| Report Code: A09890 | Pages: 307 | Jan 2022 | 10655 Views | ||
| Author(s) : N K, Divyanshi T , Vineet K | Tables: 152 | Charts: 88 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Testing, Inspection And Certification Market
Request Now !The global testing, inspection and certification market size was valued at $213.60 billion in 2020, and is projected to reach $349.27 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030. Testing, inspection, certification (TIC) are the services ranging from auditing and inspection, to testing, verification, quality assurance and certification of the product, equipment and more. These help in increasing efficiency of production to reduce error by minimizing risk. TIC services are applicable in oil & gas, food industry, pharmaceuticals, chemical industry, and other sectors.
The food industry segment has been negatively impacted by the COVID-19 pandemic outbreak.
Increasing focus of manufacturing companies to improve customer retention by offering quality products and surging demand for interoperability testing for connected devices and IoT drive the growth of the testing, inspection and certification market. However, high cost of TIC services due to diverse standards and regulations across different geographies is expected to pose major threats for the TIC market.
Furthermore, digital transformation of customer services and rapid adoption of breakthrough technologies are expected to offer lucrative opportunities for the growth of the global testing, inspection and certification industry.
Increase in competition and low awareness among small scale manufactures are the key factors hamper the growth of the market. Rise in awareness for need of testing, inspection and certification and surge in need of safety are the factors that are opportunistic for the market growth.
The testing, inspection and certification market is segmented on the basis of service type, sourcing type, application, industry vertical and region. By service type, the market is divided into testing, inspection, and certification. By sourcing type, the market is bifurcated into in-house, and outsource. By application, the market is divided into quality and safety, production evaluation, industrial inspection, system certification, and others.
By industry vertical, the market is analyzed across agro industry, food industry, pharmaceuticals, chemical industry, oil and gas, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.
The key players profiled in this report include ABS, ALS Global, ASTM, BSI Group, Bureau Veritas, DEKRA, DNV, Intertek, ISO, Lloyds Register, SAI Global, SGS Group, and TUV. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaborations, to enhance their market penetration.
Notable factors positively affecting the testing, inspection, certification market include the Increasing focus of manufacturing companies to improve customer retention by offering quality products and surging demand for interoperability testing for connected devices and IoT. However, High cost of TIC services due to diverse standards and regulations across different geographies hamper the growth of the market. Furthermore, digital transformation of customer services and rapid adoption of breakthrough technologies is expected to offer lucrative opportunities for the market growth in the coming years.
Competitive analysis and profiles of the major testing, inspection and certification market players such as ABS, ALS Global, ASTM, BSI Group, Bureau Veritas, DEKRA, DNV, Intertek, ISO, Lloyds Register, SAI Global, SGS Group, and TUV have been covered in the report.
The outbreak of COVID-19 has significantly affected the electronics and semiconductor sector. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases, and are expected to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted global supply chain posing challenges for manufactures to reach customers.
The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the overall business globally. The crisis is creating uncertainty in the stock market and is resulting in falling business confidence, massive slowing of supply chain, and increasing panic among customers.
Asian and European countries under lockdowns have suffered major loss of business and revenue, owing to shutdown of manufacturing units. Operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, which further impacted growth of the testing, inspection and certification market growth.
In addition, the COVID-19 pandemic has impacted the electronics sector as production facilities have stalled, which, in turn, boost demand for electronics and semiconductor products in these industries. Its major impact includes a large manufacturing interruption across Europe and interruption in Chinese parts exports, which hinder the testing, inspection and certification market.
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Testing, Inspection and Certification Market Report Highlights
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The TIC market is competitive, owing to strong presence of existing vendors. TIC companies, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by firms.
The TIC market holds a substantial scope for growth on a global scale. Its contribution to the market is anticipated to increase significantly during the forecast period. Recent discoveries and innovations have created vast opportunities for numerous players to step in the TIC market. Moreover, TIC services ensure quality assurance, verification of the safety, security, and performance of a product, service, or process, higher level of cost control improvement, and faster improvement of various processes.
Increasing focus of manufacturing companies to improve customer retention by offering quality products and surging demand for interoperability testing for connected devices and IoT drive the market growth. High cost of TIC services due to diverse standards and regulations across different geographies is the biggest limitation for the market growth.
Surge in competition and reduced awareness among small scale manufactures are the key factors that hamper the growth of the market. Increase in awareness for need of TIC and rise in concern for safety and quality are the factors opportunistic for the market growth.
A. The testing, inspection and certification Market is estimated to grow at a CAGR of 5.3% from 2021 to 2030.
A. The testing, inspection and certification Market is projected to reach $349.27 billion by 2030.
A. To get the latest version of sample report
A. Factors such as Increasing focus of manufacturing companies to improve customer retention by offering quality products and surging demand for interoperability testing for connected devices and IoT drives the growth of the testing, inspection and certification market
A. The key players profiled in the report include ABS, ALS Global, ASTM, BSI Group, Bureau Veritas, DEKRA, DNV, Intertek, ISO, Lloyds Register, SAI Global, SGS Group, and TUV, and many more.
A. On the basis of top growing big corporations, we select top 10 players.
A. The testing, inspection and certification Market is segmented on the basis of service type, sourcing type, application, industry vertical and region.
A. The key growth strategies of testing, inspection and certification market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
A. subsegments of service type are testing, inspection, and certification.
A. Inspection segment will grow at a highest CAGR of 6% during 2021 - 2030.
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