3 vital trends defining the growth graph of testing, inspection, and certification (TIC) services market
Publisher : Fractovia | Latest Update: 2019-12-20 | Published Date : 2018-08-22Request Sample
In a bid to ensure increased productivity for clients and assist manufacturers, prominent testing, inspection, and certification services industry giants have been working to substantially augment their services portfolio. While regulatory bodies like the World Trade Organization (WTO) have been encouraging product manufacturers to maintain the quality and compliance of the products, regional policymakers have also been active in helping private companies develop quality management infrastructure in order to meet the requirements of international product standards.
Tightening regulations to augment the industry outlook
Most of the international organizations have already laid out several regulations and directives for maintaining quality standards across the construction, manufacturing, automotive, and other industrial sectors. In this regard, the companies based out of Europe have been particularly compliant, lending importance to the deployment of quality management systems for ensuring effectiveness, suitability, adequacy, and efficiency of products.
The surging enhancement of product quality infrastructure across the globe in order to comply with regulatory policies is thus slated to propel testing, inspection, and certification services market share.
Speaking of Europe, it would be prudent to mention that the region emerged as a major regional market for the global TIC services industry in 2018, with a substantial contribution to the overall share. The growth is primarily powered by the presence of a stringent regulatory spectrum that helps enhance the product quality and infrastructure in addition to contributing toward environmental safety. For instance, recently, the government of UK set up new regulations aimed at carbon emission reduction.
Rising efforts by major industry contenders to propel TIC services market trends
The global TIC services industry growth is majorly driven by the presence of important market contenders. The expansion of Europe market size, in particular, can be credited to the presence and efforts of companies such as Bureau Veritas and SGS.
Taking into account the increasing importance of product quality and betterment of assessment services, the contributors in Europe testing, inspection, and certification services industry have been focusing on the enhancement of their existing product portfolios. Say for example, one of the leading players of the Europe TIC service industry, Bureau Veritas recently formed a collaboration with the well-known scientific traceability services provider, Oritain.
The New Zealand based company, Oritain develops product specific geo-chemical fingerprints with forensic science that can ensure higher security in supply chain systems. The expertise level of Oritain in verification processes will thus help Bureau Veritas improve its product offering with the addition of a scientific traceability tool.
Speaking along the same lines, Bureau Veritas is also looking forward to tapping Oritain’s quality management tools for improving its information management and product verification solution portfolio which can be used across manufacturing sites for auditing, verifying material quantities, and checking work processes. The surging deployment of next-generation TIC services is thus certain to augment the commercialization graph of testing, inspection, and certification services market.
Escalating demand from energy sector to drive the industry landscape
As the popularity of renewable energy and the subsequent deployment of sustainable grids increases across the globe, TIC services industry behemoths will continue to focus on accelerating their business in the utilities and power sector. Bureau Veritas’ recent move to appoint Craig Nicholson as the VP of power and utility operations at U.S. is also one of its business tactics to extend its footprints in the power and utility sector.
Heavy investments in energy, transportation, and infrastructural development across the globe will also remarkably boost the testing, inspection, and certification services market share over the years ahead. The efforts put in by regional governments and industry players for the standardization of policies to ensure quality infrastructure will have a major influence on TIC services market size at the regional level.
The deployment of suitable regulatory policies have been helping testing, inspection, and certification services market participants to upscale their existing technology capability to the next stage. Driven by the upsurge in the demand for quality inspection and monitoring, in tandem with the upgradation in regulatory policies, TIC services industry size is forecast to exceed USD 260 billion by the end of 2025.
