DUBLIN--(BUSINESS WIRE)--The "Testing, Inspection, and Certification Market - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global testing, inspection, and certification market was valued at USD 218.44 billion in 2019, and it is expected to reach USD 294.43 billion by 2025, registering a CAGR of 5.3%, during the forecasted period (2020-2025).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.
- Intertek Group PLC
- SGS SA
- Bureau Veritas SA
- Underwriters Laboratories (UL)
- DNV GL
- Eurofins Scientific SE
- Dekra Certification GmbH
- ALS Limited
- BSI Group
- SAI Global Limited
- MISTRAS Group, Inc.
- Exova Group PLC
TUV SUD AG
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.
Asia-Pacific Expected to Witness Rapid Growth
- 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.
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Market Drivers
4.3.1 Government Regulations and Mandates
4.4 Market Challenges
4.4.1 Trade Wars and Growth Fluctuations of End-user Industries
4.5 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
5.1 Service Type
5.1.1 Testing and Inspection Service
5.1.2 Certification Service
5.2 Sourcing Type
5.3 End-user Vertical
5.3.1 Consumer Goods and Retail
5.3.2 Food and Agriculture
5.3.3 Oil and Gas
5.3.4 Construction and Engineering
5.3.5 Energy and Chemicals
5.3.6 Manufacturing of Industrial Goods
5.3.7 Transportation (Rail and Aerospace)
5.3.8 Industrial and Automotive
5.3.9 Other End-user Verticals
5.4.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.4.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/kqi0jz