Testing, Inspection, and Certification Services Market Trend to 2024 Profiling SGS SA, Intertek, Bureau Veritas, Eurofins, DNV GL, Corelab, Kiwa Group, RINA, Apave, TUV Nord
MarketStudyReport.com offers 2018 report on global Testing, Inspection, and Certification Services market that evaluates industry growth trends through historical data and estimates future prospects based on comprehensive research. The report extensively provides the market share, growth, trends and forecasts for the period 2018-2024.
Testing, Inspection, and Certification (TIC) Services Market is anticipated to be cross USD 240 billion mark by 2024. The market is propelled by the increasing trend of outsourcing services. The companies are leveraging on the third-party companies to minimize their operation cost and focus on their core business competencies. The stringent government regulations pertaining to the product safety and health also drive the demand for TIC services market.
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Globalization has further foster the demand for the TIC services. The new trade partnerships between the nations are encouraging companies to outsource their business operations to offshore countries. This is augmenting the demand for the third-party service providers to inspect the supply chain, raw material, and quality control procedure to ensure the safety and quality of the product. Furthermore, the rise in the conscious consumerism along with the development of the brand protection policies across the globe also supports the market growth. However, the protectionist policies and trade barriers act as major constraints. Moreover, the uncertain regulatory environment and complex nature of the global supply chain are also hindering the growth.
The testing services accounted for over 65% stake in the TIC services market. The growth is credited to the increasing concerns among consumers for improved quality of products & services. Furthermore, the rising focus of the government on the product quality and health is also augments the demand for the testing services. On the other hand, the certification services are anticipated to grow at a CAGR of more than 9% during the forecast period. The continuous efforts by the government to reduce the carbon dioxide emissions and energy consumption will drive the demand for the certification services.
The transportation sector holds more than 25% of the share in the TIC services market. The growth is attributed to the technological advancements in the automobile component. Moreover, the requirement to comply with the international standards and guidelines will also foster the growth. The agriculture & food sector is anticipated to attain the growth rate of over 10% during the forecast timeline. The growing prevalence of the food contamination diseases and food-borne illnesses is the major force driving the demand for the TIC services in the agriculture & food sector.
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Europe is leading the TIC services market with more than 40% share in the revenue in 2017. The growth is credited to the stringent government standards to promote consumer safety and improve the product quality. Moreover, the presence of commonly-accepted standards across the European Union member countries has further nurtured the growth. On the other hand, Asia Pacific is anticipated to grow substantially at a CAGR of over 9% during the forecast period. The demand is driven by the rapid urbanization and industrialization in the emerging economies including India and China.
The major players in the TIC services market are SGS SA, Intertek, Bureau Veritas, Eurofins, DNV GL, Applus+, Corelab, Kiwa Group, RINA, Apave, TUV Nord, ALS, SOCOTEC LR SYNLAB, TUV Rheinland TUV SUD, and DEKRA. These players are adopting merger and acquisition activities to gain the share and increase the global footprint. For instance, in 2018, SGS acquired SIT Skin Investigation and Technology to expand the company?s presence in the retail portfolio in testing services for cosmetics and skin care.
Table of Contents
Chapter 2. Executive Summary
2.1. TIC services industry 360º synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Service trends
2.1.4. Type trends
2.1.5. Application trends
Chapter 3. Global TIC Services Industry Insights
3.2. Industry segmentation
3.3. Industry landscape, 2013 – 2024
3.4. Industry ecosystem analysis
3.5. TIC services market evolution
3.6. Market news
3.7. Technology and innovation landscape
3.8. Industry impact forces
3.8.1. Growth drivers
188.8.131.52. Growing demand for third part services
184.108.40.206. Rise in globalization
220.127.116.11. Stringent government regulation
18.104.22.168. Empowered consumers
22.214.171.124. The rise of brand protection policies
3.8.2. Industry pitfalls & challenges
126.96.36.199. Uncertain regulatory environment
188.8.131.52. Complex nature of global supply chain
184.108.40.206. Replacement of KYTO protocol
3.9. Growth potential analysis
3.10. Porter’s analysis
3.11. PESTEL analysis
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