The global landscape for testing, inspection, and certification (TIC) services is on a trajectory of steady growth, with expectations set for an annual increase of 1.8% Year-on-Year (Y-o-Y). By 2032, this market is projected to reach an impressive valuation of US$ 256.9 billion, signaling a strong demand for quality assurance across a multitude of industries.
What’s driving this upward trajectory? Two key factors stand out. First, the continuous invention and adoption of new technologies are ushering in a wave of change that requires rigorous inspection and testing. Whether it’s the rollout of groundbreaking innovations in sectors like electronics or the relentless need to maintain safety standards in the oil and gas industry, the demand for TIC services remains resilient and unaffected by industrial seasonality.
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The high cost of testing, inspection, and certification services owing to disparities in standards and regulations is projected to pose significant risks to the testing, inspection, and certification market key trends & opportunities.
The digital revolution of consumer services and the quick adoption of breakthrough technologies help them carve out testing, inspection, and certification market growth.
The factors impeding testing, inspection, and certification market growth are increased competition and limited awareness among small scale manufacturers. The variables that are opportune for testing, inspection, and certification market opportunities include an increase in awareness of the demand for testing, inspection, and certification, as well as an increase in the requirement for safety.
Key Takeaways:
- The testing, inspection, and certification market in the United States is expected to reach US$ 90.1 billion by 2032, growing at a CAGR of 1.5% through 2032.
- The UK testing, inspection, and certification market is estimated to be valued at US$ 10.7 billion by 2032, with a CAGR of 0.9% through 2032.
- With a CAGR of 1.2% through 2032, China’s testing, inspection, and certification market is estimated to reach US$ 17.6 billion by 2032.
- The testing, inspection, and certification market in Japan is estimated to be worth US$ 14.4 billion by 2032, growing at a 0.2% annual pace until then.
- South Korea is predicted to reach a testing, inspection, and certification market size of US$ 8.7 billion by 2032, with a CAGR of 0.2% through 2032.
- The consumer goods & retail section of the testing, inspection, and certification market is expected to grow at a CAGR of 1.7% through 2032.
- In house-services will surge at a CAGR of 1.1% in the testing, inspection, and certification market’s sourcing type sector through 2032.
Competitive Landscape:
ABS, ALS Global, ASTM, BSI Group, Bureau Veritas, DEKRA, DNV, Intertek, ISO, Lloyds Register, SAI Global, SGS Group, and TUV are legacy players in the testing, inspection, and certification market.
The testing, inspection, and certification market is projected to see fierce competition. With substantial consolidation projected in the next years, fierce competition is expected to grow even more.
To extend their influence in the testing, inspection, and certification market trends, these vendors have used a variety of organic and inorganic growth tactics.
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Key Segments:
By Service Type:
- Testing Service
- Inspection Service
- Certification Service
By Sourcing Type:
- In-House Sourcing
- Outsourced
By Application:
- Medical & Life Science
- Consumer Goods & Retail
- Agriculture & Food
- Chemical
- Construction & Infrastructure
- Energy & Power
- Industrial & Manufacturing
- Mining
- Oil & Gas and Petroleum
- Public Sector
- Automotive
- Aerospace
- Marine
- Rail
- Supply Chain & Logistics
- IT & Telecommunication
- Sports & Entertainment
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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