According to a report, “China Testing, Inspection, and Certification (TIC) Market Analysis Report By Sourcing Type, By Service Type, By Application (Transportation, Healthcare, Consumer Goods & Retail), And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc.
The China testing, inspection, and certification (TIC) market size is anticipated to reach USD 55.1 billion by 2025, registering a 9.1% CAGR during the forecast period. The China TIC market is expected to register strong growth owing to government investments in the transportation, energy, and construction sectors.
The Chinese government has introduced favorable policies for international players to establish their foothold in the country and to achieve progressive liberalization.
Key Takeaways from the report:
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The China TIC market is witnessing considerable growth owing to increasing number of investments from international incumbents
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By service, the inspection segment is expected to register the highest CAGR of 10.3% over the forecast period
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TIC forms an integral part of the infrastructure and transportation sectors in China and hence, the growth of these two sectors is expected to drive demand for testing inspection, and certification activities
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Key industry participants include AsureQuality Limited, Bureau Veritas SA, DEKRA SE, DNV GL Group AS, Intertek Group PLC, Lloyd’s Register Group Limited, and SGS S.A.
Previously, most companies in China conducted their testing, inspection, and certification operations in-house. However, with growing acceptance of the China Compulsory Certification (CCC), greater emphasis is placed on need for strict regulatory standards and certifications and this has led to increase in outsourcing TIC activities in China due to cost benefits. This growing trend of outsourcing is anticipated to further drive the market over the forecast period. Increased accessibility of the domestic market for international players and provision of cost-effective solutions by TIC service providers will also benefit the market.
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Leading industry participants include AsureQuality Limited, Bureau Veritas SA, DEKRA SE, DNV GL Group AS, Intertek Group PLC, Lloyd’s Register Group Limited, and SGS S.A. Other notable players in the market include TUV Rheinland AG Group; Underwriters Laboratories Inc.; Asia Quality Focus; HQTS Group Ltd.; InTouch Services Ltd.; China Inspection Co., Ltd.; Centre Testing International; China Certification & Inspection Group; Asia Quality Control; V-Trust; TUV SUD; TUV Nord; American Bureau of Shipping; Hartford Steam Boiler; Larsen & Toubro; Asia Inspection; China Building Material Test & Certification Group Co. Ltd.; China Special Equipment Inspection and Research Institute; and China Classification Society.
Grand View Research has segmented the China testing, inspection, and certification (TIC) market based on service type, sourcing type, and application:
China TIC Service Type Outlook (Revenue, USD Billion, 2014 – 2025)
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Testing
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Inspection
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Certification
China TIC Sourcing Type Outlook (Revenue, USD Billion, 2014 – 2025)
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In-house
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Outsourced
China TIC Application Outlook (Revenue, USD Billion, 2014 – 2025)
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Consumer Goods & Retail
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Personal Care & Beauty Products
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Hard Goods
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Soft-liners & Accessories
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Toys & Juvenile Products
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Electrical & Electronics
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Agriculture & Food
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Seed & Crop
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Fertilizers
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Commodities
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Beverages
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Alcoholic
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Non-alcoholic
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Others (Forestry and Food packaging)
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Chemicals
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Asset Integrity Management Services
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Project Life Cycle Services
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Finished Product Services
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Chemical Feedstock Services
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Infrastructure
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Project Management
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Material Services
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Construction Machinery & Equipment Services
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Facilities Management & Inspection Services
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Energy & Power
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Energy sources
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Power generation
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Power Distribution
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Manufacturing
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Suppliers Related Services
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Production & Products Related Services
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Projects Related Services
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Healthcare
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Medical Devices
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Health, Beauty, and Wellness
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Clinical Services
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Mining
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Inspection & Sampling Service
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Analytical Service
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Exploration Service
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Oil & Gas and Petroleum
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Upstream
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Midstream
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Downstream
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Biofuels & Feedstock
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Petrochemicals
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Public Sector
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Product Conformity Assessment
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Monitoring Services
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Valuation Services
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Transportation
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Automotive
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Electrical Systems & Components
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Electric Vehicles, Hybrid Electric Vehicles, and Battery Systems
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Telematics
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Aerospace & Defense
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Services for Airports
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Services for Aviation
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Services for Aerospace
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Marine
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Marine Fuel Systems & Component Services
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Ship Classification Services
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Marine Materials & Equipment Services
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Rail
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Rail Testing Services
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Rail Inspection Services
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Rail Certification Services
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Supply Chain & Logistics
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Packaging & Handling
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Risk Management
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Others (Audits, Certification, and Training)
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- Others
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