March 13, 2020
The new research report on ‘Europe Testing, Inspection, and Certification (TIC) Services Market Growth By Application, Service, Type, Countries Outlook, Industry Forecast, 2018 – 2024’, available with Market Study Report, LLC, highlights the key industry trends and the growth factors prevalent testing, inspection and certification (TIC) services market in Europe market.
According to the report, the Europe TIC services market is expected to surpass USD 85 billion by the year 2024. Growing inclination towards outsourcing TIC services to numerous third-party service providers is a major factor driving the market growth. Various manufacturing facilities and business enterprises are focusing on outsourcing the TIC operations in order to minimize their operating costs and to improve their core business capabilities. Add to this, introduction of strict government regulations to maintain product safety as well as to prevent counterfeit product influx is further facilitating the expansion of the Europe testing, inspection and certification industry.
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The report states that TIC services in agriculture & food industry is expected to grow with a CAGR of 8% during the period of 2018-2024. Shifting focus by public entities towards improving food safety is a prime factor impelling the demand for testing, inspection and certification services in agriculture and food sector in Europe. Increased pervasiveness of food contamination has compelled regulatory authorities to focus on reducing the occurrence foodborne diseases. Proliferating food supply chains and increasing trade activities among countries are further boosting the demand for TIC services in Europe.
In terms of regional landscape, UK TIC services market held 20% revenue share in the year 2017. Presence of key players in the region is a major factor contributing towards the market growth. These companies are acquiring outsourcing projects from offshore countries such as Australia, Portugal, Hungary and U.S.
However, availability of inexpensive TIC services from countries such as Philippines, India and China may negatively impact the growth of the companies.
Speaking of key industry players, the prominent companies operating in the Europe TIC services market are TUV SUD, Bureau Veritas, Applus, SGS, Dekra, Intertek and TUV Rheinland among others.
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