Pune, India, January, 2018, MRFR Press Release/- Market Research Future published a cooked research report on globally TIC market.
Market Highlights
The issues like personnel safety, site safety, assets management, product quality, operational performance, identification of risk, and government regulatory are continually building up in the industries. The companies constantly need a support for safety minimization, risk minimization and process and operations optimization. Certification and testing reduces risk and increase safety, security and profits by identifying and managing the operational risks, managing and reducing the accidents and delay risks, review of training and procedures to increase the consistency and operational continuity. However, Due to different government regulations and rules for certification of different products imported and exported in different countries, it’s creating a hindrance for the companies in TIC market to comply with the government regulations as it keeps changing and varies from one region to another. The United States Federal law requires the product manufacturers and importers to test the consumer products for compliance with the consumer product safety requirements.
Key players
The key players in the testing, inspection and certification market include SGS group (Switzerland), Bureau Veritas SA (France), Dekra Certification GmbH (Germany), Intertek Group Plc (U.K), ALS Limited (Australia), ASTM international (U.S.), BSI Group (U.K), SAI Global Limited (Australia), Mistras Group (U.S.) and UL LLC (U.S.) among others. However, SGS Group and Bureau Veritas hold the largest market with 14% and 11% respectively.
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Global TIC Market, USD Billion
Regional Analysis
North America had dominated the market of Testing, inspection and certification market in 2016 and would go further in the forecast period. The major drivers for the growth of North America include increased global trade, large presence of electronics, software, defense and aviation industry and advancement in medical equipment automation. However, lack of certification standards is one of the restraining factor. Countries like the U.S. and Canada face drivers like advancement in oil & gas equipment (boilers, vessels, tanks) manufacturing and growth in building constructions and imports.
Europe holds the second position in global testing, inspection and certification market and will be a fastest growing region. The major driving factor are the advancement in automotive industry, and growing demand for organic and processed food. However, different government regulations for trade within and outside European Union is one of the main restraining factor. The factors like technological advancement in auto manufacturing and auto parts manufacturing, increased trend towards outsourcing, and increased consumer awareness in food and textile industry are driving the market in countries like Germany, U.K and France.
Asia Pacific shows a positive growth in global testing, inspection and certification market during the forecast period. The major driving factors for the growth include increased demand of consumer electronics, growing consumer awareness towards quality, increase in cross border imports and exports. However, the lack of expertise and advance technique in TIC is the restraining factor. The factors like advancement in semiconductor industry and smartphone manufacturing, advancement in electronics and automobile industry, and growing presence of FMCG and foreign trade is driving the market in countries like China, Japan and India.
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Report details
| Base Year | 2018 |
| Companies Covered | 15 |
| Pages | 100 |
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