Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
Global Testing, Inspection And Certification Market Was Valued At US$ 208.8 Bn In 2019 And It Is Expected To Reach More Than US$ XX Bn By 2028, Likely To Grow With The CAGR Of 5.3% During The Forecast Period
The demand for quality products with increasing product diversity has been increased lately, there has been a growth in the number of regulations for these products. The services such as testing, inspection, and certification offer the assurance that the products that are manufactured meet the national as well as the international regulations concerned with safety and quality. The testing, inspection, and certification market is completely dependent on the rules and regulations of the countries worldwide.
An increase in global international sourcing practices and the presence of different product standards across different regions have enhanced the demand for testing, inspection and certification services.
Rapid Globalization And Strict Government Regulations With Prespecified Standards Propelling The Market Growth
The rise in the number of new global trade agreements between countries, predominantly in BRIC. Increased trade between emerging countries driving the growth of TIC services for manufacturers as the imports from emerging nations are required to clear strict tests to adhere to international standards. Furthermore, companies are focusing more on outsourcing their TIC activities as stringent regulatory standards have increased the costs of running in-house TIC activities also drive market growth. Over the past five years, the incidences of non-compliance scandals have increased significantly.
Emerging Digital Technologies Are Expected To Play A Significant Role In The Growth Of The Market For TIC Over The Forecast Period
Several technologies that are playing an essential role in offering better TIC services include augmented reality, next-generation automation, block chain, connected devices, big data and analytics, cloud and cyber security, and smart sensors. In addition, intelligent sensors embedded in the products enable remote inspection and monitoring. This capability helps in continuous security and safety checks, which can further assist in predictive maintenance. Thus, with such abilities less on-site inspections are required. Numerous market players are presently experimenting with online monitoring of pressure vessels, elevators, and other hardware.
The Market For Certification Services Is Projected To Grow At The Highest Rate During The Forecast Period
The certification services segment is projected to exhibit a more than 8% CAGR over the forecast period. Due to the rising demand for obtaining mandatory certifications such as CE Certification, FCC certifications, in addition, China Compulsory Certification (CCC), Energy Label Certification (CEL), amongst various industry sectors, is expected to drive the growth of certification services. This is attributed to the increasing green economy and growing awareness amongst the consumers regarding the safety and quality of food products.
However, the Testing services held a market share of over 55% in 2019 and is estimated to dominate the market share over the forecast timeline. The growth of the testing segment is mainly attributed to the rise in globalization, which has further fostered the growth in global sourcing.
The Consumer Goods And Retails Transportation And Construction Application Segment Is Expected To Hold The Largest Market Share During The Forecast Period
The consumer goods and retail, transportation and construction application segment held over 40% market share in 2019 and is estimated to maintain the market share over the forecast period. The increasing need for TIC services in personal care and beauty products, hard goods, juvenile products, and electrical and electronics devices have driven the growth of the TIC market for the consumer goods and retail application segment.
TIC in the transportation sector includes testing, periodic inspection & maintenance of raw materials and components of transport models such as ships, trucks, cars, containers, trains, and aircraft.
In addition, the construction segment is expected to grow substantially over the forecast timeline. Testing and inspection in this sector include geotechnical & situational testing, design review & analysis, environmental impact analysis, testing of material strength, pavement testing, chemical testing of construction material, electrical wiring inspection, fire system safety audits, supply chain audits, and transportation equipment testing & inspection.
Asia Pacific Region Is Expected To Account For The Largest Market Share Of The Testing, Inspection, And Certification (TIC) Market During The Forecast Period
The market in the Asia Pacific accounted for more than 30% share in 2019, owing to rising economic and regulatory factors in the region. The combination of regulatory and economic factors drives the growth of the testing, inspection, and certification (TIC) market in the APAC region. Increasing awareness in consumers to the importance of certified products, the manufacturers are certifying their products and services to gain the trust of customers. Furthermore, the governments of different countries in APAC are encouraging investments by private players in the technology sector, which would lead to the increased use of independent testing and certification services.
However, Europe is expected to dominate the testing, inspection, and certification market. The major factor that contributed to the market growth in this region is the implementation of the strict regulations pertaining to the safety and quality of products. The European Union encourages non-governmental organizations, such as the consumer and environmental groups, to actively participate in the EU standardization. Most of the EU standards are developed by European organizations, such as CENELEC, European Committee for Electrotechnical Standardization, European Telecommunications Standards Institute, CEN, and European Committee for Standardization, for handling all other standards.
Several prominent players including SGS, Dekra, and Bureau Veritas have started their technological transformations by investing in developing digital TIC solutions such as integration of advanced analytics with inspection services, usage of drones and IoT devices to capture real-time data from the manufacturing and infrastructure sector, and many more aligned applications.
Some of the most important market players involved in the testing, inspection, and certification market are ASTM International, TUV SUD AG, AsureQuality Ltd., Dekra SE, TÜV Rheinland Group, Intertek Group Plc, SGS Group, Bureau Veritas SA, ALS Ltd., DNV GL Group AS, Underwriters Laboratories Inc., and Lloyd's Register Group Limited, among others.
Testing, Inspection And Certification Market Key Segments:
Testing, Inspection And Certification, By Service Type:
Testing, Inspection And Certification Market, By Sourcing Type:
- In-House Services
- Outsourced Services
Testing, Inspection And Certification Market, By Application:
- Consumer Goods and Retail
- Agriculture and Food
- Construction and Infrastructure
- Energy and Power
- Industrial and Manufacturing
- Medical and Life Science
- Oil & Gas and Petroleum
- Public Sector
- Supply Chain and Logistics
- IT and Telecom
- Sports and Entertainment
Testing, Inspection And Certification Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America