Testing, Inspection, And Certification Industry Economic Landscape & Scope Till, 2022 - 2030

The global testing, inspection, and certification market size was valued at USD 338.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.0% from 2022 to 2030. The rising need among enterprises and corporations to engage in safe and efficient testing, inspection, and certification practices promotes the testing, inspection, and certification (TIC) market growth. Secure and effective testing and inspection practices ensure companies maintain optimum quality standards and ensure high productivity and maximum efficiency. Leveraging TIC practices enables companies to customize their supply chain activities according to their needs and desires, thus simplifying business practices. For instance, in January 2022, Temasek, a Singapore-based investment firm that focuses on restructuring, growth capital, and divestment deals, announced the acquisition of Element Materials Technology, a prominent provider of testing, inspection, and certification services. The acquisition aims to mark a significant deal in the TIC industry and a crucial milestone in the expansion of the Group.

Gather more insights about the market drivers, restrains and growth of the Global Testing, Inspection, And Certification Market

The growth of the transportation and logistics sector offers promising growth opportunities to the industry. This can be attributed to increasing global trade and the need to deploy intelligent logistics systems at companies. This facilitates TIC solutions to ensure the timely delivery of goods and products across the value chain to minimize operational expenditure. Furthermore, constant efforts made by regional governments to improve transportation facilities for people by increasing the frequency and improving the safety of public vehicles promote the deployment of a well-organized TIC environment. For instance, in January 2022, Bureau Veritas, a prominent provider of testing, inspection, and certification services, acquired PreScience Corporation, a construction management service provider in the U.S. for transportation infrastructure projects. This acquisition would further expand Bureau Veritas's growth in the transportation sector for testing and inspection and provide safe, sustainable infrastructure for transportation.

The COVID-19 pandemic has disrupted the TIC market significantly. COVID-19 has reduced manufacturing and production activities in several regions due to the implementation of lockdowns by many national governments. However, the healthcare division witnessed significant TIC practices due to the rising need to acquire healthcare services and related products, including medicinal supplies. The consumer goods domain also embraced TIC practices during the pandemic due to people's rising need to access safe and suitable quality food products. For instance, in January 2022, DNV, a global certification, assurance, and risk management company, announced the purchase of MEDCERT, a notified body based in Germany, to expand its healthcare and medical device assurance capabilities. DNV's potential to provide further medical device notification services will be considerably enhanced as a result of the acquisition.

The rising infrastructure and renewable energy generation projects also offer significant growth opportunities to the global TIC market. The rising urbanization has led to the rise in infrastructure development activities in several developed and developing economies. This is promoting planners and decision-making authorities to deploy TIC-related solutions, which aid in improving safety and ensuring the quality of infrastructure projects. Additionally, renewable energy projects such as solar energy and wind energy require highly specialized equipment, which has to function at total efficiency, thereby promoting the need to deploy effective TIC systems to ensure the functioning of essential machine components. For instance, in October 2021, UL LLC, a global safety certification company, announced the establishment of a cable fire safety testing laboratory. The facility is located in the industrial city of Abu Dhabi. It offers access to a local fire safety testing laboratory for manufacturers and distributors of optical and electronic cables and busways from all over the Middle East.

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Testing, Inspection, And Certification Market Segmentation

Grand View Research has segmented the global testing, inspection, and certification market based on service type, sourcing type, application, and region:

• Testing, Inspection, and Certification (TIC) Service Type Outlook (Revenue, USD Billion, 2017 - 2030)

o   Testing

o   Inspection

o   Certification

• Testing, Inspection, and Certification (TIC) Sourcing Type Outlook (Revenue, USD Billion, 2017 - 2030)

o   In-house

o   Outsourced

• Testing, Inspection, and Certification (TIC) Application Outlook (Revenue, USD Billion, 2017 - 2030)

o   Consumer Goods & Retail

o   Agriculture & Food

o   Chemicals

o   Infrastructure

o   Energy & Power

o   Education

o   Government

o   Manufacturing

o   Healthcare

o   Mining

o   Oil & Gas and Petroleum

o   Public Sector

o   Automotive

o   Aerospace &Defense

o   Supply Chain & Logistics

o   Others

• Testing, Inspection, and Certification (TIC) Regional Outlook (Revenue, USD Billion, 2017 – 2030)

o   North America

o   Europe

o   Asia Pacific

o   South America

o   Middle East & Africa

Market Share Insights

February 2022: The Centers for Disease Control and Prevention, the United States' national public health organization, said that it would extend efforts to obtain wastewater samples from towns to look for traces of the coronavirus.

February 2022: Applus+, multinational testing, inspection, and certification firm, announced its acquisition of Lightship Security, Inc., a prominent North American supplier of product certification services. This acquisition is a part of Applus+ Laboratories' strategic objective to develop strength in essential technologies and capabilities to assist clients in the global technological shift brought about by energy transition, electrification, and connectivity.

Key Companies profiled:

Some prominent players in the global Testing, Inspection, And Certification market include:

• ALS Limited
• Applus+
• Bureau Veritas SA
• DEKRA SE
• DNV GL
• Element Materials Technology
• Eurofins Scientific
• Intertek Group plc
• MISTRAS Group, Inc.
• SGS SA
• TÜV NORD GROUP
• TÜV Rheinland
• TÜV SUD
• UL LLC

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