Global TIC Market for Energy & Power Industry is Anticipated to grow at a Significant Pace and was USD 7.7 billion in 2020

Posted October 7, 2021 by industryno1

VynZ Research is a global market intelligence company providing research reports.

The global TIC market for the energy & power industry is expected to witness a CAGR of 4.3% during the forecast period. TIC services help improve the standards of the manufacturing process by conducting testing, inspections, and certifications in accordance with regulations around the world. This will help in the production of quality, safe, and reliable products/components in the energy & power industry. The energy & power industry feeds the world’s economy. There is a rising demand to efficiently and effectively operate energy & power projects to sustain energy growth and provide environmental support.

Growing urbanization and people migrating from rural areas to urban areas are driving the growth of the TIC market for the chemical industry. Moreover, mandatory safety regulations, advancement in networking and communication technology, digitalization, need to have credibility and image, reduced turnover of employees, increased level of cost control improvement, and rapid improvement of various processes will fuel the growth of TIC in the energy & power industry. Moreover, companies are focusing on deploying renewable energy sources such as solar energy and wind energy that require specialized equipment and have to function at total efficiency, thus propelling the demand for TIC services in the market.

The COVID-19 outbreak has adversely impacted the global economy and the energy & power industry has also been adversely affected by it. However, a digital transformation like virtual inspections, visual inspection, and remote auditing has created opportunities for the growth of the TIC market in the energy & power industry.

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DNV GL and WattTime (US), a provider of technology solutions to achieve emission reductions, jointly announced a strategic partnership to incorporate WattTime’s emissions intelligence into DNV GL’s expertise in energy management and digital services for renewables, storage, and efficiency.

Browse 53 market data Tables and 35 Figures spread through 250 Pages and in-depth TOC on " TIC Market for ENergy & Power Industry by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by Industry Vertical (Agriculture, Biofuels, Coal & Solid Fuels, Hydrogen, Minerals, Nuclear, Oil & Gas, Power Equipment, Power Generation, Power Transmission & Distribution, Solar, Wind, Wave & Tidal, and Others), and Region - Global Forecast to 2027"

Based on industry vertical, the TIC market for the energy & power industry is divided into agriculture, biofuels, coal & solid fuels, hydrogen, minerals, nuclear, oil & gas, power equipment, power generation, power transmission & distribution, solar, wind, wave & tidal, and others. Biofuel’s segment plays an important role in the TIC market as there is a need to provide a wide range of services in biofuels quality control, contamination analysis, quality confirmation, trace residual analysis, and comply with international standards such as ASTM, IP, API, EN, etc. The growth of the renewable energy sector means product development and environmental and regulatory challenges are considerably evolving resulting in the growth of the TIC services.

APAC is anticipated to witness fast growth owing to widespread industrialization, rising demand for energy, initiatives by the government to adopt renewable energy sources, modernization of power generation, transmission and distribution network, and urbanization in countries such as China, India, and Japan which has provided huge investment in the energy & power industry. Moreover, an increase in the number of TIC start-ups supported by government investment and mandatory government regulations on safety and quality will create opportunities for growth of the TIC market for the energy & power industry.

Some of the key players operating in the TIC market in the energy & power industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, Lloyd Register Group Limited, DEKRA SE, Applus+, and DNV GL.

Source: VynZ Research
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Last Updated October 7, 2021