Testing, Inspection, and Certification (TIC) Market to 2019 | Investment Analysis, Market Overview and Industry Insights | By StraitsResearch.com

Testing, Inspection, and Certification (TIC) Market

The testing, inspection, and certification assembly assesses the product quality and rates its safety and operational viability. The stringent global quality standards are anticipated to bolster the mandatory requirement of testing, inspection, and certification assembly for every manufacturer operating in different sectors. The vendor landscape is also analyzed in-depth to reveal current and future market challenges and Testing, Inspection, and Certification (TIC) business tactics adopted by leading companies to tackle them.

Testing, inspection, and certification services are provided by the global manufacturers and the regional vendors to access and certify the quality and homogeneity of the products manufactured under its facilities. For the tier-1 operators, these procedures provide multiple advantages, such as risk management, a significant upsurge in productivity, and aids set a high benchmark in quality and operational safety. It allows the local players to match the global standards and compete with the global players. All the products undergo higher scrutiny and are obliged to meet the certification standards of various regulatory authorities. With more and more manufacturers competing across the multiple regional markets, the testing, inspection, and certification services have gained traction.

Regulatory guidelines, standards, and certifications associated with quality, health, and environmental safety have become stringent in the past couple of years. Thus, the demand for outsourced services is recording significant growth. The increasing demand from the end-use industry seeking third-party assurance, improved risk awareness, and a rising focus on risk prevention has boosted the demand for testing, inspection, and certification market. With increasing competition across all the application industry verticals, many manufacturers are setting up their production facilities across multiple regions. The inspection unit of the companies is outsourcing their testing and inspection procedure to professional service providers. Thus, distribution of production facilitates across multiple regions to cope up with import-export regulations is anticipated to bolster the market growth during the forecast period.

Increasing consumption of goods and services including cars, houses, appliances, computers, furniture, among other, growing construction industry and agro-food, power and utilities, chemicals, metals, and minerals sector are the factors contributing to the market growth. According to Eurostat, world exports of goods and services reached nearly USD 15,389 in 2016. Many customers in the developing countries in South America and Asia-Pacific have increased utilization of cars, electronic appliances. This growth provides an optimistic scenario for the market growth has encouraged the manufacturers to increasingly develop products in compliance with the standards and regulations of national and international authorities. The third-party services assure safer and reliable products thus, boosting the market demand.

Increased global production has triggered TIC companies to adapt their services to the global supply chain changes. Hence, the company can test, inspect, and certify products regardless of the location where the product is manufactured or installed. Strict norms and regulatory restrictions have increased the customer traction towards outsourcing the testing inspection and certification jobs. At present, nearly 38to 40% of the jobs are outsourced to the dedicated TIC firms.
Market players have adopted acquisition as a key strategy to expand and explore further market growth opportunities. Third-party service provider companies, such as SGS SA, Bureau Veritas S. A., DEKRA Testing and Certification GmbH, and other, acquire small venture that provides different types of testing and analytical services. For instance, SGS acquired 20 firms, 8 firms in 2017 and 12 in 2018, which is anticipated to strengthen the organization’s revenue up to CHF 10 million.

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The Major Prominent Players Covered in this Report:
SGS Group, Bureau Veritas, Dekra Certification, Intertek, TUV SUD, Eurofins Scientific, DNV TUV Rheinland, UL LLC, ALS Limited, TUV Nord Group, Mistras Group, SAI Global, BSI Group, and, Element Material Technology (Exova Group Plc), among others.

By Product Type, In-House, Outsourced,
By Application, Industry, Life Science and Pharma, Consumer Product, Commodities, Other

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2019 to 2029, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Impact of COVID-19:
Due to the coronavirus outbreak, there has been a considerable disruption in the supply chain and value chain across the global market. A substantial downturn in the manufacturing and products sales across different sectors also reduced the market developments curbing the current revenue shares of the global market. Also, many manufacturers have temporarily reduced their operations at multiple operating facilities to reduce overhead operational costs owing to reduced profit margins and revenue collections. This reduction in operations is limiting the development prospects.

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Key Testing, Inspection, and Certification (TIC) Market Trends:
- The report identifies, determines, and forecasts the Global Testing, Inspection, and Certification (TIC) Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Testing, Inspection, and Certification (TIC) Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Testing, Inspection, and Certification (TIC) Market.

Key Questions Answered in The Report:
What will the Testing, Inspection, and Certification (TIC) market growth rate?
What are the key factors driving the global Testing, Inspection, and Certification (TIC) market?
Who are the key manufacturers in the Testing, Inspection, and Certification (TIC) market space?
What are the market opportunities, market risk, and market overview of the Testing, Inspection, and Certification (TIC) market?
What are sales, revenue, and price analysis of top manufacturers of the Testing, Inspection, and Certification (TIC) market?
Who are the distributors, traders, and dealers of the Testing, Inspection, and Certification (TIC) market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Testing, Inspection, and Certification (TIC) Industry?
What are sales, revenue, and price analysis by regions of the Testing, Inspection, and Certification (TIC) industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

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