New market research study provides an analysis and evaluation of the current and prospective profitability, liquidity and financial stability of Global Testing, Inspection And Certification Industry.
Testing, Inspection, and Certification or TIC is responsible for the regulatory standards issued for quality, technical & environmental safety, along with expected performance of the clients product. Primary role of TIC services include verification, testing, inspection, and certification in order to increase productivity. These services are projected to provide an assurance to the client that the product has been recognized under national & international rules and regulations, and also have attained the industrial standards related to safety and quality.
Various emerging countries are majorly adopting the TIC services for exporting products and maintaining global industrial standards along with taking care of environmental safety pertaining to discharge, storage, emission, and disposal of certain chemical wastes. Increased TIC services outsourcing has been emerged as key opportunity for the growth of TIC companies over the forecast period. Furthermore, increased procedures complexity, standards and regulations proliferation, a sustained suppliers consolidation, controlled technologies and insurance are few other factors positively influencing the TIC industry..
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For Instance, General Safety Regulation (EC) No 661/2009 31A in 2014 has mandated implementation advanced safety features in all the automobiles sold in European countries. These safety features includes tire pressure monitoring systems, driver seatbelt reminders, and ISOFIX child seat anchorages. Also, new trucks & buses must be equipped with advanced emergency braking systems as well as lane departure warning systems.
Rising consumption of products in emerging countries, and harmonization of international standards are also expected to spur the TIC growth over the forecast period, Furthermore, imposition of rigorous rules & regulations by government, and surge in piracy activities and global counterfeiting will also benefit the growth.. Additionally, rising interest from end user & clients aimed at safety and social responsibility will boost the demand of TIC services globally. Although, lack of global certified standards and skilled workforce, and distinguished regulation and standards across geographies may hinder the TIC industry.
TIC market has been segmented on the basis of sourcing type, service type, end-user, and applications. On the basis of sourcing type, the market is segmented as in-house and outsourcing. The service segment is segregated into testing service, certification service, and inspection service. Among these, the testing segment has acquired the major share of revenue generation and is probably projected to maintain the dominance over the forecast period.
Market end user segment includes automotive, aerospace, textiles, food & beverages, petroleum, oil & gas, and others. Other segment includes agricultural, forestry, infrastructure & construction, chemical, healthcare, pharmaceuticals, energy & utilities, government, education, and cosmetics. Increasing rules & regulations to ensure the improved quality productivity of food products has driven the TIC services adoption in food & beverages sector. Based on application, the market is segmented as industrial and commercial.
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Europe TIC market is anticipated to contribute majorly to the global TIC market owing to continual introduction of new regulations such as energy efficiency in construction. TIC services in the Europe market continue to improve due to large focus on outsourcing. Increase in demand for modernization of oil & gas, power infrastructures and wastewater utilization are expected to fuel the demand in the region. Besides, gradual shift of eating inclinations towards health consciousness are spurring the market for food certification in Europe. North America regional market is majorly influenced by enormous presence of electronics, aviation, software, & defense industry, and increased global trade.
Key players in the market include SGS group, Bureau Veritas SA, Dekra Certification GmbH, Intertek Group Plc, ALS Limited, ASTM international, BSI Group, SAI Global Limited, Mistras Group, and UL LLC. However, SGS Group and Bureau Veritas hold the largest market of TIC services. Several regional players have adopted the merger & acquisition strategy to acquire other niche players to compete in the global market. For instance, in 2017, Eurofins Scientific acquires Alphora Research, GATC Biotech, and Ahma ymparisto Oy to strengthen the footprint in the rapidly-growing biopharmaceutical testing market, DNA sequencing and establish a strong presence in southern Finland.
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