openPR Logo
Press release

Testing Inspection and Certification Market Size is Estimated to Reach USD 275.4 Billion by 2030

01-04-2023 01:31 PM CET | IT, New Media & Software

Press release from: Acumen Research and Consulting

Testing Inspection and Certification Market Size is Estimated

The Global Testing, Inspection, And Certification Market is expected to grow at a CAGR of around 4% from 2022 to 2030 and reach the market value of over USD 275.4 Billion by 2030.

Europe holds the dominating share for the testing, inspection, and certification (TIC) market, Asia Pacific to hold fastest growing CAGR for the market in the coming years

According to the TIC Council's report, the European TIC industry is widely regarded as the world's largest market on a regional basis. The European conformity assessment sector was valued at US$71 Bn in 2020, with the independent TIC sector accounting for approximately 35.6%, and is expected to grow to US$85-98 Bn by the end of 2024. In Europe, demand for TIC activities is higher in the energy and utilities (14%), food and beverages (13%), and chemical (12%) sectors. Aside from that, the consistent development of international standards with the intent of replacing regional, national, and private standards has contributed to the demand for TIC services in this region. Such factors have a positive impact on the growth of the TIC market.

DOWNLOAD SAMPLE PAGES OF THIS REPORT@ https://www.acumenresearchandconsulting.com/request-sample/2734

Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the TIC market. The APAC TIC sector is expanding rapidly as a result of changing consumer preferences as countries in this region transition from agricultural to industrial economies. Furthermore, as the population grows, so will the demand for safe and dependable consumer products, as well as infrastructure development fueled by industrialization in India and China, as well as rising preferences for independent TIC services. The APAC TIC sector is currently valued at approximately US$37 Bn in revenue and is expected to grow to between US$53 Bn and US$80 Bn by 2025, surpassing the North American TIC sector to become the world's second largest market. Furthermore, Asia Pacific has a significant revenue share in the infrastructure and construction sector across the three regions, which may reflect the rapid pace of development in these countries, with these countries contributing approximately 4.5%.

In 2020, the North American TIC industry accounted to US$ 30 Bn and generates approximately US$ 55 Bn in revenue, with the independent TIC sector accounting for approximately 35% of the total. Favorable government regulations that emphasize consumer safety, as well as an increasing volume of imports that do not meet regionally applicable safety standards, contribute to the growth of the North American TIC sector. A significant portion of TIC services in North America in the consumer products sector are contributing to a CAGR of 9% between 2018 and 2024 in the forecast period. The impactful factor responsible for such significant growth is a high level of consumer awareness for the products purchased.

Segmental Outlook

The global testing, inspection, and certification market is segmented as service type, sourcing type, and application.

Competitive Landscape

The major players involved in the testing, inspection, and certification market involve SGS SA, Intertek Group PLC., DEKRA, Eurofins, Bureau Veritas, TÜV SÜD, TÜV Nord Group, Actis, ALS Global, and among others.

Some of the key observations regarding testing, inspection, and certification industry include:

• In September 2019, Bureau Veritas partnered with Cornis, a leader in turbine blade AI and inspection solutions. Bureau Veritas aims to provide advanced blade inspection (ABI) services based on data from in-situ collection and digital processing of images.

• In December 2019, SGS, a TIC company opened a textile and apparel testing lab in Ethiopia which will fasten the testing services to local business and provide compliance with international regulation

INQUIRY BEFORE BUYING@ https://www.acumenresearchandconsulting.com/inquiry-before-buying/2734

BUY THIS PREMIUM RESEARCH REPORT - https://www.acumenresearchandconsulting.com/buy-now/0/2734

201, Vaidehi-Saaket, Baner - Pashan Link Rd, Pashan, Pune, Maharashtra 411021

Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Testing Inspection and Certification Market Size is Estimated to Reach USD 275.4 Billion by 2030 here

News-ID: 2871068 • Views:

