During the forecast period, it is expected that the market for testing, inspection, and certification market will grow at a CAGR of 1.8%.
The testing, inspection, and certification market is expected to grow from its estimated value of US$ 215.0 billion in 2022 to US$ 256.9 billion by 2032.
The market for testing, inspection, and certification is expected to be significantly impacted by the digital transformation of customer services.
The demand for interoperability testing for connected devices and the Internet of Things is driving up the use of testing, inspection, and certification services. Utilizing Testing, Inspection, and Certification (TIC) techniques enables businesses to streamline operations by customizing their supply chain activities to suit their needs and preferences. Government investments in energy, transportation, and building industries are examples of these attributes.
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The expansion of the TIC market is anticipated to be boosted by the rise in the outsourcing of testing, inspection, and certification services by well-known businesses active in the manufacturing, automotive, and consumer goods application areas. The growing demand from businesses and companies for safe and practical testing, inspection, and certification methods encourages the TIC market to expand.
Increased Outsourcing of TIC Services Drive the Global Testing, Inspection, and Certification Market
The expense of internal product testing, certification, and inspection has increased due to the proliferation of laws and standards. As a result, several industry participants have begun outsourcing the TIC services to outside providers. For instance, the revenue of the outsourcing segment is anticipated to increase over the projection period due to the growth of third-party inspection regulations internationally and the strict application of CCC certification in China.
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One of the key drivers for businesses in the global TIC industry is expected to be increased outsourcing of TIC services. Independent TIC service providers are crucial in helping the government carry out its responsibility of shielding customers from dangerous or unreliable products. The Compulsory China Certification, for instance, includes more than 23 product categories, including those for wires, cables, appliances, consumer products, and automobile parts. The need for testing services has significantly expanded in China due to the growth in the revenues of the automotive, industrial, and consumer goods industries, forcing the government to liberalize its market to foreign competitors. The revenue of the outsourcing segment is anticipated to increase throughout the forecast period due to the expansion of third-party inspection regulations on a global scale and China’s strict implementation of CCC certification.
Development in Infrastructure and Renewable Energy Generation Projects in the Growing Economies Creates Lucrative Market Opportunities
The transportation and infrastructure sectors are constantly evolving in the growing economies. It is anticipated that the market will have a sizable growth opportunity since the testing, inspection, and certification are essential components of these industries and the increased demand for the continual expansion of transportation facilities like roads and railroads. The country’s economic growth encourages the improvement of the nation’s infrastructure, which catalyzes the market expansion in other developing economies like China and India. For instance, the government of Vietnam published a proposal for the most recent national power development plan in February 2021. It entails raising the capacity of non-hydro renewable energy sources like wind and solar.
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Demand for the TIC industry is anticipated to increase as renewable energy generation projects are implemented. For instance, in 2017, the Indian market was put in second place as the world’s most desirable market for renewable energy. By 2022, the nation has the most ambitious expansion plan globally, calling for 175 GW of renewable energy. This renewable energy consists of 100 GW of solar, 60 GW of wind, 10 GW of biomass, and 5 GW of small hydropower. Therefore, as testing, inspection, and certification play a significant part in developing such projects, the various governments’ investments in the construction of infrastructure and power plants are anticipated to spur market expansion.
Regional Insights
Asia-Pacific accounts for the largest market share and is estimated to grow at a CAGR of 5.2% during the forecast period. China and India are the most dynamic testing and inspection markets in Asia-Pacific, attributing to the significant increase in manufacturing and commodities exports in the region. The food products export is a prominent contributor to increasing export from India. India’s seafood exports are subject to laws and restrictions specific to that nation or area. As a result, the food industry is expected to grow considerably in inspection and testing. This would increase food safety inspection and sampling openness for the Food Safety and Standards Authority of India (FSSAI).
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