The Subsequent Decade To Pounce Upon Innovation At A CAGR Of 5% For The Testing Inspection And Certification Market

Global testing, inspection, and certification firms serve a wide variety of industries such as food & beverages, textiles, automotive, aerospace, and many others. These service offer excellent customer protection, increase productivity, lower prices, facilitate adherence to regulations, etc. Increasing government customer concerns about substandard products have led to an increase in the quality and safety of testing services across regions. As per Persistence Market Research’s revised study, the global testing, inspection, and certification (TIC) market is projected to expand at a steady CAGR of more than 5% over the 2021-2031 forecast period.

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Key Takeaways from Market Study
• Introduction of new technology as well as high demand for inspection and testing at regular intervals across several industries such as oil & gas is expected to drive demand for TIC services.
• Volume of international imports and exports is increasing, especially for products such as food and medicine. Food & beverage, agriculture, consumer electronics, as well as automotive industries are projected to provide higher opportunities for TIC services.
• The Asia Pacific region is projected to hold significant market share due to the attractiveness of emerging markets such as China, India, Japan, and South Korea, as a result of growth of indigenous industries and subsequent acceleration in exports, implementation of stringent standards, and rapid urbanization.
• Growth of indigenous industries as well as subsequent acceleration in exports, implementation of stringent standards, and rapid urbanization have all contributed to the attractiveness of emerging markets such as China.
• In-house TIC services to hold around 60% market share by 2031-end.
• Demand for testing, inspection, and certification services to remain high from industrial and oil & gas / chemical sectors.
• Testing services to hold more than 60% market share over the forecast period.
• Due to the COVID-19 pandemic, in 2020, the market saw a growth of -9.8%, with 2021 offering some sort of relief to services providers.
• The TIC market in China is projected to expand at a CAGR of 6.5% through 2031, while that in the U.S. at over 5%.

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Competitive Landscape
The global testing, inspection, and certification market has been identified as a significantly fragmented market space, with the organized sector occupying a major section of the overall market. Tier-1 manufacturers account for maximum share in the global market. Some leading players included in the report such as SGS SA, Bureau Veritas SA, DEKRA, Intertek Group plc, Eurofins Scientific Group, TUV SUD AG, TUV Rheinland AG, DNV GL, UL LLC, Applus, MISTRAS Group Inc., ATRAC Group, Apave International, ALS Global, Compoende Beneficiamento De Pecas Ltda., TÜV NORD GROUP,KIWA NV, Favareto SA, ASTM International, OIL TEST INTERNACIONAL, LENOR Group, Genesis Group, OPUS Group AB, CSA Group, Element Materials & Technology, Cugnier, RRMG Ltda, Standardization and Certification NYCE, SC, and Lloyd's Register, Team Inc. are anticipated to create a tough competitive environment at the global level.

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