Market Synopsis
The global testing, inspection, certification (TIC) market is estimated to progress at a CAGR of 5.8% by the end of 2022. As per the study conducted at Market Research Future Reports (MRFR), the strict rules and regulation in end-user sectors such as food & beverage, pharmaceuticals, and textiles are projected to drive the global TIC market 2020. Besides, the robust fundamentals of the industry are likely to be another factor leading to market expansion. Also, the imports have increased, which have to pass through strict quality and safety testing procedures, which has augmented the demand considerably. Besides, the number of manufacturing units has increased in developing countries such as China, India, and Singapore, which is another crucial factor leading to market growth.
Further, the growing awareness about quality among consumers has multiplied the demand, growing at double rate of global GDP. Additionally, the import and export, along with globalization, is likely to propel the market further. On the contrary, the absence of global certification standards is estimated to hamper market growth. Besides, the lack of expertise is further likely to influence the market negatively. Countries like India and, in MEA witness lack of expertise with about only 5% of the workforce being skilled. Also, the difference in regional rules & regulations affects the investments made by international players.
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Regional Analysis
The global market for TIC is estimated to grow significantly during the forecast period. Regions such as North America, Europe, APAC, and the Rest-of-the-world (RoW) have been evaluated. As per the study, the global market is likely to be dominated by North America by acquiring the maximum part of the market. North America is likely to reign the market due to a large base of the electronic sector. Besides, the increased global trade, defense, aviation industry, and the development in medical equipment automation are likely to fuel the regional market. The region is likely to acquire a large amount of revenue during the review period.
on the other hand, the APAC region is rapidly growing. The increased demand for these services from emerging countries such as India and China are likely to trigger the market. Also, the increased consumer awareness towards quality, growing demand for consumer electronics are projected to be another factor leading to market expansion.
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