iCrowdNewswire Jan 13, 2021 1:09 AM ET
The Electrical & Electronic Testing, Inspection, & Certification (TIC) Market is expected to reach USD 133,116.9 Million by 2025, registering a CAGR of 5.8% during the forecast period (2019–2025). In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the coming years.
The electrical electronics testing, inspection, & certification (TIC) market exhibits a prominent growth potential during the forecast period. The growth of this market is driven by increasing demand in household appliance testing and growing need for equipment validation. Furthermore, growing smart home projects is expected to further boost the growth of this market in the coming years. However, the lack of global certification standards limits the market growth. Also, a change in technologies and regulations poses a challenge for this market. The electrical & electronics testing, inspection, & certification services consist of compliance testing, auditing, inspection, quality assurance, and certification services. These services are used by companies operating across various industrial verticals for improving productivity and efficiency of manufacturing processes for manufacturers to meet the globally recognized standards, regulations, and policies set by the government to improve the quality of products. The testing, inspection, and certification services can be applied to any product, service, or company.
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The market is highly fragmented with the presence of various global, regional, and local providers who are continuously evolving to enhance their market position. Increasing demand in household appliance testing, growing globalization, and increasing need for brand protection are the key factors aiding market growth. However, the lack of global certification standards and skilled personnel are expected to limit the growth of the market during the forecast period. The TIC sector is widely influenced by the complex political landscape. The rate of change and the impact of government policy remain uncertain in most geographies.
The Global Electrical & Electronics Testing, Inspection, & Certification Market has been segmented based on service type, product, offerings, and region.
Based on the service type, the electrical & electronics testing, inspection, & certification market has been segmented into testing, inspection, and certification service. The testing segment accounted for the largest market share in 2018. The inspection segment was the second-largest market in 2018, and it is projected to exhibit substantial CAGR growth. However, the certification segment is expected to register the highest CAGR of 6.52% during the forecast period.
Based on product, the market has been segmented into smart lighting system, smart wiring system, HVAC system, electrical component, e-toys, household appliances, security & access control. The electrical component segment accounted for the total share of 25% in the year 2018 and is expected to exhibit a CAGR growth of 6.8 during the forecast period.
Based on offerings, the electrical & electronics testing, inspection, & certification market has been divided into electromagnetic compatibility, electrical safety, connectivity, digital services, energy efficiency testing, and cybersecurity services. The electromagnetic compatibility accounted for the largest share in the market. It occupied a 21.1% share in the overall market in the year 2018. However, the cybersecurity services segment is expected to register the highest CAGR of 7.4%.
The regional analysis for the global electrical & electronic testing, inspection, & certification (TIC) market has been conducted for North America, Europe, Asia Pacific, and the Middle East & Africa, and South America.
The market in North America accounted for the largest market share in 2018, and it is expected to dominate the market during the forecast period. Stringent testing and inspection regulation, including various quality standard certifications such as USTC, CEC, and NOM are followed in the region, and therefore, electric and electronic manufacturers need to comply with these regulations. Therefore, the look for comprehensive TIC services. Over the years, the demand for these services has increased significantly in the region, thereby driving the overall f growth of the market.
The market in Asia-Pacific is expected to grow with the highest CAGR of 7.1% during the forecast period. For the purpose of analysis, Asia-Pacific has been categorized into China, Japan, India, and the rest of Asia-Pacific. China accounts for the largest share in the Asia-Pacific region. China and Japan are the prominent country-level markets.
The prominent players operating in the Electrical & Electronic Testing, Inspection & Certification (TIC) Market are SGS SA, Bureau Veritas SA, Dekra Certification Gmbh, Intertek Group PLC, ALS Limited, ASTM International, The British Standards Institution (BSI) Group, Sai Global Limited, Tuv Sud, Applus+, UL LLC, NSF International, National Technical Systems, Inc, TÜV Rheinland , TUV NORD AG, CSA Group, Element Materials Technology, and Eurofins Scientific.
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