More Releases from Acumen Research and Consulting

Autonomous Data Platform Market to Reach USD 11.62 Billion by 2033, Growing at a CAGR of 22.9% - Acumen Research and Consulting Report
Autonomous Data Platform Market to Reach USD 11.62 Billion by 2033, Growing at a …
The global Autonomous Data Platform Market is experiencing significant growth, driven by the increasing demand for AI-driven data management and real-time analytics across various industries. According to a comprehensive market analysis by Acumen Research and Consulting, the market was valued at USD 1.85 billion in 2024 and is projected to reach USD 11.62 billion by 2033, expanding at a robust compound annual growth rate (CAGR) of 22.9% during the forecast
Compact High Pressure Laminates Market to Reach USD 9.6 Billion by 2032, Driven by Sustainable Construction and Interior Design Innovation
Compact High Pressure Laminates Market to Reach USD 9.6 Billion by 2032, Driven …
The Compact High Pressure Laminates Market is gaining remarkable momentum as industries across construction, interior design, healthcare, and commercial applications increasingly adopt durable, stylish, and sustainable surfacing solutions. Valued at USD 5.9 Billion in 2023, the market is projected to reach USD 9.6 Billion by 2032, reflecting a steady compound annual growth rate (CAGR) of 5.6%. Get Free PDF Sample Pages of This Report: https://www.acumenresearchandconsulting.com/request-sample/3646 Compact High Pressure Laminates, or Compact HPL,
Culture Media Market Set to Surge Beyond USD 17.32 Billion by 2032, Driven by Advancements in Biotechnology and Diagnostics
Culture Media Market Set to Surge Beyond USD 17.32 Billion by 2032, Driven by Ad …
Culture Media Market Poised for Robust Expansion Amid Biotechnology Boom The Culture Media Market has emerged as a cornerstone of modern life sciences, enabling researchers and manufacturers to cultivate, identify, and preserve microorganisms and cells for critical applications. From drug discovery to diagnostic testing, culture media plays an indispensable role in advancing human health and biotechnology. According to Acumen Research and Consulting, the global Culture Media Market size was valued at USD
Green Energy Market Size to Hit USD 2.41 Trillion by 2032 | Key Trends, Share & Growth Insights
Green Energy Market Size to Hit USD 2.41 Trillion by 2032 | Key Trends, Share & …
The global Green Energy Market is experiencing unprecedented momentum. According to Acumen Research & Consulting, the market reached USD 1.15 trillion in 2023 and is forecast to grow at a CAGR of 8.7% from 2024 to 2032, reaching approximately USD 2.41 trillion by 2032. This Green Energy Market Analysis highlights the sweeping scale of investment and innovation driving the sector forward. Green Energy Market Size & Growth Snapshot • 2023 market size: USD

All 4 Releases


More Releases for TIC

Global Electrical & Electronics Testing, Inspection & Certification (TIC) Market …
According to Market Research Intellect, the global Electrical & Electronics Testing, Inspection & Certification (TIC) market under the Internet, Communication and Technology category is expected to register notable growth from 2025 to 2032. Key drivers such as advancing technologies, changing consumer behavior, and evolving market dynamics are poised to shape the trajectory of this market throughout the forecast period. The market for Electrical & Electronics Testing, Inspection & Certification (TIC) is
Global Testing, Inspection, & Certification (TIC) Market Size by Application, Ty …
USA, New Jersey- According to Market Research Intellect, the global Testing, Inspection, & Certification (TIC) market in the Internet, Communication and Technology category is projected to witness significant growth from 2025 to 2032. Market dynamics, technological advancements, and evolving consumer demand are expected to drive expansion during this period. The Testing, Inspection, and Certification (TIC) market has been experiencing strong growth driven by the increasing demand for quality assurance, safety, and
Automotive Testing Inspection Certification (TIC) Market
The Automotive Testing Inspection Certification (TIC) Market Overview provides an in-depth analysis of market trends, dynamics, segmentation, geographical penetration, competitive landscape, and the impact of COVID-19 on various segments: Market Summary: The global automotive TIC market reached approximately USD 18 billion in 2022 and is expected to hit USD 25 billion by 2030, displaying a CAGR of 4.2% during 2023-2030. The sector's growth is attributed to increasing traffic fatalities and heightened vehicle production,
Aerospace Life Sciences Tic Market Size, Share, 2028
Aerospace Life Sciences TIC Market Report is expected to grow at CAGR 5.2% by 2028. Aerospace Life Sciences TIC Market Report was $XX Million in 2020 and is expected to reach $XX Billion by the forecasted period 2021 to 2028. TIC stands for Test, Inspection and Certification. Therefore, TIC for aerospace and life sciences refers to services that ensure the safety of people while traveling by air transport. Aerospace and
Global Automotive TIC Market Size – Forecasts to 2026
The results analyzed by GME showed that the Global Automotive TIC market will grow with a CAGR value of 4.1 percent, to hit xx billion USD by 2026. The demand will rise rapidly with the rising automotive industry and the increasing adoption of automotive electronics. Browse 151 Market Data Tables and 111 Figures spread through 179 Pages and in-depth TOC on "Automotive TIC Market - Forecast to 2026" https://www.globalmarketestimates.com/market-report/global-automotive-tic-market-2584 By Service
Tic Disorder Therapeutics- Pipeline Analysis 2018
Tic disorder is a type of mental disorder, characterized by sudden and nonrhythmic movements. According to the World Health Organisation (WHO), this disease can be categorized into five types; transient, combined vocal and multiple motor, unspecified, and chronic motor tic disorder. Download the sample report @ https://www.pharmaproff.com/request-sample/1089 Some of the symptoms of the disease are facial grimacing, excessive blinking, uncontrollable movements of the legs, and sound such as throat clearing. Majorly