123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> General >> View Article

Testing, Inspection, And Certification Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021

Profile Picture
By Author: Statzy Market Research
Total Articles: 1029
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

The global testing, inspection, and certification market was valued at USD 207.75 billion in 2020, and it is expected to reach USD 301.41 billion by 2026, registering a CAGR of 5.94%, during the forecasted period (2021-2026).​The advent of new technologies, and the high demand for inspection and testing at regular intervals across a few industries, such as oil and gas, the TIC market is expected to witness growth, irrespective of the industrial seasonality.

- There is an increase in the volume of international imports and exports, especially for products, such as food and medical products. The Food and beverage, consumer electronics, agriculture, and automotive (electrical vehicles) markets are expected to provide more scope for TIC services.
- Additionally, the environment-focused initiatives are driving the adoption of new testing standards, primarily with the aid of new technologies. For instance, the Detox campaigns, such as Greenpeace's ZDHC (Zero Discharge of Hazardous Chemicals) campaign across Europe and America. This campaign aimed to reduce the usage of harmful chemical substances in the textile ...
... industry (the second largest polluter of fresh water worldwide).
- However, trade wars and growth fluctuations have been challenging the end-user industries and with the recent outbreak of COVID 19, testing, inspection and certification market is playing crucial role by providing assurance that the product and services offered, especially in the healthcare sector, to the customers meet the fundamental safety and health requirements. TIC council directed respective countries to continue providing the TIC services for safety of workplace plant and machinery.
- For instance, company such as Dekra and SGS are providing their TIC services with minimum disruption to their supply chain. However, the market is expected to experience slowdown in other sectors especially in transportation and manufacturing industries as the market has been significantly impacted by the lockdown strategy followed by the nations embracing the pandemic.

Key Market Trends

Energy and Chemicals is Expected to Hold a Significant Share

- The main scope of TIC services applications in the energy sector is to help ensure the safety, integrity, and reliability of plants and its equipment. These services are helping energy and hard commodity sector undergoing a massive transformation from existing systems to better ways of consumption, production, and distribution.​
- Exploration and production, refining and processing, transportation and storage are some of the significant scopes where companies are offering services like risk analysis, environmental impact assessments to mitigation plans, construction assistance, and integrity of assets and equipment in operation.


- The market studied is experiencing an increase in the acceptance and applications in the studied sector mainly as industry players demand high standards regarding safety and profitability and increasing adoption of smart technologies and devices. These technologies have made many testing and inspection methods cost-efficient, allowing end-users to cut down a part of the operations and maintenance costs.


- Further, various government regulations are making it mandatory for companies to adopt proper TIC methods. For instance, in India, the Ministry of New and Renewable Energy (MNRE) issued guidelines for conducting tests on power inverters for use in photovoltaic (PV) power systems and utility-interconnected PV inverters in 2018. The government has mandated that the tests must be conducted by labs for compulsory registration with the Bureau of Indian Standards (BIS).
- The involvement of government authorities in the market as a customer is further expanding the studied market growth. For instance, in January 2019, the Dubai Electricity and Water Authority (DEWA) signed a memorandum of understanding with Germany-based TÜV Rheinland to work together and exchange knowledge on R&D, regulations, environmental protection, and business support in the energy sector.​

Asia-Pacific Expected to Witness Rapid Growth

For sample report please visit: https://www.statzyreports.com/report/sr497287/testing-inspection-and-certification-market

- Asia-Pacific is anticipated to hold major share owing to the merging markets such as China, India, Japan, and South Korea which have become attractive, through the development of indigenous industries and subsequent acceleration in exports, the introduction of stringent standards, and rapid urbanization.
- The emerging markets, such as China, have become attractive spots, through the development of indigenous industries and subsequent acceleration in exports, the introduction of stringent standards, and rapid urbanization.
- Furthermore, the rise of the middle class has led to a growth in private consumption and an increase in the demand for both safety and product quality. This ultimately offers growth opportunities in areas, such as food and consumer goods testing. One such example is the acquisition of TUV Rheinland's food analysis laboratories in China, by Tentamus Group, in April 2018.


