San Francisco, California, Dec 26, 2017: Consumers of various products across the globe are concerned about the quality of products that they are buying. The monetary investment made by the customers makes them increasingly wary of the knit and grit of the products, and this places an onus upon the manufacturers and certifiers to ensure that the products that glut the market adhere to the threshold standards. TMR’s report titled, “Testing, Inspection, and Certification Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025” elucidates the various market dynamics whose interplay augments the market for Testing, Inspection, and Certification (TIC). The market for testing, inspection, and certification has exploded with opportunities due to the nascent urge amongst manufacturers to maintain safety procedures and provide harmless products that are universally reckoned. The regulatory standards with regards to technical safety, performance, and quality have magnified in volume which is expected to create market spaces for players engaged in testing, inspection, and certification. The report gives comprehensive insights on the global standards for rating products and integrates them with various factors to project the progress of the market.
As consumers become aware of the various parameters that define the safety of a product, it becomes vital for manufacturers to ensure that their products are in sync with the designated quality standards. Even a speck of instability to conform to standards gets known to the customers which could tarnish the image of the product and the company. This drives various entities to endorse safety standards in their framework and establish their goodwill in the market. Furthermore, the increasing volume of imports and exports of products from a wide range of industries has placed the TIC market on the pedestal. Each cross-border exchange of commodities has a prerequisite to ensure that the mutual international trade standards are met, thus, enhancing the market for TIC. The oil and gas industry has been a safe haven for the TIC market because each stage of cycle for this market undergoes meticulous testing. Food, beverages, automotive, and aerospace are amongst others industries that have magnified the need for TIC.
The market players operating in the TIC market require accreditation from internationally reckoned organizations for carrying out TIC procedures for various products. The companies that can attain the required threshold for executing processes can gain substantial benefit from the seal of accreditation. United Kingdom Accreditation Services certified a global player in TIC named Bureau Veritas, vindicating it for all TIC operations.
The global market for testing, inspection, and certification is largely concentrated in Europe with a host of renowned players, making Europe the regional leader in the TIC market. The region contributed 30% of the total global market share for TIC in 2015. Asia Pacific and Latin America are expected to achieve a strong foothold in the market over the coming years. This owes to the increasing disposable income which is propelling import and export across these regions. Moreover, Asia Pacific is experiencing a boost in the food and beverages sector which is directly aiding the demand for TIC in the market.
The key players who span across the testing, inspection, and certification market include DNV GL, Dekra SE, TUV SUD AG, Intertek Group PLC, ASTM International, SGS Group, ALS Ltd., Bureau Veritas SA, Underwriters Laboratories Inc., TÜV Rheinland Group. Lloyd’s Register Group Limited, and AsureQuality Ltd.
Get Sample Copy of this Report