Europe Testing, Inspection, and Certification (TIC) Services Market size in 2017 was assessed to be over USD 60 billion and is projected to grow at a CAGR of 4% over the forecast period.
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Europe TIC market is driven by the introduction of various stringent regulatory policies and standards, which are aimed at ensuring product quality. Regulatory bodies such as the European Union (EU) along with the local governments have issued several guidelines, which have augmented consumer safety, environmental health, and durability of the infrastructure. For instance, in 2018, the UK government introduced guidelines to reduce carbon emissions in the manufacture of various consumer goods. Moreover, the presence of large players, such as SGS Intertek and Bureau Veritas, has further supplemented market growth.
Oil, gas, and chemical industries are expected to register a high growth rate over the forecast time span. This is attributed to the hazardous and highly inflammable nature of raw materials used in the sector. Production & refining facilities are using TIC services to ensure that all the equipment and machinery are in optimal working condition, providing accurate information. They also used to detect defects and irregularities that could result in severe damage to the infrastructure, causing significant financial losses.
The Denmark TIC market is expected to grow at a CAGR of 7% over the projected time span due to the rapidly growing number of counterfeit products. In 2015, the Danish Customs and Tax Administration (SKAT) at the Copenhagen airport confiscated over 50,000 counterfeit products. These goods were valued at approximately USD 26 million, comprising wearables, electronics, and medicines. The Danish government has introduced new certification guidelines to curb the number of counterfeit products, promoting the use of TIC services. The absence of strong federal environmental authority, lack of appropriate environmental protection policies, fragmentation of the policy-making process, and poor environmental governance are some of the factors hindering market growth.
The Europe TIC market is dominated by various major players, these companies are leveraging on strategic acquisitions of various regional companies to expand their market share. For instance, in December 2017, SGS has acquired Traitgenetics, a German company, which employs advanced technologies for the development & analysis of molecular indicators associated with plant breeding research. Traitgenetics offers services across various crops to its global customer base. This acquisition will allow SGS to increase its product portfolio and offer customized product offerings to its customers. The key vendors of the Europe TIC market consist of SGS, Applus, TUV Rheinland, TUV SUD, Dekra, Bureau Veritas, and Intertek.
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