- Then, companies in Japan have to pass through various approvals for the goods imported. Some of them include Optional S Mark Certification, SG Seal of Safety Approval for Mechanical Products, and DENAN & PSE Approval.
- Semiconductor manufacturing being the major factors driving the growth of the Japanese economy, in July 2019, Hamamatsu Photonics constructed a new factory building at the Shingai Factory in Japan. It supports the company in meeting with increasing sales demand for opto-semiconductors, X-ray image sensors, and X-ray flat panel sensors.
- Similarly, involvement of the South Korea in various trade agreements are helping in increasing the scope of TIC activities to other end-user industries. For instance, in November 2019, Indonesia and South Korea announced a free trade deal (CEPA), to remove tariffs on steel, textile, machine parts, and autos. 93% of Indonesia's market may be open to South Korea.

Competitive Landscape

The testing, inspection and certification market is highly competitive and consists of several major players. Although the market is fragmented, the market is dominated by three large players, namely, SGS, Bureau Veritas, and Intertek (25% of the total market share), and the top 10 players accounted for less than 40% of the TIC market. Enterprises across industries, like life sciences, utilities, and public sector, are still dependent on in-house TIC services. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.

- January 2020 - SGS acquired Thomas J. Stephens & Associates Inc. (Stephens), a US-based clinical research organization that serves the cosmetic and personal care industry. The latter is recognized as one of the leading providers of safety and efficacy testing and contract research serviced. With this acquisition, SGS expanded its Consumer and Retail service portfolio in the clinical testing sector for cosmetic and personal care products.
- December 2019 - UL Inc. entered into an agreement with the United States Business Council for Sustainable Development (US BCSD) to support the expansion of Materials Marketplace by securing recognition for reuse through third-party certification.
- October 2019 - Intertek announced expansion of its corrosion testing at Sharjah Laboratory Complex, in order to help clientele in the UAE, Saudi Arabia, Kuwait, Oman, Bahrain and Egypt. This further allows Intertek to offer enhanced local services in a laboratory devoted to the testing of corrosion inhibitors under highly ‘sour' conditions, such as fluids containing high levels of corrosive hydrogen sulfide (H2S).

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support


For sample report please visit: https://www.statzyreports.com/report/sr497287/testing-inspection-and-certification-market

Contact Us:
Poojan Dogra
Public Relations Manager
Statzy Market Research
Email : info@statzyreports.com
(IN) - +918484035727
(US) - +1415-871-0483
Website : www.statzyreports.com

More About the Author

StatzyReports is the premier global market research and business reports company based in India. StatzyReports.com functions under Statzy Market Research. We offer our expertise globally in services related to market research, business strategy consulting, surveys or questionnaire, forecast and statistical data analysis. Our experience working with major business and customer driven companies enabled us to develop some of the best winning strategies for succeeding in various global markets. Our globally renowned experts mastered the art of perfection with their unique skillset and vast experience in research and data analytics.

Total Views: 110Word Count: 1159See All articles From Author

Add Comment

General Articles

1. Stainless Steel - Carbon Steel - Heat Resistant Steel Casting Suppliers
Author: krina

2. Crack Mppsc To Be A Government Employee In Madhya Pradesh
Author: nehajain

3. Office Chairs - Quintessential Commodities
Author: office master

4. What Your Business Must Know About Workers Compensation Insurance
Author: Jason Davis

5. How To Get An Employer Identification Number?
Author: EIN Number Application

6. Importance Of Procurement Management Sofwtare
Author: sunsmart global

7. What To Expect From The Best Flyer Printers In Bangalore?
Author: Elegant Printers

8. M100pfs Som With Microchip's Polarfire Soc Fpga Goes Into Series Production
Author: ARIES Embedded GmbH

9. What Is White Fungus?
Author: Kingsway Hospitals

10. How Packers & Movers In Worli Work?
Author: Shalini Bajaj

11. Role Of An Omnichannel Call Center Solution In Improving Customer Experience
Author: mike

12. Spa In Al Rigga
Author: david

13. When Are You Fully Vaccinated Against Covid-19
Author: EMRIndustry

14. Why Quality Matters In Fr Clothing?
Author: Tarasafe

15. How To Know The Top Supplier Of Bespoke Curtains?
Author: Goldmakinterior

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: