March 13, 2020
As per the report titled ‘Asia Pacific Testing, Inspection, and Certification (TIC) Services Market Size By Type, Service, Application, Countries Outlook, Industry Size, Share, Growth Trends & Forecast, 2018 – 2024’, available with Market Study Report LLC, Asia Pacific testing, inspection, and certification (TIC) services market is projected to cross USD 80 billion by the year 2024.
The report elucidates the industry dynamics along with a comprehensive evaluation of product terrain, application landscape, and geographical outlook of Asia Pacific testing, inspection, and certification (TIC) market.
Rapid industrialization and urbanization in developing economies such as India and China are driving the growth of testing, inspection, and certification (TIC) market in Asia Pacific. Inflowing investments across the transportation, infrastructure and energy sectors will continue to foster the market growth during the forecast years. In addition, increasing demand for highly durable and reliable products in tandem with rising environmental safety is paving the way for advanced TIC services in the region.
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Based on the type, outsourcing market is projected to witness a CAGR of 14% over 2018-2024. The growth can be attributed to the increasing need among companies to reduce their labor costs and maximize their profits. Outsourcing TIC operations from emerging economies such as India and China with lower labor costs will continue to expand the business landscape over the forecast timeline.
Speaking of application scope, consumers products segment is anticipated to expand with a CAGR of 11% through 2024, on account of the growing need to maintain high product quality and ensure consumer safety which is encouraging manufacturers to use TIC services. Cost optimization in procurement, development, packaging and distribution of consumer products is another major factor promoting the use TIC services for consumer products.
GS, Applus, Intertek, Bureau Veritas, TUV SUD, Dekra, and TUV Rheinland are the major players operating in testing, inspection, and certification (TIC) services market in Asia Pacific. These companies are undertaking various strategies such as acquisitions of start-ups and joint ventures to gain a competitive edge on the market.
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