At 5+% CAGR (TIC) Testing, Inspection and Certification Market To Hit $247.94 Billion by 2023 Led by APAC Region

The testing, inspection and certification (TIC) market is forecast to reach $247.94 billion by 2023 from $184.77 billion in 2017 at a CAGR of 5.02% during (2017-2023) driven by harmonization of standards, growing consumption of goods in emerging countries, increasing incidents of product recalls globally, surge in global counterfeiting and piracy activities, and imposition of rigorous government regulations and standards across various sectors.

PUNE, India, Oct. 13, 2017 /PRNewswire-iReach/ -- APAC is expected to be the fastest-growing testing, inspection and certification market for TIC services during the forecast period. Many economically advanced countries have their manufacturing units in the developing economies of Asia Pacific (APAC), especially China and India. These units are required to manufacture products in compliance with internationally accepted standards. Moreover, the domestic markets in APAC are growing rapidly because of the rising per capita income among the middle class. 

Browse 78 Market Data Tables and 55 Figures spread through 323 Pages and in-depth TOC on "Testing, Inspection, and Certification (TIC) Market by Service Type (Testing, Inspection, Certification), Sourcing Type (In-house and Outsourced), Application (Consumer Goods & Retail, Agriculture & Food, Chemicals), and Geography - Global Forecast to 2023" .

The major players profiled in testing, inspection and certification (TIC) market report include SGS (Switzerland), Bureau Veritas (France), Intertek (UK), DEKRA (Germany), TÜV SÜD (Germany), Eurofins Scientific (Luxembourg), DNV GL (Norway), TÜV Rheinland (Germany), Applus (Spain), ALS (Australia), TÜV Nord (Germany), Lloyd's Register (UK), MISTRAS(US), Element Materials Technology (UK) and UL (US).

TIC market for in-house sourcing type accounted for the largest share in 2016. Earlier, manufacturers and organizations had to adhere to limited standards and regulations; hence, it was possible for companies to build their in-house testing and inspection capabilities. In recent years, the standards pertaining to human/user safety and environment safety have increased and become mandatory for certain category of products. However, this trend is shifting to the increase in outsourcing TIC services to specialized third-party service providers as they drastically reduce the operational expenditure for the manufacturers.

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TIC market for certification services expected to grow at the highest CAGR during the forecast period. There has been an increasing demand for certification services owing to the increasing number of specified standards by governments and international standardization institutions. Companies are more aware about their credibility than before and certifications demonstrate the compliance of their products with specific standards and improve its marketability.

TIC market for agriculture and food application to grow at the highest CAGR during the forecast period. Increasing mandates to ensure the quality and improve the productivity of food products (packaged and unpackaged) and changing regulations in the agriculture space across the world would drive the adoption of TIC services by manufacturers of agricultural equipment.

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Breakdown of profile of primary participants:

  • By Company: Tier 1 - 53 %, Tier 2 - 15%, and Tier 3 - 32%
  • By Designation: C-Level Executives - 48%, Directors - 27%, and Others - 25%
  • By Region: North America - 19%, Europe - 43%, APAC - 33%, and RoW - 5%

Research Coverage: The study segments the testing, inspection, and certification market report into service type (testing services, inspection services, certification services, and others) and sourcing type (in-house and outsourced). The study also covers applications and provides the geographic forecast of the market size for various segments with regard to four main regions - North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

Another research titled Non-Destructive Testing and Inspection Market Global Forecast to 2023 says, the non-destructive testing (NDT) and inspection market is expected to be valued at $12.06 billion by 2023, growing at a CAGR of 7.83% between 2017 and 2023. Market for the ultrasonic testing is expected to grow rapidly in the near future. APAC to be the fastest-growing market for non-destructive testing and inspection. Companies such as General Electric Company (US), Olympus Corporation (Japan), Ashtead Technology Ltd. (UK), Mistras Group Inc. (US), Nikon Corporation (Japan), Magnaflux Corporation (US), Zetec Inc. (US), Sonatest Ltd. (UK), Sonotron NDT (Israel), Bosello High Tech SRL (Italy), Yxlon International GmbH (Germany), Fischer Technology Inc. (US), Eddyfi NDT Inc. (Canada) have been profiled in this 202 pages research report available at .

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