The global testing, inspection, and certification market was valued at USD 218.44 billion in 2022, and it is expected to reach USD 294.43 billion by 2031, registering a CAGR of 5.3%, during the forecasted period.The advent of new technologies, and the high demand for inspection and testing at regular intervals across a few industries, such as oil and gas, the TIC market is expected to witness growth, irrespective of the industrial seasonality.
– There is an increase in the volume of international imports and exports, especially for products, such as food and medical products. The Food and beverage, consumer electronics, agriculture, and automotive (electrical vehicles) markets are expected to provide more scope for TIC services.
– Additionally, the environment-focused initiatives are driving the adoption of new testing standards, primarily with the aid of new technologies. For instance, the Detox campaigns, such as Greenpeace’s ZDHC (Zero Discharge of Hazardous Chemicals) campaign across Europe and America. This campaign aimed to reduce the usage of harmful chemical substances in the textile industry (the second largest polluter of fresh water worldwide).
– However, trade wars and growth fluctuations have been challenging the end-user industries and with the recent outbreak of COVID 19, testing, inspection and certification market is playing crucial role by providing assurance that the product and services offered, especially in the healthcare sector, to the customers meet the fundamental safety and health requirements. TIC council directed respective countries to continue providing the TIC services for safety of workplace plant and machinery.
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– For instance, company such as Dekra and SGS are providing their TIC services with minimum disruption to their supply chain. However, the market is expected to experience slowdown in other sectors especially in transportation and manufacturing industries as the market has been significantly impacted by the lockdown strategy followed by the nations embracing the pandemic.
Key Market Trends
Energy and Chemicals is Expected to Hold a Significant Share
– The main scope of TIC services applications in the energy sector is to help ensure the safety, integrity, and reliability of plants and its equipment. These services are helping energy and hard commodity sector undergoing a massive transformation from existing systems to better ways of consumption, production, and distribution.
– Exploration and production, refining and processing, transportation and storage are some of the significant scopes where companies are offering services like risk analysis, environmental impact assessments to mitigation plans, construction assistance, and integrity of assets and equipment in operation.
– The market studied is experiencing an increase in the acceptance and applications in the studied sector mainly as industry players demand high standards regarding safety and profitability and increasing adoption of smart technologies and devices. These technologies have made many testing and inspection methods cost-efficient, allowing end-users to cut down a part of the operations and maintenance costs.
– Further, various government regulations are making it mandatory for companies to adopt proper TIC methods. For instance, in India, the Ministry of New and Renewable Energy (MNRE) issued guidelines for conducting tests on power inverters for use in photovoltaic (PV) power systems and utility-interconnected PV inverters in 2018. The government has mandated that the tests must be conducted by labs for compulsory registration with the Bureau of Indian Standards (BIS).
– The involvement of government authorities in the market as a customer is further expanding the studied market growth. For instance, in January 2019, the Dubai Electricity and Water Authority (DEWA) signed a memorandum of understanding with Germany-based TÜV Rheinland to work together and exchange knowledge on R&D, regulations, environmental protection, and business support in the energy sector.
Asia-Pacific Expected to Witness Rapid Growth
– Asia-Pacific is anticipated to hold major share owing to the merging markets such as China, India, Japan, and South Korea which have become attractive, through the development of indigenous industries and subsequent acceleration in exports, the introduction of stringent standards, and rapid urbanization.
– The emerging markets, such as China, have become attractive spots, through the development of indigenous industries and subsequent acceleration in exports, the introduction of stringent standards, and rapid urbanization.
– Furthermore, the rise of the middle class has led to a growth in private consumption and an increase in the demand for both safety and product quality. This ultimately offers growth opportunities in areas, such as food and consumer goods testing. One such example is the acquisition of TUV Rheinland’s food analysis laboratories in China, by Tentamus Group, in April 2018.
– Then, companies in Japan have to pass through various approvals for the goods imported. Some of them include Optional S Mark Certification, SG Seal of Safety Approval for Mechanical Products, and DENAN & PSE Approval.
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