TMCnet News
Testing Inspection and Certification Market is projected to expand at a steady CAGR of more than 5% over the 2021-2031 forecast period - Persistence Market ResearchNEW YORK, April 16, 2021 /PRNewswire/ -- Global testing, inspection, and certification firms serve a wide variety of industries such as food & beverages, textiles, automotive, aerospace, and many others. These service offer excellent customer protection, increase productivity, lower prices, facilitate adherence to regulations, etc. Increasing government customer concerns about substandard products have led to an increase in the quality and safety of testing services across regions. A major factor driving demand for testing, inspection, and certification is stringent rules and regulations covering various sectors. However, lack of international standards may hinder market growth to some extent. Additionally, new technologies and enormous potential in emerging economies will provide opportunities for the growth of TIC service providers over the coming years. Rise in conscious consumerism will continue on a major scale, piling pressure on brands to protect their reputations. This is moving the needle from TIC services being seen as obligatory, to being able to provide a real competitive advantage in the market. As per Persistence Market Research's revised study, the global testing, inspection, and certification (TIC) market is projected to expand at a steady CAGR of more than 5% over the 2021-2031 forecast period. Key Takeaways from Market Study
"Enforcement of mandated norms on quality regulations coupled with new product innovation across edible and consumer end goods manufacturers leading to hefty use of TIC services," says a Persistence Market Research analyst. Competitive Landscape The global testing, inspection, and certification market has been identified as a significantly fragmented market space, with the organized sector occupying a major section of the overall market. Tier-1 manufacturers account for maximum share in the global market. Some leading players included in the report such as SGS SA, Bureau Veritas SA, DEKRA, Intertek Group plc, Eurofins Scientific Group, TUV SUD AG, TUV Rheinland AG, DNV GL, UL LLC, Applus, MISTRAS Group Inc., ATRAC Group, Apave International, ALS Global, Compoende Beneficiamento De Pecas Ltda., TÜV NORD GROUP,KIWA NV, Favareto SA, ASTM International, OIL TEST INTERNACIONAL, LENOR Group, Genesis Group, OPUS Group AB, CSA Group, Element Materials & Technology, Cugnier, RRMG Ltda, Standardization and Certification NYCE, SC, and Lloyd's Register, Team Inc. are anticipated to create a tough competitive environment at the global level. Know the methodology of report by asking an expert: https://www.persistencemarketresearch.com/ask-an-expert/28060 Conclusion The market is a moderately competitive space dominated by global players. There are some companies using strategic collaborative and acquisition approaches to improve their market share as well as increase their profitability. However, due to technical advances and product developments, mid-size to smaller companies are increasing their market presence by receiving new contracts and entering new markets. Many businesses are now evaluating their acquisition plans in order to take advantage of new technology developments. Leading companies are launching a slew of programs to boost competitiveness and improve customer satisfaction. With rising global cyberattacks, stringent regulations are expected in the foreseeable future, which, in turn, will raise demand for TIC services in the cybersecurity arena. In the next few years, China will continue to be a prime growth territory for the sector. TIC service providers will expand further into new markets and developing economies. Get Full Access of Report: https://www.persistencemarketresearch.com/checkout/28060 Explore More Valuable Insights Persistence Market Research, in its new report, offers an impartial analysis of the global testing, inspection, and certification market, presenting estimation statistics for the period of 2021-2031. The study offers compelling insights on the market based on service, sourcing, and application, across seven major regions of the world. Browse Research Release at: https://www.persistencemarketresearch.com/market-reports.asp Browse End-to-end Market: Industrial Automation Related Reports:
About Persistence Market Research Overview: Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance. To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes. Contact Rajendra Singh Logo: https://mma.prnewswire.com/media/661339/Persistence_Market_Research_Logo.jpg |