Testing, Inspection, and Certification Market (TIC Market) to Reach USD 286.2 Billion by 2026 – Exclusive Report by Mordor Intelligence

Testing, Inspection, and Certification Market (TIC Market) to Reach USD 286.2 Billion by 2026 - Exclusive Report by Mordor Intelligence

“Mordor Intelligence”
Asia Pacific region holds the largest market share in the testing, inspection, and certification market. Globally, the top 3 players, SGS, Bureau Veritas, and Intertek holds approximately 25% of the total TIC market share.

Testing, Inspection, and Certification Market Overview

The Global Testing, Inspection, and Certification market was valued at USD 200.16 billion in 2020, and it is expected to reach USD 286.2 billion by 2026, registering a CAGR of 6.4% from 2021 to 2026. With 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. Inspection and testing are the operational parts of quality control, which is the most crucial factor in the survival of any manufacturing company. There is a spike in the volume of international imports and exports, especially for food and medical products. The food and beverage, consumer electronics, agriculture, and automotive (electric 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.

Download free sample here – Testing, Inspection, and Certification Market

Testing, Inspection, and Certification Market – Geographical Overview

Asia Pacific region holds the largest market share in the testing, inspection, and certification market

The Asia Pacific region is expected to hold a significant share due to emerging 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 Asia Pacific region’s new-built projects dominate the upcoming project’s landscape in the world and are indicative of the need for TIC services throughout the project.

Check our other latest reports on – 

Key Highlights of the Testing, Inspection and Certification Market 

  • The Testing, Inspection, and Certification Market is highly competitive and the market is fragmented, and dominated by three large players, SGS, Bureau Veritas, and Intertek (approximately 25% of the total market share), and the top 10 players accounted for less than 40% of the TIC market.
  • In March 2021, Bureau Veritas, a global leader in testing, inspection, and certification (TIC) services, has joined the Waterstof Industrie Cluster, an industrial collaboration that brings together corporations, research institutions, governments, and authorities to work on hydrogen.
  • China’s five-year plan for 2016-2020 and the Made in China 2025 initiative have identified 5G as an emerging industry. It offers opportunities for Chinese companies to become more competitive and innovative in the global market and prevent low-quality and counterfeit goods from entering the market.

Impact of COVID-19 on the Testing, Inspection and Certification Market  

Owing to the significant outbreak of the COVID-19 pandemic across the globe, the market witnessed a short-term decline in demand. Though the decline in revenues was witnessed in the first quarter of 2020, a few prominent players have seen significantly high demand for testing, inspection, and certification services from select end-user industries.

Related Reports:

List of Key Players in the Testing, Inspection, and Certification Market 

  • Intertek Group PLC
  • SGS SA
  • Bureau Veritas SA
  • Underwriters Laboratories (UL)
  • DNV GL
  • Eurofins Scientific SE
  • Dekra Certification GmbH
  • ALS Limited
  • BSI Group
  • SAI Global Limited
  • MISTRAS Group Inc
  • Element Metech (Exova Group PLC)
  • TUV SUD Ltd  
  • Applus Services SA 
  • Kiwa NV  

*List Not Exhaustive 

Mordor Intelligence has segmented the Testing, Inspection, and Certification market on the basis of service, sourcing, end-user, and geography: 

  • Service Type (Market Size & Forecast (2019-2026) in USD billion)
    • Testing and Inspection Service
    • Certification Service
  • Sourcing Type (Market Size & Forecast (2019-2026) in USD billion)
    • Outsourced
    • In-house
  • End-user Type (Market Size & Forecast (2019-2026) in USD billion)
    • Consumer Goods and Retail
    • Food and Agriculture
    • Oil and Gas
    • Construction and Engineering
    • Energy and Chemicals
    • Manufacturing of Industrial Goods
    • Transportation (Rail and Aerospace)
    • Industrial and Automotive
    • Other End-user Verticals
  • Geography (Market Size & Forecast (2019-2026) in USD billion)
  • North America
    • United States
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Norway
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • South Korea
    • India
    • Rest of Asia-Pacific
  • Middle East and Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • Turkey
    • Nigeria
    • Rest of Middle East and Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America

About Mordor Intelligence 

Mordor Intelligence is a market intelligence and advisory firm. Our mission is to map complex business ecosystems across the globe to better predict butterfly effects. To date, we have partnered with 4000+ enterprises across 20 industries, to deliver precise data and actionable insights in over 6000 projects. Our domain-specific teams of research experts continuously track markets, enabling our clients to gain a competitive edge through high-quality market intelligence. 

We offer fully tailored intelligence solutions to meet the unique business requirements of any organization. Our deep industry expertise coupled with cross-functional analyst teams ensures we can support the intelligence requirements of even the most specific of business problems.

Media Contact
Company Name: Mordor Intelligence Private Limited
Contact Person: Bhargav P
Email: Send Email
Phone: +1 617-765-2493
Address:5th Floor, Rajapushpa Summit, Nanakramguda Rd, Financial District, Gachibowli
City: Hyderabad
State: Telangana 500008
Country: India
Website: https://www.mordorintelligence.com/industry-reports/testing-inspection-and-certification-market?utm_source=press-release&utm_medium=ICT&utm_campaign=AB_Newswire