The testing, inspection, and certification market in the industrial & manufacturing industry was USD 15 billion in 2020, registering a CAGR of 3.5% during the forecast period 2021-2027.

Testing in TIC means an industry activity that assures manufactured products, individual components, and multi-component systems are suitable for the predetermined purpose. Inspection and testing are the operating parts of quality control, which is the most critical factor for the survival of any manufacturing company. Quality control directly supports other factors such as cost, productivity, on-time delivery, and market share. The testing, inspection, and certification market report is composed of conformity assessment agencies, which provide services from audit and inspection to testing, verification, quality assurance, and certification.

The growing government-enforced regulations, considerable industry standards regarding public health and safety management, asset management and optimization, certification requirements, and huge penalties against non-compliance parties are projected to drive the demand for TIC in the industrial & manufacturing industry.

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Geographically, APAC is anticipated to have a high CAGR during the forecast period owing to the rising investment in R&D, rapid urbanization & industrialization, huge manufacturing capabilities and exports, rising per capita income among the middle-class population, improved lifestyles, and increasing consumer awareness about the importance of quality certification, testing, and inspection.

The business enterprises have started opening development centers in new locations to enhance market penetration which helps in building business relations with customers and clients. Moreover, the industry players in the TIC market have started building strategies like mergers and acquisitions to generate new revenue channels.

DEKRA Organisational and Process Safety partnered with Saudi Binladin Group to fast-track progress toward becoming a world leader in safety performance.

UL announces the launch of Machine Risk Assessment services designed to help factory owners, asset owners, and employers mitigate risk within the industrial workplace and provide a safer work environment.

Some of the key players operating in the TIC market in the industrial & manufacturing industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, Lloyd Register Group Limited, MISTRAS Group, TUV SUD, and DNV GL.

Source: VynZ Research