Published Date: 30-Aug-2023
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According to a new report, published by KBV research, The Global Testing, Inspection and Certification (TIC) Market size is expected to reach $280.1 billion by 2030, rising at a market growth of 3.3% CAGR during the forecast period.
The Agriculture & Food segment has shown the high growth rate of 5.2% during (2023 - 2030). The arguments around recent recalls of commodities and the pandemic's growing concern for safety and cleanliness have largely contributed to the rise in consumer awareness of food safety and quality issues in recent years. This has made developing various standards for food quality and safety easier in the public as well as commercial food sectors. A dependable TIC system is required due to the rising adulteration and material mixing in food goods, such as oils and milk. Products' safety, quality, and confidence are ensured by testing, certification, and inspection processes.
The In-house segment is leading the Global Testing, Inspection and Certification (TIC) Market by Sourcing Type in 2022, thereby achieving a market value of $175.5 billion by 2030. Due to the importance of the applications, the market is expanding; businesses like mining and the public sector choose in-house TIC solutions. Companies have total control over every step of the production process and plant because of in-house testing services. Companies with in-house competence in their main businesses provide in-house testing services.
The Testing segment is showcasing a CAGR of 3.1% during the forecast period. Due to the extensive usage of testing techniques in the manufacturing, energy, utilities, oil & gas, and automotive industries, this segment is expanding. Companies can maintain high-quality standards and satisfy client expectations by conducting practical product testing. As a result, businesses from various sectors are encouraged to invest more in operational expenses for testing equipment, stimulating the market's expansion.
The Asia Pacific region dominated the Global Testing, Inspection and Certification (TIC) Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $105.2 billion by 2030. The Europe market is poised to grow at a CAGR of 3% during (2023 - 2030). Additionally, The North America market would display a CAGR of 2.6% during (2023 - 2030).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Sourcing Type
By Service Type
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