Testing, Inspection and Certification (TIC) Market – Global Industry Insights, Market Size Estimation and Growth Forecast By Services (Testing, Inspection and Certification), By Application (Aerospace, Oil and Gas, Automotive, Food and Beverages, Textile and Others) & By Regions, 2017-2025

Report Description

The TIC market has been covered under the scope of this report. Testing, inspection and certification organizations are engaged in testing, inspection and certification services wherein the main purpose is to help clients to comply with the regulations relating to quality, safety and environment. The global TIC market has been segmented on the basis of services, application, and region. It also provides a cross sectional study of the global TIC market across broad regional segments such as North America, Europe, Asia-Pacific, Middle-East & Africa (MEA) and Latin America under its scope. The market is primarily being driven by the stringent regulations regarding quality and safety of products and services by governing bodies and growing demand of testing services across companies to decrease operational cost and increase product durability. In addition, latest technology innovation related to TIC services has also created growth opportunity for the market.

A complete analysis of market dynamics, which include the market drivers, restraints and opportunities, is included under the scope of the report. Market dynamics are the push/pull factors that influencing the growth/stagnation of any specific market and hence are invaluable in studying the current trends in the global market. Market dynamics for the different segments, namely services and application, have been covered separately, under the purview of the report. Additionally, the dynamics for each region has also been covered under the scope of the report. Thus, this report provides an exhaustive study of the global TIC market and also provides the forecast of the market for the period from 2017 – 2025.

Under the scope of the report on global TIC market, several high-level analyses have been covered. This includes the product-market trend analysis, service lifecycle analysis, Porter’s five forces analysis and market attractiveness analysis. Market evolution analysis discusses regarding the service evolution and current market scenario. Key trends analysis discusses the current and upcoming trends of this market. Service lifecycle analysis analyzes the current lifecycle stage of the service in the five wide geographic regions, such as whether the service is approaching maturity in a region or whether it is a new entrant etc. Porter’s five forces analysis provides insights on the competitive scenario, with regards to new entrants, substitutes, buyers and suppliers. Patent analysis discusses on the various patents being filed and granted, across the different patent offices. For providing a detailed insight into the global TIC market, the market attractive analysis has been provided in the report. Market attractiveness analysis details the investment attractiveness, by each services, application and geography.

The competitive profiling of the key players in the global TIC market and their internal strength/weakness as well as key business strategies have been exhaustively covered under the purview of the study.

Some major players in the market are: DEKRA SE (Germany), Bureau Veritas S.A. (France), SGS S.A. (Switzerland), Intertek Group plc (The U.K.), AsureQuality Ltd. (New Zealand), ASTM International (The U.S.), Underwriters Laboratories, Inc. (The U.S.), DNV GL (Norway), TÜV Rheinland Group (Germany) and Cotecna S.A. (Switzerland) among others.

TIC Market Dynamics

The primary driving factors of the global TIC market are increasing demand of testing services among end users to ensure products and services offered by them adhere to existing quality as well as safety standards. In addition, stringent regulations regarding safety, quality and environment impact of products, assets and services by regulatory bodies has increased the importance of availing TIC services among end users. In countries from North America and Europe, state of technology dynamics has changed rapidly in last 10 years. For example, shale gas revolution in some of the developed countries has created the requirement for new set of testing services to ensure safe operations. Such rapidly changing technology dynamics in developed countries has created growth opportunity for TIC market. However, more than 50% of the TIC market is served by internal TIC department of companies, government bodies, industrial health and safety authorities and port authorities among others. Such heavy share of government bodies has dented the growth opportunity for private TIC service providers.

Segmentation Overview

Based on services, the global market has been segmented into testing, inspection and certification. As of 2016, testing held the largest share as services type in terms of revenue. Testing is preferred over other TIC services owing to greater awareness among stakeholders, increasing demand for complex testing procedures in oil and gas industry and comparatively higher price of testing services over other TIC services.

On the basis of application, the market has been divided into aerospace, oil and gas, automotive, food and beverages, textile and others. In terms of revenue, oil and gas was the market leader in 2016. The growing application of TIC services across upstream and downstream activities and growing demand of testing services in shale gas production, which were instrumental in gaining the leading position of this segment.

Regional Outlook

TIC market has been further segmented into five broad geographic regions, namely North America, Europe, Asia Pacific (APAC), Middle-East & Africa (MEA) and Latin America. Europe occupied the largest share of the market in 2016. The large market share can be attributed to greater penetration of TIC services across different industries and greater concentration of TIC services provider in this region.

Leading Player Mapping

Some major players in the market are: DEKRA SE (Germany), Bureau Veritas S.A. (France), SGS S.A. (Switzerland), Intertek Group plc (The U.K.), AsureQuality Ltd. (New Zealand), ASTM International (The U.S.), Underwriters Laboratories, Inc. (The U.S.), DNV GL (Norway), TÜV Rheinland Group (Germany) and Cotecna S.A. (Switzerland) among others.