Testing, Inspection, and Certification (TIC) Market Size Grow at 5.9% CAGR to Reach US$ 310,003.6 Mn in 2027 | Top Key Players - SGS Group, ABS Group, ASTM International, MISTRAS and among others.

Executive Summary -

New Research by Coherent Market Insights used both primary and secondary research approaches to deliver the highest-quality information and accurate market-related data. The testing, inspection, and certification (TIC) report focuses on the company's national and international commercial prospects, as well as competitive conditions. The study on the global market for testing, inspection, and certification (TIC) has extensively investigated some of the major and critical components seen as responsible for growth in the near future.

Global testing, inspection, and certification (TIC) market was valued at US$ 182,933.6 Mn in 2018, and is expected to exhibit a CAGR of 5.9% over the forecast period to reach US$ 310,003.6 Mn in 2027.

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Market Overview -

The global testing, inspection, and certification (TIC) market is predicted to increase as a result of globalisation, rising product quality awareness, and stringent government legislation to safeguard health and safety. Consumer knowledge of a product's quality, safety, and effectiveness is a major driver of demand for testing, inspection, and certification services. Furthermore, rising import and export activity around the world are propelling the industry forward.

For international acceptance of products, quality control is critical in industries such as automotive, oil and gas, food and drinks, and aerospace. For example, quality control requirements and specifications are important in the oil and gas industry because of the significant risks connected with exploration, storage, extraction, refining, processing, and distribution of oil and gas, which drives up demand for best-in-class inspection services.

Key Companies

· SGS Group
· Bureau Veritas SA
· TUV Rheinland Group
· Intertek Group PLC
· ALS Limited
· DNV GL
· MISTRAS
· Lloyd’s Register Group Limited
· Underwriters Laboratories Inc.
· ABS Group
· ASTM International

Testing, Inspection, and Certification (TIC) Market Impacting Factor -

The testing, inspection, and certification (TIC) business is growing due to rapid urbanisation and rising consumer disposable income. The growth of the testing inspection and certification (TIC) market is fueled by the rise of various manufacturing industries such as automotive, environmental, commodities, agriculture, food, oil & gas, life science, consumer, petrochemical, leisure, medical, textile, trade, assurance, education, and footwear. Growing consumer knowledge of the product's quality, safety, and efficacy is boosting the market's growth. Quality control is critical for product acceptance on a global scale, which drives up demand for best-in-class inspection services.

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The market for testing, inspection, and certification services is also benefiting from globalisation. As a result of increased demand from end users for national and international rules, as well as industry standards to assure quality, public health, and safety, supply chains are growing more complex, resulting in a strong demand for independent TIC services. These services assist manufacturers in increasing efficiency and product quality while also adhering to international standards (ISO/IEC).

Market Segmentation -

By Type (Management Systems Certification (MSC), Third-party Inspection, ASME, and Others)

By Vertical (Oil & Gas, Chemicals, Life Sciences, Power & Utilities, Food, Beverages, & Agriculture, Transportation, Automotive & Aerospace, Consumer Products & Goods, Construction, Materials & Minerals, and Industrial Goods Manufacturing)

Fastest Growing Regional Analysis -

Geographically, the testing, inspection, and certification (TIC) market is separated into regions such as North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The research covers all from manufacturing and customer shares to market size and market share, import and export ratios, supply and demand, consumer demand ratios, technological improvements, R&D, organization growth, economic growth, and a strong market presence in every region. The report covers a detailed analysis for each major regional market across the globe and provides future outlook predictions for the same.

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Key Reasons to Purchase the testing, inspection, and certification (TIC) Market Report:

· The report is chock-full of data, including market dynamics and future prospects. The segments and sub-segments include quantitative, qualitative, value (USD Million), and volume (Units Million) data.
· At the regional, sub-regional, and country levels, data on demand and supply forces, as well as their impact on the market, can be found.
· The competitive landscape has shifted dramatically in the last three years as a result of new developments, strategies, and market share gains by key players.
· Companies that offer a diverse range of services, such as financial data, current events, SWOT analyses, and strategy development.

Questions and Answers (FAQs):

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Coherent Market Insights -

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