Covid-19 Impact Analysis of the Testing, Inspection, and Certification (TIC) Market by Service Type (Testing, Inspection, and Certification), Sourcing Type (In-house, Outsourced), Application, and Geography – Global Forecast to 2027
The Testing, Inspection, And Certification (TIC) Market is growing due to the growing requirement among businesses and companies to engage in safe and efficient testing, inspection, and certification activities. Testing and inspection processes that are secure and effective ensure that firms maintain the highest quality standards while also ensuring optimal productivity and efficiency. Companies can adapt their supply chain activities according to their needs and wishes by implementing TIC practises, which simplifies business processes. For example, Temasek, a Singapore-based investment firm that specialises in restructuring, growth capital, and divestiture transactions, announced the acquisition of Element Materials Technology, a leading provider of testing, inspection, and certification services, in January 2022. The acquisition is intended to be a substantial deal in the TIC industry as well as a key milestone in the Group's expansion.
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To keep ahead of the competition, players in the worldwide TIC market employ both organic and inorganic methods. For example, various corporations have been seen engaging in mergers and acquisitions in order to achieve a significant market share. Furthermore, businesses are putting a greater emphasis on upgrading their facilities with cutting-edge laboratory equipment and technological skills. These initiatives are projected to aid market growth in the next years.
Bureau Veritas SA, Intertek Group PLC, ASTM International, SGS Group, TUV SUD AG, ALS Ltd., AsureQuality Ltd., DNV GL Group AS, Dekra SE, Underwriters Laboratories Inc, TÜV Rheinland Group, and Lloyd's Register Group Limited are among the prominent competitors in the TIC industry.
Scope of the Report:
TIC Market by Service
- Testing
- Inspection
- Certification
TIC Market by End User
- Consumer Goods and Retail
- Agriculture and Food
- Oil & Gas
- Construction
- Chemicals
- Mining
- Machinery
- Transportation
- Automotive
- Power Generation
- Government
- Marine
- Healthcare
- Financial Institutions
- Others
TIC Market by Geography:
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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Key Benefits For Stakeholders
- This report includes an analytical picture of worldwide testing, inspection, and certification industry patterns, as well as current trends and future forecasts, in order to identify potential investment opportunities.
- The goal of the total testing, inspection, and certification market analysis is to uncover profitable trends in order to obtain a firmer foothold.
- With a full impact analysis, the paper gives information on major drivers, restrictions, and possibilities.
- To gauge financial competency, the present testing, inspection, and certification market projection is statistically examined from 2020 to 203in0.
- The buyers' power and main vendors' testing, inspection, and certification market share are depicted in Porter's five forces analysis.
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