Dublin, April 12, 2019 (GLOBE NEWSWIRE) -- The "Testing, Inspection, and Certification Market by Service (Testing, Inspection, Certification), Sourcing Type (In-House and Outsourced), Application (Consumer Goods and Retail, Construction and Infrastructure), and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The TIC market is estimated to grow from USD 209.4 billion in 2019 to USD 266.2 billion by 2024-growing at a CAGR of 4.91%.

The growth of the TIC market is driven by the increase in disposable income and rapid urbanization in developing economies; high growth in product recalls across the world; high adoption of outsourcing service models by worldwide manufacturers; increased requirement for harmonized standards; surge in illicit trading, counterfeiting, and piracy practices across the world; and enforcement of rigorous government regulations and standards across various sectors. However, the complex nature of supply chains and long lead time for overseas qualification tests pose major challenges for players in the TIC market.

The testing, inspection, and certification (TIC) services ensure that a product meets the required regulatory standards related to quality, technical safety, and performance. Generally, testing is carried out in laboratories and helps manufacturers to improve the marketability of their products, as well as reduce the manufacturing cost in the pre-production phase.

Inspection services are used in the examination of the traded goods from manufacturers to end user to ensure that the goods comply with the buyer's specifications. Certification services confirm the result of a test or inspection against a pre-specified set of standards established by various governments and international standardization institutions.

The TIC market is growing owing to the increasing demand for TIC services from applications such as automotive, construction and infrastructure, consumer goods, agriculture and food, transportation, and medical and life sciences. The automotive application is expected to witness the fastest growth of 6.64% during the forecast period owing to the increased number of automobile recalls all over the world, whereas the consumer goods and retail application accounted for the largest market share of about 13% in 2018 due to the increasing government regulations across personal care and beauty products, hard goods, softlines and accessories, toys and juvenile products, and electrical and electronics, among others.

Top companies in the TIC market include Bureau Veritas SA (France), Intertek Group Plc (U.K.), DEKRA Certification GmbH (Germany), and TV SD Group (Germany).

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Lucrative Opportunities in TIC Market
4.2 TIC Market, By Sourcing Type
4.3 TIC Market, By Service Type
4.4 TIC Market in APAC, By Application and Service Type
4.5 TIC Market, By Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increase in Disposable Income and Rapid Urbanization in Developing Economies
5.2.1.2 High Growth in Product Recalls Across the World
5.2.1.3 High Adoption of Outsourcing Service Model By Worldwide Manufacturers
5.2.1.4 Increased Requirement for Harmonized Standards
5.2.1.5 Surge in Illicit Trading, Counterfeiting, and Piracy Practices Across the World
5.2.1.6 Enforcement of Rigorous Government Regulations and Standards Across Various Sectors
5.2.2 Restraint
5.2.2.1 Diverse Standards and Regulations Across Geographies
5.2.3 Opportunities
5.2.3.1 Growth Opportunities for Small- and Medium-Sized Businesses in the TIC Ecosystem
5.2.3.2 Consolidation of Fragmented Markets
5.2.4 Challenges
5.2.4.1 Complex Nature of Global Supply Chains
5.2.4.2 Long Lead Time for Overseas Qualification Assessments

6 Industry Trends
6.1 Introduction
6.2 Value Chain Analysis
6.3 Core Industry Segments for Overall TIC Market
6.3.1.1 TIC Standards and Regulatory Bodies
6.3.1.2 Companies Offering TIC Services
6.3.1.3 End-User Industries
6.4 Key Industry Trends
6.5 Pest Analysis
6.5.1 Political Factors
6.5.2 Economic Factors
6.5.3 Social Factors
6.5.4 Technological Factors

