What’s Driving the Testing, Inspection, and Certification Services Market Trends?

Testing, Inspection, and Certification Services Market in transportation sector is expected to witness significant growth in the coming years. 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.

Testing, Inspection, and Certification Services Market growth is propelled by the increasing trend of outsourcing services. The companies are leveraging on the third-party companies to minimize their operation cost and focus on their core business competencies. The stringent government regulations pertaining to the product safety and health also drive the demand for TIC services market.

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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 market is also augmenting the demand for the third-party services providers.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

• ALS
• AmSpec Group
• APAVE Inspection UK Limited
• Applus+
• BSI
• Bureau Veritas
• Corelab Laboratories
• DEKRA
• DNV GL
• Eurofins
• Exova Group Limited
• Intertek
• Kiwa
• Lloyd's Register
• MISTRAS Group, Inc.
• National Collateral Management Services Limited
• RINA
• SAI Global

Chapter 3. Global Testing, Inspection, And Certification (TIC) Services Market Industry Insights

3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2013 - 2024
3.4. Industry ecosystem analysis
3.5. TIC services market evolution
3.6. Market news
3.7. Technology and innovation landscape
3.8. Industry impact forces
3.8.1. Growth drivers
3.8.1.1. Growing demand for third part services
3.8.1.2. Rise in globalization
3.8.1.3. Stringent government regulation
3.8.1.4. Empowered consumers
3.8.1.5. The rise of brand protection policies
3.8.2. Industry pitfalls & challenges
3.8.2.1. Uncertain regulatory environment
3.8.2.2. Complex nature of global supply chain
3.8.2.3. Replacement of KYTO protocol
3.9. Growth potential analysis
3.10. Porter’s analysis
3.11. PESTEL analysis

The testing services accounted for over 65% stake in the testing, inspection, and certification 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.

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Globalization has further foster the demand for the testing, inspection, and certification services market. 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. However, the protectionist policies and trade barriers act as major constraints. Moreover, the uncertain regulatory environment and complex nature of the global supply chain are also hindering the growth.

Europe is leading the testing, inspection, and certification 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.

The key players in the testing, inspection, and certification 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.

Browse key industry insights spread across 250 pages with 210 market data tables & 31 figures & charts from the report, “Testing, Inspection, and Certification Services Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/testing-inspection-certification-tic-market

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