Testing Inspection and Certification Market: Healthy growth in European countries like U.K, France etc.
Testing, inspection, and certification is a service industry wherein, people, flexibility, workflow, and IT systems play a major role due to which, this industry is not capital intensive. Manufacturers of product get benefited by these services to position themselves in the international market. Additionally, these services help assure consumers about the quality and safety of products.
The global testing, inspection and certification (TIC) market is extremely valued. Globalization and execution of standard rules and regulations in product safety and efficiency are driving its development.
According to IndustryARC, America is leading in Global Testing Inspection and Certification Market. European countries such as U.K., France and others are the growing markets in this field. APAC countries such as China, Korea, Japan, etc. house some of the leading companies serving this market.
Market Driving Factors:
Sectors like agriculture, and environmental are implementing new regulations and standards that have led to various growth opportunities for the TIC market in the said sectors. However, growth of TIC market may be hampering by the regional regulation and standards. Consumers are becoming more aware of health and safety related issues of consumer products which is a major winning imperative for the testing, inspection, and certification (TIC) market.
New regulations and standards have led to the growth of the Testing, Inspection and Certification Market and created a new market opportunity for the players in the TIC market. Different regulations and standards across various regions are impacting the growth of the Testing, Inspection and Certification Market. The life sciences application in the TIC market is witnessing the highest growth rate due to the rising awareness regarding product quality and safety among the consumers.
However regional regulations and standards impact the globalization of trade that also may hamper the growth of TIC market. Emerging markets are the major opportunities for the TIC market and TIC market players are entering into the emerging markets by expanding their geographical presence.
Testing Inspection and Certification Market is broadly segmented to 4 types based on the following deciding factors:
- By Testing Methodology: External Condition, Internal Condition and Others.
External Condition: Visual Testing, Magnetic Particle Testing, Eddy Current Testing and Penetrant Testing.
Internal Condition: Ultrasonic Testing, Radiographic Testing and Leakage Testing.
- By Application: Quality & Safety Services, Product Performance Evaluation, Certification & Valuation of Shipments, Valuation of imports with respect to standards, Industrial Inspections and Others.
Industrial Inspections: Maintenance Turnarounds, System Certification, Supplier Evaluation and Laboratory Outsourcing.
- By End User Industry: Agriculture, Automotive, Food, Life Science, Medicine, Oil & Gas, System Compliance, Commercial and Others.
- By Geography: America, Europe, APAC and ROW.
Key Market Vendors:
Testing Inspection and Certification (TIC) Market is analyzed in depth with regard to all aspects along with notable market competitors. With more than 40 total companies studied based on business prospects like financial overview, company profiles, product portfolios and more, the further below are few top ones included in this market research report.
- Novatech Inspection Services LLC
- Saudi Ground Services Co
- Alfred H Knight International Ltd
- Overseas Merchandise Inspection Company Ltd
- Baltic Control Ltd.
TIC market players are focusing towards expanding their geographical presence in emerging markets. They are expanding their portfolio and geographical reach through acquisitions and expansion strategies. Emerging markets have been witnessing an increasing demand for TIC services.
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