Selbyville, Delaware, Dec. 17, 2020 (GLOBE NEWSWIRE) —
According to latest report “Testing, Inspection and Certification Services Market by Service (Testing, Inspection, Certification), Type (In-house, Outsource), Application (Agriculture & Food, Construction, Life Science, Consumer Products, Transportation, Energy, Oil, Gas & Chemical, Mining, Industrial Machinery), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of testing, inspection and certification (TIC) services will cross $240 billion by 2026.Rising demand for TIC services in the energy and power generation sectors of developing economies will drive the market growth. There are several regulatory standards set by respective governments and by some international institutes for companies dealing in the energy sector. Companies are focusing on deploying renewable energy resources, which will further increase the demand for TIC services in the market.Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/2318The TIC services market from inspection accounted for 15% of the market share in 2019 and will showcase growth of more than 7% till 2026 due to increasing adoption of inspection services in the industrial manufacturing sector. Inspection services help manufacturing industries to improve safety, reliability, and productivity in the plant facility. They help manufacturers in gaining insights related to predictive maintenance, asset management, and instrument calibration & repair, among others, further fueling the acceptance of inspection services in the industries.The construction application segment held 15% revenue share in 2019 and is growing at a CAGR of over 5% through 2026 owing to growing urbanization and population migration from rural to urban areas across the globe. Testing & inspection in the construction sector consists of building material testing, chemical testing of construction material, electrical wiring inspection, geotechnical, and situational testing, among others.The Europe testing, inspection and certification services market is estimated to attain a CAGR of over 4% during 2020 to 2026 on account of the growing demand for TIC services by automotive manufacturers in Europe. Major European automotive OEMs including Daimler, Audi AG, and Volkswagen focus on the development of ADAS and self-driving cars, which increases the demand for automotive testing services. In addition, extensive infrastructure development for Electric Vehicle (EV) charging stations in European region will further rise the demand for inspection and certification services.Some of the key players operating in the TIC services market include Applus+, ALS Limited, DEKRA, Eurofins Scientific, Intertek Group PLC, KIWA Group, RINA Group, SAI Global Limited, SGS SA, TUV NORD, and TUV SUD, among others. Companies operating are focusing on strategic collaborations and acquisitions to expand their offerings and target new markets. For instance, in October 2020, KIWA Group announced that it will acquire CREI Ven Laboratory, which specializes in providing testing, inspection, and certification services to the electrical sector. The strategic acquisition will strengthen the company’s electrical TIC services portfolio.Request for customization of this research report @https://www.gminsights.com/roc/2318Some major findings of the testing, inspection certification (TIC) services market report include:The rising requirement among electronic product manufacturers to comply with international standards is augmenting the demand for third-party certification service providers.Testing services hold the majority share. The growing concern among consumers on product safety is promoting the demand for testing services. The increasing trade between countries and the rising need to comply with the safety standards of different countries are propelling the TIC services market demand.Proliferation of the U.S. oil & gas refineries will boost the usage of TIC services in North America. The region is witnessing TIC services for the oil & gas sector in upstream, midstream, downstream, and finished product applications.Increasing demand to reduce operational cost and the need to focus on core business competencies are encouraging enterprises to outsource their TIC services.The rising focus of government authorities on food safety and health is a primary factor spurring the market expansion. The increasing number of food-borne illnesses is enhancing the demand for inspection services in the food & agricultural sector.Asia Pacific region accounted for a high revenue share led by rapid industrialization and urbanization in emerging economies such as India and China.Table of Contents (ToC) of the report:Chapter 3 Global Testing, Inspection Certification (TIC) Services Market Insights3.1 Introduction3.2 Industry segmentation3.3 Industry landscape, 2015 – 20263.4 Impact analysis of corona virus (COVID-19) pandemic3.4.1 Impact by region3.4.2 Impact on industry value chain3.4.3 Impact on competitive landscape3.5 Industry ecosystem analysis3.6 TIC market evolution3.7 Technology and innovation landscape3.8 Industry impact forces3.8.1 Growth drivers3.8.2 Industry pitfalls & challenges3.9 Growth potential analysis3.10 Porter’s analysis3.10.1 Industry rivalry3.10.2 Threat of new entrants3.10.3 Buyer power3.10.4 Supplier power3.10.5 Threat of substitutes3.11 PESTEL analysis Browse Complete Table of Contents (ToC) @https://www.gminsights.com/toc/detail/testing-inspection-certification-tic-marketAbout Global Market Insights, Inc.Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. 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