The Asia Pacific Testing, Inspection and Certification (TIC) Market would witness market growth of 3.7% CAGR during the forecast period (2023-2030).
The market is expected to increase due to the increasing demand from businesses and organizations for safe and effective TIC methods. Businesses must follow safe and efficient testing and inspection procedures to maintain the highest quality, productivity, and efficiency levels. Utilizing TIC techniques helps businesses to tailor their supply chain operations to their needs and preferences, streamlining corporate procedures.
The market has substantial potential opportunities due to the expanding renewable energy generation and infrastructure projects. In several industrialized and developing economies, urbanization has increased infrastructure-building initiatives. This encourages planners and other decision-makers to implement TIC-related solutions, which help to increase safety and guarantee the caliber of infrastructure projects. Additionally, highly specialized machinery is needed for renewable energy projects like solar and wind energy, which makes it necessary to deploy efficient TIC systems to guarantee the performance of critical machine parts. The International Energy Agency (IEA) reports that investment in electrical networks increased significantly in 2021, rising by 6%, with advanced economies stepping up their expenditure to facilitate the electrification of buildings, industries, and transportation as well as to make room for variable renewables on the power system.
Japan is involved in the downstream oil and gas business, just like other important Asia-Pacific nations. Japan became largely reliant on fossil fuels for all of its energy needs following the Fukushima plant accident, which forced the closing of several nuclear power reactors nationwide for safety reasons. In order to ensure a steady supply of oil and natural gas due to the country's low domestic production, the Japanese government has encouraged its energy corporations to expand their global exploration and development operations. As a result of these activities, Japan is now one of the main exporters of capital goods to the energy sector and a key consumer of TIC services. Therefore, the development of the market will be fostered by these factors.
The China market dominated the Asia Pacific Testing, Inspection and Certification (TIC) Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $28,930.7 million by 2030. The Japan market is registering a CAGR of 3.1% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 4.4% during (2023 - 2030).
Based on Application, the market is segmented into Consumer Goods & Retail, Agriculture & Food, Chemicals, Infrastructure, Manufacturing, Medical & Lifesciences, Mining, Oil & Gas, Automotive, Public Sector, and IT, Telecom & Others. Based on Sourcing Type, the market is segmented into In-house, and Outsourced. Based on Service Type, the market is segmented into Testing, Inspection, and Certification. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Testing, Inspection and Certification (TIC) Market is Projected to reach USD 280.1 Billion by 2030, at a CAGR of 3.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SGS S.A., Bureau Veritas S.A., Intertek Group PLC, Eurofins Scientific SE, TÜV Rheinland AG, Applus+ Group, TÜV Nord Group, DEKRA SE, TUV SUD and DNV AS.By Application
By Sourcing Type
By Service Type
By Country
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