In an era marked by technological advancements and a relentless pursuit of quality and safety, the global testing, inspection, and certification (TIC) industry is poised for remarkable growth. With a projected annual growth rate of 1.8%, this industry is set to surge to an impressive US$ 256.9 billion by 2032, reshaping the landscape of various sectors along the way.
One of the driving forces behind this growth is the continuous innovation in technology. As new technologies emerge, industries across the board are compelled to invest in thorough testing, inspection, and certification processes. Whether it’s the oil and gas sector striving for environmental compliance or the consumer and retail industry ensuring product quality, the demand for rigorous scrutiny remains unrelenting. This insatiable appetite for TIC services transcends the boundaries of industrial seasonality, making it a year-round necessity.
Furthermore, the escalating volume of international imports and exports has put TIC services in high demand, particularly for critical products like food and medicines. In an increasingly interconnected world, consumers and regulators alike demand assurance that the products they rely on are safe and adhere to strict quality standards. This is particularly evident in industries such as food and beverage, where supply chains stretch across the globe, and lapses in safety can have dire consequences.
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The high cost of testing, inspection, and certification services owing to disparities in standards and regulations is projected to pose significant risks to the testing, inspection, and certification market key trends & opportunities.
The digital revolution of consumer services and the quick adoption of breakthrough technologies help them carve out testing, inspection, and certification market growth.
The factors impeding testing, inspection, and certification market growth are increased competition and limited awareness among small scale manufacturers. The variables that are opportune for testing, inspection, and certification market opportunities include an increase in awareness of the demand for testing, inspection, and certification, as well as an increase in the requirement for safety.
Key Takeaways:
- The testing, inspection, and certification market in the United States is expected to reach US$ 90.1 billion by 2032, growing at a CAGR of 1.5% through 2032.
- The UK testing, inspection, and certification market is estimated to be valued at US$ 10.7 billion by 2032, with a CAGR of 0.9% through 2032.
- With a CAGR of 1.2% through 2032, China’s testing, inspection, and certification market is estimated to reach US$ 17.6 billion by 2032.
- The testing, inspection, and certification market in Japan is estimated to be worth US$ 14.4 billion by 2032, growing at a 0.2% annual pace until then.
- South Korea is predicted to reach a testing, inspection, and certification market size of US$ 8.7 billion by 2032, with a CAGR of 0.2% through 2032.
- The consumer goods & retail section of the testing, inspection, and certification market is expected to grow at a CAGR of 1.7% through 2032.
- In house-services will surge at a CAGR of 1.1% in the testing, inspection, and certification market’s sourcing type sector through 2032.
Competitive Landscape:
ABS, ALS Global, ASTM, BSI Group, Bureau Veritas, DEKRA, DNV, Intertek, ISO, Lloyds Register, SAI Global, SGS Group, and TUV are legacy players in the testing, inspection, and certification market.
The testing, inspection, and certification market is projected to see fierce competition. With substantial consolidation projected in the next years, fierce competition is expected to grow even more.
To extend their influence in the testing, inspection, and certification market trends, these vendors have used a variety of organic and inorganic growth tactics.
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Key Segments:
By Service Type:
- Testing Service
- Inspection Service
- Certification Service
By Sourcing Type:
- In-House Sourcing
- Outsourced
By Application:
- Medical & Life Science
- Consumer Goods & Retail
- Agriculture & Food
- Chemical
- Construction & Infrastructure
- Energy & Power
- Industrial & Manufacturing
- Mining
- Oil & Gas and Petroleum
- Public Sector
- Automotive
- Aerospace
- Marine
- Rail
- Supply Chain & Logistics
- IT & Telecommunication
- Sports & Entertainment
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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