New Study on Testing, Inspection, and Certification Market “Estimated to Reach US$ 266.2 Billion by 2024”

Press Release

A fresh report titled “Testing, Inspection, and Certification Market” delivering key insights and providing a competitive advantage to clients through a detailed report. The report also details the information about the global market status, growth rate, future trends, market drivers, challenges, opportunities and porter’s forces analysis with respect to these elements. An exclusive data offered in this report is collected by research and industry experts team.

The Testing, Inspection, and Certification Market is estimated to grow from US$ 209.4 Billion in 2019 to US$ 266.2 Billion by 2024—growing at a CAGR of 4.91%. This report spread across 248 pages, profiling 15 companies and supported with 79 tables and 46 figures is now available in this research.

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The market report of Testing, Inspection, and Certification identifies key market players as SGS Group (Switzerland), Bureau Veritas SA (France), Intertek (UK), and TÜV SÜD Group (Germany), Eurofins Scientific (Luxembourg), DNV GL (Norway), TÜV Rheinland Group (Germany), Applus+ (Spain), ALS Limited (Australia), TÜV NORD Group (Germany), Lloyd’s Register Group Limited (UK), MISTRAS (US), Element Materials Technology (UK), and UL LLC (US).

The market for certification services is estimated to grow at a higher CAGR during the forecast period. Certification demonstrates a company’s credibility in the market. Certification services in the TIC market validate the result of a test or inspection against a range of pre-specified standards set by governments, international standardization institutions, or clients. Generally, certification or safety marks are applied to the product.

The market for the automotive application is estimated to grow at the highest CAGR during the forecast period. Automotive testing requires highly advanced capabilities and expertise to evaluate the performance and reduce the delivery time of a vehicle. Governments are increasingly focusing on implementing legislation to prevent road accidents and minimize the environmental impact of non-compliant vehicles.

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“The market in APAC is expected to witness the highest CAGR during the forecast period”

The market in APAC is estimated to grow at the highest higher CAGR during the forecast period. Countries in APAC such as China and Japan are the most developed countries, with significant export capacity. However, its imports are mainly targeted at the agriculture, petroleum, and mining industries, among others. Major industries in APAC include consumer electronics, processed foods, and agriculture. These industries have a significant demand for TIC services to stay in compliance with international standards.

Competitive Landscape of Testing, Inspection, and Certification Market:

1 Overview

2 Key Players in TIC Market

3 Competitive Situations and Trends

3.1 Acquisitions

3.2 Expansions

3.3 Service Launches

3.4 Others

Research Coverage:

  • Major service types in the TIC market are testing, inspection, and certification.
  • By sourcing type, the TIC market has been segmented into in-house and outsourced services.
  • By application, the TIC market has been segmented into consumer goods and retails, agriculture and food, chemicals, construction and infrastructure, energy & power, industrial and manufacturing. Medical and life sciences, mining, oil & gas and petroleum, public sector, automotive, marine, rail, supply chain & logistics, IT & telecom, and sports & entertainment
  • The geographic analysis is done with regard to4regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

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