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COVID-19 impact on the Testing, Inspection, & Certification Market

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COVID-19 impact on the Testing, Inspection, & Certification Market

April 14
12:00 2020

Certification service to grow at highest CAGR of TIC market, by service type, in 2020

The market for certification services is expected to grow at the highest CAGR during the forecast period. Certification bodies are providing product certification issue product certificates or licenses to organizations, which entitles them to display a mark of conformity of their products or issue a certificate indicating the products conformity with specified requirements. Product certification can offer the customer formal documentation that the product they have purchased has been tested by qualified personnel to the applicable codes and/or standards.

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Agriculture and food application to grow at highest CAGR during forecast period

TIC services for the agriculture industry are required to ensure quality and improve the productivity of food products. These services also support companies playing a crucial role in trading agricultural commodities and food products by acquiring international certifications. Moreover, changing regulations, especially in the agriculture space across the world, would drive the adoption of TIC services by manufacturers.

APAC to hold largest share of TIC market in 2020

The highest CAGR growth is due to the presence of giant manufacturing electronic companies in countries such as China, Japan, India, as well as Vietnam, the Philippines, and Bangladesh. Domestic markets in APAC are growing rapidly owing to the rising per capita income among the middle-class population. Moreover, there is a growing consumer awareness about the importance of certification. TIC players are increasing their horizon by setting up their testing labs in the APAC countries as the potential of APAC countries on the overall various applications.

A few key players operating in the TIC market are SGS (Switzerland), Bureau Veritas (France), Intertek (UK), Eurofins Scientific (Luxembourg), DEKRA (Germany), TÜV SÜD (Germany), TÜV Rheinland (Germany), DNV GL (Norway), among others.

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