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Global Testing, Inspection, and Certification Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global testing, inspection, and certification market (henceforth, referred to as the market studied) was valued at USD 209. 78 billion in 2021, and it is expected to reach USD 306. 92 billion by 2027, registering a CAGR of 6.
New York, April 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Testing, Inspection, and Certification Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06271880/?utm_source=GNW
62%, during the period of 2022-2027 (henceforth, referred to as the forecast period).
Key Highlights
The testing, inspection, and certification industry is a major contributor to the global economy as it helps in improving the quality of products used across industries by various end-users. Also, TIC services help reduce product recalls and maintain compliance with regulatory authorities and standards governing different industries.
The introduction of advanced technologies across various sectors has further intensified the need for TIC services, as they foster safe development and adoption of technologies while maintaining compliance. It also provides the required certifications as certain industries, such as healthcare and pharmaceuticals, food and beverage, automotive, industrial manufacturing, to name a few, require internationally certified products and technologies.
Testing, inspection, and certification (TIC) play a significant role, primarily to ensure that the infrastructure, services, and products meet the standards and regulations pertaining to safety and quality. Due to the high demand for inspection and testing at regular intervals across a few industries, such as oil and gas, the TIC market is expected to witness growth, irrespective of the industrial seasonality.
Stringent regulations from government and regulatory bodies, especially in the domain of food certification and energy efficiency in construction business, is compelling the organizations to leverage testing, inspection and certification (TIC) services.
In order to standardize quality, testing and inspection in the food industry in the country is expected to propel significant growth rates. This made the food regulator FSSAI (Food Safety and Standards Authority of India) bring in transparency in food safety inspection and sampling by putting in place a nationwide online platform.
Globalization of trade leads to a complex supply chain that can impact product quality. Therefore, TIC services are required at every stage of the supply chain to maintain the same. Due to rapid globalization, privatization of state-owned laboratories, and increasing standards of end-user efficiency, complex supply chains have posed major challenges to the TIC market.
According to TIC Council, the global trade federation representing the independent third-party Testing, Inspection and Certification (TIC) industry, the pandemic hindered companies from performing testing, inspection, and certification activities by traveling and carrying out on-site activities, which was primarily attributed to travel restrictions imposed due to the pandemic. Furthermore, companies discouraged in-person visits out of caution for their workers. This has led to an overall decline in the revenue generation from the sector.
Key Market Trends
Food and Agriculture Expected to Hold a Significant Share
The food and agriculture sector is highly regarded as working on principles of safety and sustainability. Close monitoring of these industries with respect to quality adherence, product lifecycle, etc., has been aligned with positively impacting TIC services.
Due to an increase in food contamination instances around the world, the food and beverage industry has been under constant pressure to adhere to regulatory bodies’ procurement, processing, and packaging standards. In addition, governments in several countries have tightened regulatory frameworks and mandated food testing along the value chain to assure consumer safety and health.
A continuum of stringent government regulations in various countries across the globe has led the TIC service providers to ensure quality and help to improve the end consumable productivity. Growing consciousness regarding health and the type of food to consume has thus triggered the food manufacturers to be transparent about their practices.
In April 2021, China’s State Administration for Market Regulation released GB 31604.52-2021, "National Food Safety Standard Food Contact Materials and Products Determination of Migration of Primary Aromatic Amines."The standard allows for to detect of the migration of 29 primary aromatic amines in food contact materials and is suitable for food simulations, such as 4% acetic acid, 10% ethanol, 20% ethanol, 50% ethanol, and vegetable oil, and chemical substitute solvents for 95% ethanol and isooctane. The formulation of this standard offers scientific means to carry out the detection, risk monitoring, risk assessment, and maintaining compliance management of primary aromatic amines in food contact materials in China.
Then, the TUV India food testing laboratory organized an online awareness session on "SFDA regulations for fresh fruits and vegetables, agricultural crop and spices export from India."Attended by around 150 participants consisting of major exporters and related stakeholders.; the session provided awareness to interested stakeholders regarding the new testing requirements for fresh fruits and vegetables as per an SFDA notice; in force since June 15th, 2021.
Asia Pacific Holds Largest Market Share
The Asia Pacific region is anticipated to hold a major share due to emerging markets such as China, India, Japan, and South Korea, which have become attractive through the development of indigenous industries and subsequent acceleration in exports, the introduction of stringent standards, and rapid urbanization.
Emerging markets, such as China, have become attractive spots through the development of indigenous industries and subsequent acceleration in exports, the introduction of stringent standards, and rapid urbanization.
China’s five-year plan for 2016–2020 and the Made in China 2025 initiative have identified 5G as an emerging industry. It offers opportunities for Chinese companies to become more competitive and innovative in the global market and prevent low-quality and counterfeit goods from entering the market, which the attainment of domain-specific certifications can achieve.?
Like other key Asia Pacific countries, Japan has high activity in the downstream oil and gas sector. The shutdown of multiple nuclear power plants for safety purposes in the country after the Fukushima plant accident has made Japan largely dependent upon fossil fuels for all its energy needs.
Owing to low domestic production in the country, the Japanese government always encouraged its energy companies to increase exploration and development projects globally to secure a stable supply of oil and natural gas. These initiatives make Japan one of the major exporters of energy-sector capital equipment, making it one of the major adopters of TIC services in the country.
On the manufacturing front, the South Korean government is planning to turn the nation’s robotics technology into a USD 25 million industry, with a focus on becoming the fourth-largest player by 2023. This is fostering the emergence of robotic companies. However, companies need to acquire industrial robot product safety certification based on international and local standards to bring such robots into the manufacturing and service sector.
Furthermore, South Korea is home to semiconductor giants, such as Samsung Electronics and SK Hynix. In May 2021, the South Korean government planned an investment of USD 451 billion in domestic semiconductor production over the next decade.
Competitive Landscape
The Global Testing, Inspection, and Certification Market is expected to witness intense competitive rivalry. With high consolidation expected over the next few years, the competitive rivalry is expected to increase further.
January 2022 - SGS announced its partnership with Microsoft. The new collaboration will enable the company to develop and innovate data, IoT, and AI-based TIC services that are sustainable and inclusive, helping its customers to realize their full potential.
April 2021 - Intertek Group was selected as an accredited testing laboratory under the U.S. Food and Drug Administration (FDA) Accreditation Scheme for Conformity Assessment (ASCA) Pilot Program. With this recognition, 12 Medical Centers of Excellence within Intertek’s global network of labs are authorized to assist manufacturers around the world with medical device premarket testing.
Additional Benefits:
The market estimate (ME) sheet in Excel format
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