The rapid industrial growth has led to governments introducing new laws to ensure the constant quality in goods and customer safety. Testing, inspection, and certification companies provide certificates recognized by governments for safe manufacturing practices. This can assure their adherence to new laws and compliance to safety guidelines enforced by governments. The global testing, inspection, and certification (TIC) market report by Market Research Future (MRFR) covers drivers, challenges, opportunities, and trends for the forecast period (2020-2027). The COVID-19 pandemic’s impact on the industry has been a major talking point of the report.

Market Scope

The global TIC market is expected to perform at a stellar rate owing to rise of manufacturing and adoption of safe practices by governments. Rise of industry 4.0 and high demand for optimizing processes across industries can bode well for the market. Huge investments in R&D for development of new products can induce the need for TIC services. Adherence to changing standards of governments amid dynamic industrial practices can drive the market demand significantly.

The COVID-19 outbreak has negatively impacted the testing, maintenance, and inspection market. Reduction in production owing to shutdown of major facilities for containing the virus had affected the market. Rising need for consumer goods and healthcare equipment had led to various companies embracing latest quality standards to cater to customer demand.

But lack of standards and skilled personnel can hamper the market growth.

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Segmentation

On the basis of sourcing type, the market is segmented into outsourcing and in house. The outsourcing type is expected to exhibit 6.72% CAGR over the forecast period. Deployment of services through flexible practices while maintaining the system’s efficiency can drive the segment growth.

On the basis of service type, the market is segmented into testing service, inspection service, and certification service. The certification service is expected to leap in growth by exhibiting a CAGR of 6.78% during the assessment period. This is attributed to the sale of government approved products in international and domestic markets. Efforts made by governments to improve safety practices during production and protect the customer can drive the segment growth.

On the basis of end user, the market is segmented into automotive, food & beverage, textile, aerospace, oil & gas, petroleum, and others. The automotive sector is expected to dominate the testing, maintenance, and certification market owing to new emission standards enforced by governments to curb pollution levels. Automotive manufacturers have to adhere to new regulations in order to sell their vehicles or risk high recall numbers.

On the basis of application, the market is segmented into commercial and industrial. The industrial application is expected to take the lead in the market and exhibit 5.91% CAGR over the forecast period. Adherence to new standards for development of products can drive the demand in the segment.

Regional Analysis

North America, Asia-Pacific (APAC), Europe, and Rest-of-the-World (RoW) are regions covered in the global testing, maintenance, and certification market.

North America is expected to dominate the global market owing to advances in medical equipment automation, large presence of companies in automotive, consumer electronics, and software sectors, and increased trade.

Europe holds the second position in the TIC market owing to demand for organic food and advances in the automotive industry. Mandates enforced by government agencies for certification and compliance of new products and processes can drive the regional market growth. Rise of international trade and awareness of standards of products can spur market demand.

Competition Analysis

BSI Group, ASTM international, SAI Global Limited, Intertek Group Plc, Dekra Certification GmbH, UL LLC, Bureau Veritas SA, SGS group, ALS Limited, and Mistras Group are key players of the market.

Industry news

TÜV SÜD America recently launched a new branch in Florida to serve the testing, maintenance, and certification demands of the theme park industry. It can serve companies during design, production, and maintenance phases of amusement parks and safeguard citizens from injury.

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