Testing, Inspection, and Certification Market Overview
The Global Testing, Inspection, and Certification market was valued at USD 200.16 billion in 2020, and it is expected to reach USD 286.2 billion by 2026, registering a CAGR of 6.4% from 2021 to 2026. With the advent of new technologies, and the high demand for inspection and testing at regular intervals across a few industries, such as oil and gas, the TIC market is expected to witness growth, irrespective of the industrial seasonality. Inspection and testing are the operational parts of quality control, which is the most crucial factor in the survival of any manufacturing company. There is a spike in the volume of international imports and exports, especially for food and medical products. The food and beverage, consumer electronics, agriculture, and automotive (electric vehicles) markets are expected to provide more scope for TIC services. Additionally, the environment-focused initiatives are driving the adoption of new testing standards, primarily with the aid of new technologies.
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Testing, Inspection, and Certification Market – Geographical Overview
Asia Pacific region holds the largest market share in the testing, inspection, and certification market
The Asia Pacific region is expected to hold a significant share due to emerging markets such as China, India, Japan, and South Korea, which have become attractive through the development of indigenous industries and subsequent acceleration in exports, the introduction of stringent standards, and rapid urbanization. The Asia Pacific region’s new-built projects dominate the upcoming project’s landscape in the world and are indicative of the need for TIC services throughout the project.
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Key Highlights of the Testing, Inspection and Certification Market
Impact of COVID-19 on the Testing, Inspection and Certification Market
Owing to the significant outbreak of the COVID-19 pandemic across the globe, the market witnessed a short-term decline in demand. Though the decline in revenues was witnessed in the first quarter of 2020, a few prominent players have seen significantly high demand for testing, inspection, and certification services from select end-user industries.
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List of Key Players in the Testing, Inspection, and Certification Market
*List Not Exhaustive
Mordor Intelligence has segmented the Testing, Inspection, and Certification market on the basis of service, sourcing, end-user, and geography:
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