Published Date: 2021-01-16
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According to the Graphical Research new growth forecast report titled “Asia Testing, Inspection and Certification (TIC) Services Market Size, By Service (Testing, Inspection, Certification), By Type (In-house, Outsource), By Application (Agriculture & Food {Seeds & Crop, Fertilizers, Food, Trade & Logistics, Pest Control & Fumigation}, Construction {Building Material [Material Testing, Material Certification, Coating Inspection & Failure Analysis], Infrastructure, Capital Equipment}, Life Science {Pharmaceuticals, Clinical Trials, Environmental, Medical Devices}, Consumer Products {Hardline, Softline, Electronics, Household, Personal Care & Cosmetics, Hazardous Area Equipment}, Transportation {Automotive, Marine & Offshore, Railways, Aerospace}, Energy {Energy Source, Power Generation, Power Distribution}, Oil, Gas & Chemical {Upstream, Midstream, Downstream, Petrochemicals, Chemical Feedstock, Finished Product}, Mining, Industrial Machinery)” Estimated To Be Around USD 85 Billion By 2026
The APAC TIC service market is gaining traction owing to the increasing demand for testing services to ensure effective interoperability of connected devices in this region. Furthermore, the rise in trend of automated testing enables fast reliable and cost-effective automated interoperability testing, which helps businesses to create better connected products. Testing of hardware helps manufacturers to ensure that a device is working properly, perfectly fits in body of the target demographic, and also make sure that it is compatible with other devices needed to run the simulation.
The outsourcing segment accounted for a market share of around 35% in 2019 and will grow due to increasing trend of outsourcing TIC services to third-party service providers across the region. Companies and public organizations are inclined toward outsourcing services, which reduced the operational cost. Outsourcing services provides companies with more time to focus on new product development and R&D activities, enhancing business processes. Various manufacturing industries are undertaking agreements with market players that focus on maintaining operational efficiency. For instance, in July 2020, Intertek partnered with BEXIMCO for managing & operating its PPE for quality assurance laboratories. It provides guidelines for products and manages technical experts for delivery operations.
The transportation segment in APAC TIC service market is anticipated to grow at a CAGR of over 7.0% from 2020 to 2026. Growth is attributed to the growing demand for maintenance, testing, and periodic inspection of components and raw materials used in ships, trains, trucks, and aircraft. Rail and marine sectors require TIC services for electrical, chemical, and mechanical testing of parts in carrier vehicles, accelerating the market growth. TIC services enable transportation companies to comply with necessary regulations, which enhances the supply chain management & safety services, increasing their adoption in the transportation industry. Several government investments have been done for bolstering local railway, increasing the growth of the TIC services market. For instance, in October 2019, the Land Transport Authority (LTA) of Singapore made an investment to enhance and modernize its railway. For ensuring reliable rail operations, LTA is encouraging suppliers to establish local support offices in the country.
China accounted for over 30% market share in 2019 and will grow at a CAGR of over 8.5% from 2020 to 2026 in the APAC TIC service market. The share is majorly attributed to rising government investments focused on growth of energy and construction sector in the country. The government has eased the entry of international players by uplifting barriers for companies offering TIC services. Also, the rise in adoption & development of electric vehicles and hybrid vehicles will accelerate market growth. The market players of China are strategically entering into collaborations and mergers and catering to expanding growth opportunities. For instance, in March 2019, Bureau Veritas SA acquired EMG Corporation, a company based in the U.S.
Key players in the APAC TIC service market are extensively focusing on strategic acquisition to stay competitive and expand their footprint across the globe. For instance, in November 2019, Bureau Veritas acquired Italy-based Q- certificazioni to enter in the organic food market. Some of the key players in the Asia Pacific TIC service market are Dekra, SGS, Intertek, Bureau Veritas, Applus, TUV SUD, and TUV Rheinland.
The APAC TIC service market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD 89 billion from 2015 to 2026 for the following segments:
APAC TIC Service Market, By Service
APAC TIC Service Market, By Type
APAC TIC Service Market, By Application
The above information has been provided for the following countries:
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