growth. The agriculture & food sector is anticipated to attain the growth rate of over 10% during the forecast timeline. The growing prevalence of the food contamination diseases and food-borne illnesses is the major force driving the demand for the TIC services in the agriculture & food sector.
Europe is leading the TIC services market with more than 40% share in the revenue in 2017. The growth is credited to the stringent government standards to promote consumer safety and improve the product quality. Moreover, the presence of commonly-accepted standards across the European Union member countries has further nurtured the growth. On the other hand, Asia Pacific is anticipated to grow substantially at a CAGR of over 9% during the forecast period. The demand is driven by the rapid urbanization and industrialization in the emerging economies including India and China.
Browse key industry insights spread across 250 pages with 210 market data tables & 31 figures & charts from the report, Testing, Inspection, and Certification (TIC) Services Market in detail along with the table of contents: https://www.gminsights.com/industry-analysis/testing-inspection-certification-tic-market
The key players in the testing, inspection & certification (TIC) services market are Applus, Apave, Bureau Veritas, Corelab, DEKRA, Eurofins, Intertek, DNV GL, Lloyd’s Register Group, TUV SUD, SGS SA, SYNLAB, TUV Rheinland, TUV Nord, ALS, SOCOTEC, Kiwa Group, RINA, and UL. Merger & acquisition is the common strategy used by market players to gain the market share. For instance, in November 2017, SGS acquired BioVision Seed Research Limited to strengthen its presence in the Canadian Agriculture market.
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