7 TIC Market, By Service Type
7.1 Introduction
7.2 Testing
7.3 Inspection
7.4 Certification
7.5 Others

8 TIC Market, By Sourcing Type
8.1 Introduction
8.2 In-House Services
8.3 Outsourced Services

9 TIC Market, By Application
9.1 Introduction
9.2 Consumer Goods and Retail
9.2.1 Personal Care and Beauty Products
9.2.2 Hard Goods
9.2.3 Softlines and Accessories
9.2.4 Toys and Juvenile Products
9.2.5 Electrical and Electronics
9.2.6 Others
9.3 Agriculture and Food
9.3.1 Seeds and Crops
9.3.2 Fertilizers
9.3.3 Commodities
9.3.4 Food
9.3.5 Forestry
9.3.6 Others
9.4 Chemicals
9.4.1 Asset Integrity Management Services
9.4.2 Project Lifecycle Services
9.4.3 Finished Product Services
9.4.4 Chemical Feedstocks Services
9.4.5 Others
9.5 Construction and Infrastructure
9.5.1 Project Management
9.5.2 Material Services
9.5.3 Construction Machinery and Equipment Services
9.5.4 Facilities Management and Inspection Services
9.5.5 Others
9.6 Energy & Power
9.6.1 Energy Sources
9.6.1.1 Nuclear
9.6.1.2 Wind
9.6.1.3 Solar
9.6.1.4 Alternative Fuels
9.6.1.5 Fuel Oils and Gases
9.6.1.6 Coal
9.6.2 Power Generation
9.6.3 Power Distribution
9.6.4 Asset Integrity Management Services
9.6.5 Project Lifecycle Services
9.6.6 Others
9.7 Industrial and Manufacturing
9.7.1 Supplier-Related Services
9.7.2 Production- and Product-Related Services
9.7.3 Project-Related Services
9.7.4 Others
9.8 Medical and Life Sciences
9.8.1 Medical Devices
9.8.2 Health, Beauty, and Wellness
9.8.3 Clinical Services
9.8.4 Laboratory Services
9.8.5 Biopharmaceutical and Pharmaceutical Services
9.8.6 Others
9.9 Mining
9.9.1 Inspection and Sampling Services
9.9.2 Analytical Services
9.9.3 Exploration Services
9.9.4 Metallurgy and Process Design Services
9.9.5 Production and Plant Services
9.9.6 Site Operations and Closure Services
9.9.7 Project Risk Assessment and Mitigation Services
9.10 Oil & Gas and Petroleum
9.10.1 Upstream
9.10.2 Downstream
9.10.3 Biofuels and Feedstock
9.10.4 Petrochemicals
9.10.5 Asset Integrity Management Services
9.10.6 Project Lifecycle Services
9.10.7 Others
9.11 Public Sector
9.11.1 Product Conformity Assessment Services
9.11.2 Monitoring Services
9.11.3 Valuation Services
9.11.4 Others
9.12 Automotive
9.12.1 Electrical Systems and Components
9.12.2 Electric Vehicles, Hybrid Electric Vehicles, and Battery Systems
9.12.3 Telematics
9.12.4 Fuels, Fluids, and Lubricants
9.12.5 Interior and Exterior Materials and Components
9.12.6 Vehicle Inspection Services (VIS)
9.12.7 Homologation Testing
9.12.8 Others
9.13 Aerospace
9.13.1 Aerospace Manufacturing Services
9.13.2 Aviation Management Services
9.13.3 Others
9.14 Marine
9.14.1 Marine Fuel Systems and Component Services
9.14.2 Ship Classification Services
9.14.3 Marine Materials and Equipment Services
9.14.4 Others
9.15 Rail
9.15.1 Rail Construction and Production Monitoring
9.15.2 Infrastructure Management
9.15.3 Others
9.16 Supply Chain and Logistics
9.16.1 Packaging & Handling
9.16.2 Risk Management
9.16.3 Others
9.17 It and Telecom
9.17.1 Telecom and It Infrastructure Equipment
9.17.2 Modules and Devices
9.18 Sports & Entertainment
9.18.1 Sports Venues and Facilities
9.18.2 Sporting Goods and Protective Equipment

10 Geographic Analysis

11 Competitive Landscape
11.1 Overview
11.2 Key Players in TIC Market
11.3 Competitive Situations and Trends
11.3.1 Acquisitions
11.3.2 Expansions
11.3.3 Service Launches
11.3.4 Others

12 Company Profiles

• ALS Limited
• Applus+
• Avomeen Analytical Services
• Bureau Veritas
• Dekra Se
• DNV Gl
• Element Materials Technology
• Envigo
• Eurofins Scientific
• Force Technology
• Gateway Analytical
• HV Technologies Inc.
• Intertek
• Keystone Compliance
• Kiwa Inspecta
• Lloyd's Register Group Limited
• Medistri Sa
• Mistras
• Rina S.P.A.
• Safety Assessment Federation (SAFED)
• SGS Group
• Technick Inpekcia
• TUV Nord Group
• TUV Rheinland
• TUV SUD
• Trk Loydu
• Ul LLC
• VDE Testing Institute
• Washington Laboratories Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/vemlon

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