Global Testing, Inspection and Certification (TIC) Market Is Expected To Grow At 5.8% Compound Annual Growth Rate (CAGR), by Revenue, from 2017 – 2025: Factor & Equilibrium

As per a new market research report published by Factor & Equilibrium (www.factorandequilibrium.com), “Testing, Inspection and Certification (TIC) Market – Global Industry Insights Market Size, Estimation and Growth Forecast By Services (Testing, Inspection and Certification), By Application (Aerospace, Oil and Gas, Automotive, Food and Beverages, Textile and Others) & By Regions, 2017-2025” is expected to reach USD 89.89 Billion by 2025 in terms of revenue. In 2016, the market was valued USD 54.50 Billion in terms of revenue.

Browse 42 Data Tables and 57 Figures in the full report at https://www.factorandequilibrium.com/market-report/testing-inspection-certification-tic-market

Market Overview

The TIC market is expected to grow at a healthy rate during the forecast period 2017 to 2025. Testing services are used for identifying errors, gaps in ensuring quality standards and process flaws in products, assets or systems. Inspection services cover on-site verification of a product, asset or system and check whether inspected object meets specified criteria. Certification is assurance given by an independent accredited body of conformity to requirements for products, services, systems and people. Strict regulatory requirements have created the urge among manufacturers to test their products and services to check their fitness with respect to international or national quality standards and environmental norms. In oil & gas industry, rising demand for complex testing procedures has increased the importance of private TIC service providers who are capable of performing such testing procedures. Furthermore, growing applications of TIC services in different industry verticals in emerging economies has identified as long term growth driver for the market.

Stringent regulations pertaining to safety, quality, and environment sustainability of products, assets and services has created growth opportunity for TIC market

Segmentation Overview

Based on services, the global market has been segmented into testing, inspection and certification. Setting in house testing facilities has its own disadvantages such as huge initial investment requirements, rising operating cost negatively affect profit margin, lack of technical expertise and delay in production process. In addition, complex testing processes such as non-destructive testing (NDT), X-ray powder diffraction (XRD) testing, surface welltest etc might not be conducted in in-house testing facilities without the help of third party TIC service providers having deep level knowledge and expertise. In order to avoid such complexities, companies are opting for testing services provided by private players.

In terms of revenue, testing was the largest services type for TIC market in 2016

By application, the market has been divided into aerospace, oil and gas, automotive, food and beverages, textile and others. Others segment include chemicals, agriculture, mining and consumer products. As individual segment, oil & gas held the largest share of global TIC market in terms of revenue as of 2016. Stricter regulations related to petroleum products, lubricants and liquid fuels have created demand for TIC services in oil and gas industries.

In terms of revenue, oil and gas was the largest individual application segment for TIC market in 2016

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Regional Overview

By region, the global TIC market has been segmented into five regions; North America, Europe, Asia Pacific (APAC), Middle-East & Africa (MEA), and Latin America. In 2016, Europe occupied the largest revenue share of the market, accounting for more than 30%. The large market share can be attributed to placement of well defined regulations for products and services quality by governing bodies, high demand of TIC services across different industries and high concentration of leading TIC service providers.

Europe occupied the largest revenue share of the TIC market in 2016

Leading Player Mapping

Some major players in the market are: DEKRA SE (Germany), Bureau Veritas S.A.  (France), SGS S.A. (Switzerland), Intertek Group plc (The U.K.), AsureQuality Ltd. (New Zealand), ASTM International (The U.S.), Underwriters Laboratories, Inc. (The U.S.), DNV GL (Norway), TÜV Rheinland Group (Germany) and Cotecna S.A. (Switzerland) among others.

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The market has been segmented as follows:

TIC Market, by Services

  • Testing
  • Inspection
  • Certification

TIC Market, by Application

  • Aerospace
    • Avionics
    • Interior and Exterior Lighting Systems
    • Airframes
    • Passenger Service Units (PSUS)
    • Rotor Systems
    • Others
  • Oil and gas
    • Onshore Facilities & Pipelines
    • Offshore Drilling & Fixed Platforms
  • Automotive
    • Durability/Life Cycle
    • Fuel Systems
    • Emission
    • Engine Systems and Batteries
    • Others
  • Food and beverages
    • Processed Meat and Poultry Products
    • Dairy Products
    • Infant Food Products
    • Organic Food & Beverages
    • Others
  • TextileOthers (Chemicals, Agriculture, Mining and Consumer products)
    • Fiber Identification
    • Chemical Testing
    • Feather & Down Testing
    • Thermal and Water Vapor Resistance Testing
    • Others

TIC Market, by Region:

  • North America (The U.S., Canada and Mexico)
  • Europe (Germany, The U.K, Italy, Scandinavia + CIS and Rest of the Europe)
  • Asia Pacific (China, Japan, India, ASEAN and Rest of the Asia Pacific)
  • Middle-East & Africa (South Africa, Saudi Arabia, United Arab Emirates and Rest of the Middle-East & Africa)
  • Latin America (Brazil and Rest of the Latin America)

 

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