Global Testing, Inspection, and Certification (TIC) Market is expected to Exhibit a CAGR of 3.2% During the Forecast Period (2023 - 2030), Owing to Increasing demand for drone delivery and mapping services.
Global Testing, Inspection, and Certification market, By Type (Management Systems Certification, Third-Party Inspection, ASME, Others), By Vertical (Oil and Gas, Chemicals, Life Sciences, Power & Utilities, Food, Beverages, and Agriculture Transportation, Automotive & Aerospace, Consumer Products and Goods, Construction, Metals and Minerals, Industrial Goods.), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa) - Global Forecast to 2030, is expected to be valued at US$ Billion by 2030, exhibiting a CAGR of 3.2% during the forecast period (2023 - 2030), as highlighted in a report published by Coherent Market Insights.
The testing, inspection, and certification industry consist of conformity assessment bodies that provide services ranging from testing and inspection to testing, verification, quality control, and certification. The industry includes both internal and outsourced services. The TIC (Testing, Inspection, Certification) market is characterized by several trends, including the proliferation of standards and regulations, increasing complexity of procedures, control and assurance technologies, and ongoing vendor consolidation, all driven by the phenomenon of globalization. TIC companies serve a wide range of industries and a variety of standards and legislation. Independent TIC companies, therefore, play a key role in almost all economic sectors.
In addition, the growing sensitivity of various governments to a cleaner environment, rules and regulations, beneficial initiatives, healthcare, and automotive industries, and the rapid adoption of digital technologies are expected to radically transform the testing, inspection, and certification market in the coming years. However, with the globalization of businesses, various local regulations and standards are likely to create barriers to product acceptance on a global scale. It leads to disputes between local and international standards and restricts market growth.
Global Testing, Inspection, and Certification (TIC) Market - Drivers
The growth of the market is mainly driven by the increasing adoption of the latest technologies in the various end-use verticals and increasing business growth in the construction, electronics, and textile industries.
Global Testing, Inspection, and Certification (TIC) Market – Opportunities
Food safety and quality are of the greatest importance to everyone involved in the production and distribution of food products and services. Hence, there is increasing variety of international standards and regulations that need to be adhered to, throughout the entire process– sourcing, production, and delivery. A lack of quality monitoring processes, complex logistics structures, food handling methods, and other factors can jeopardize safety and quality of food products. Food inspection can be used as a dedicated quality management tool and as a checkpoint to safeguard the safety and quality of food. Introduction of new food safety standards is providing new opportunities to TIC players. FSSAI has drafted new Food Safety and Standards (Labelling and Display) Regulation 2019. These regulations prescribe the labelling requirements of pre-packaged foods and display of essential information on premises where food is manufactured, processed, served, and stored.
Global Testing, Inspection, and Certification (TIC) Market - Restraints
Heat & fire issues due to thermal runaway
Lithium-powered batteries have encountered 50% heat and fire hazards while charging.
The batteries could burst during charging, endangering the operators’ safety and resulting in property damage.
Due to their high altitude operation and increased exposure to temperature, vibration, and shock extremes, drone batteries are particularly prone to damage.
Global Testing, Inspection, and Certification (TIC) Market-Trends
Digital Transformation and Automation
The TIC industry is embracing digital technologies and automation to streamline processes, improve efficiency, and enhance accuracy. Technologies like artificial intelligence (AI), machine learning (ML), and data analytics are being deployed for advanced testing, inspection, and certification procedures, enabling faster turnaround times and reducing human error.
Rise of E-commerce and Global Supply Chains
The rapid growth of e-commerce and global supply chains has intensified the need for TIC services to ensure product safety, quality, and compliance throughout the supply chain. TIC companies play a crucial role in conducting audits, inspections, and certifications to verify the integrity and compliance of products, packaging, and transportation processes.
Global Testing, Inspection, and Certification (TIC) Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 outbreak had marginally reduced demand for testing, inspection, and certification services following the closure of various businesses such as manufacturing, consumer goods, retail, and others. The pandemic created a short-term drop in demand due to a pause in new product development operations. However, the growing use of innovative technology in healthcare, manufacturing, energy, utilities, and other industries has enabled remote auditing, testing, and inspection. As a result of the pandemic, Testing, Inspection and Certification market participants are implementing a digital platform to provide customers with remote TIC services.
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Key Takeaways:
The Global Testing, Inspection, and Certification (TIC) Market was valued at US$ 225.1 Billion in 2022 and is forecast to reach a value of US$ 290.0 Billion by 2030 at a CAGR of 3.2% between 2022 and 2030.
Global Testing, Inspection, and Certification (TIC) Market: Competitive Landscape
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, and ASTM International.
Key Takeaways
Global Testing, Inspection, and Certification (TIC) Market was valued at US$ 225.1 Billion in 2023 and is estimated to reach US$ 290.0 Billion by 2030 exhibiting a CAGR of 3.2% between 2023 and 2030.
Global Testing, Inspection, and Certification (TIC) Market - Recent Developments
In January 2022, SGS (Swiss multinational company headquartered in Geneva) announced its partnership with Microsoft. The new collaboration will enable the company to develop and innovate data, IoT, and AI-based TIC services that are sustainable and inclusive and can help its customers realize their full potential.
In November 2022, TÜV Rheinland introduced a test standard (2 PfG 2796/02.22) to certify solar modules installed into unique buildings worldwide.
In September 2022, SGS S.A. acquired Penumbra Security, Inc. (US), a leading provider of information security conformance testing and regulatory compliance services to multinational companies. The acquisition expanded SGS's cybersecurity capabilities and footprint in the US.
In April 2021, Intertek Group was selected as an accredited testing laboratory under the US Food and Drug Administration’s (FDA) Accreditation Scheme for Conformity Assessment (ASCA) Pilot Program. With this recognition, 12 Medical Centers of Excellence within Intertek’s global network of labs have been authorized to assist manufacturers worldwide with medical device premarket testing.
