Testing, Inspection, and Certification Market (TIC) Worth $ 247.94 Billion by 2023
Testing, Inspection, and Certification Market (TIC) report 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).
August 10, 2018 /MarketersMedia/ —
Testing, Inspection, and Certification (TIC) Market is Growth, Research Overview, Trends and Forecast till 2023 report added on RnRMarketresearch.com. The Testing, Inspection, and Certification (TIC) market is estimated to be USD 184.77 billion in 2017and is expected to be worth USD 247.94 billion by 2023, growing at a CAGR of 5.02% between 2017 and 2023.
Download Brochure of Testing, Inspection, and Certification (TIC) Market spread across 323 Pages, Profiling 15 Companies and Supported with 78 Tables and 55 Figures is now available at http://www.rnrmarketresearch.com/contacts/request-sample?rname=683692
Target Audience:
• Raw material and testing equipment suppliers
• Research organizations
• Original equipment manufacturers (OEMs)
• Technology standards organizations, forums, alliances, and associations
• Technology investors
• Analysts and strategic business planners
• Government bodies, venture capitalists, and private equity firms
• End users who want to know more about TIC and the latest standards in the TIC market
Testing, Inspection, and Certification (TIC) Market key players are 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),UL (US).
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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 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.
“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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“APAC is expected to be the fastest-growing 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.
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%
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