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Testing, Inspection and Certification Market Innovation Trends and Current Business Trends by 2024

News   •   Jan 23, 2018 02:11 EST

Testing, Inspection and Certification (TIC) Market size is anticipated to grow at a steady rate over the years owing to the rising awareness about the quality of products among the consumers. The growing consumption of high-quality products in emerging economies further contributes to the industry demand. Increasing demand for various certification services due to the substantial rise in the production of counterfeit products worldwide is a major factor driving the TIC market growth.

Stringent rules and specified standards adhering to international standards are imposed on import-export materials by the government & international standardization institutions. It is expected to provide impetus to the rising demand for various certification services. Awareness among companies about the fact that certifications enhance the marketability and validate the compliance of their products is fueling the TIC market growth. In India, food products, which contain additives or ingredients that do not adhere to the given standards in the Food Safety and Standards Act and Regulations require an approval from FSSAI.

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Due to the huge number of applications pending for the product approval, the FSSAI has replaced the traditional manual system with a new online system, the Food Product Approval System (FPAS).In the recent years, rising standards owing to the environment and human safety are becoming compulsory for certain category of products, driving the demand for such services. Due to the increasing regulations and standards, companies can no longer build in-house inspection and testing capabilities, which are projected to increase the number of third-party service providers. To reduce the cost-related to testing services, industry players operating in various domains are increasingly outsourcing services, contributing to the TIC market growth.

The divergence in regulations and standards across different geographies is an important factor restraining the TIC market growth. Furthermore, the lack of globally-accepted standards is anticipated to hamper the industry demand. The presence of different standards & regulations in countries across various regions is compelling the manufacturers to restrict their import & export activities, which might have a negative impact on the TIC market.

The TIC market is segmented based on service type, sourcing type, and application. By service type, the market is classified into testing services, inspection services, and others, which include training, consulting, auditing, project management, and asset integrity management services. Rising instances of product recall owing to the surge in use of sub-standard materials and faulty components are driving the growth of testing service segment.

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By the sourcing type, the TIC market has been further classified into in-house and outsourced. Globalization has resulted in the rise in trade between emerging countries, leading more manufacturers to rely on such services. Outsourcing services are expected to witness growth over the forecast timeline. It can be credited to the growth in the utilization of such services pertaining to the increased testing costs.By application type, the TIC market is categorized as consumer goods and retail, transportation, chemicals, agriculture & food, construction & infrastructure, mining, oil & gas, energy & power, industrial & manufacturing, and supply chain & logistics.

The transportation segment is anticipated to witness a significant growth over the forecast timespan. This growth can be attributed to the rising production of vehicles followed by the increasing demand for passenger safety. However, the use of preservatives in packaged food products is on a rise compelling the demand for stringent regulations in product manufacturing, driving the agriculture & food segment growth.

Asia Pacific TIC market is expected to witness a considerable growth over the forecast timespan. Growing number of manufacturing facilities in India and China is aiding the growth of the market in the region. Improved standard of living has led to the demand for better-quality products that require strict testing and certification rules to be followed, driving the regional growth. Moreover, rapid industrialization in Latin America leading to an increase in the number of imports and exports is projected to propel the TIC market in the region.

Major players in the TIC market include Eurofins Scientific, TUV Rheinland, TUV Nord, Avomeen Analytical Services, SGS, Bureau Veritas, Intertek, Eurofins Scientific and Element Materials Technology Medistri, Mistras, Dekra, DNV GL, TUV SUD, Lloyd’s Register, Applus, and ALS. The players operating in the industry are increasingly focusing on enhancing the service portfolio, expanding to the potential region. For instance, in 2017, Bureau Veritas announced the acquisition of ICTK Co., Ltd. aimed at expanding its testing services business in South Korea.

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