The global testing inspection and certification market is expected to grow at a CAGR of 5.5% from 2022 to 2029.
The testing inspection and certification (TIC) sector comprises conformity assessment bodies that deliver services ranging from assessment and inspection to testing, validation, quality assurance and certification.
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MARKET DYNAMICS – DRIVERS
Quality products help businesses increase customer satisfaction and retention while also lowering the risk and costs of product recalls. By adhering to quality management standards, businesses can ensure value-driven growth and gain a competitive edge.
In addition, key certifications provided by recognized and reliable authorities assist such businesses in improving their creditworthiness and overall efficiency.
The following directives and regulations have a major impact on the ongoing and future development of the global testing, inspection and certification market.
U.S. law requires the testing and certification of all products manufactured or imported into the country for sale. The Consumer Product Safety Commission (CPSC) is the government authorized to conduct testing, inspection and certification. The Consumer Product Safety Act (CPSA), Child Safety Protection Act (CSPA), Federal Hazardous Substances Act (FHSA), Poison Prevention Packaging Act (PPPA), Flammable Fabrics Act (FFA) are some of the laws that lay down standards for consumer safety standards across various industry verticals. The Code of Federal Regulations (CFR) Title 16 Chapter 2, Subchapters A to F deal with various product standards.
The global testing inspection and certification market dropped in 2020, owing to COVID-19’s impact. Governments globally imposed strict lockdowns and restrictions in early March 2020 to curb the spread of COVID-19. The testing and certification centers had to close or scale back operations significantly to comply with the government directives.
The lockdown hampered the ongoing testing, inspection and certification, which created a backlog that burdened testing companies when the strict restrictions were lifted in June and July 2020. Testing, inspection and certification continued at a slower pace when compared to pre-pandemic levels.
Market Segmentation – By Service
Companies can maintain high-quality parameters and meet client expectations by conducting practical product testing. It encourages businesses from various industries to raise their operational spending on testing equipment, ultimately boosting market growth.
The market is predicted to develop, regardless of industrial seasonality, because of the introduction of new technologies and the significant demand for testing at regular intervals across a few industries, such as oil and gas.
Geographical Analysis – North America
The region is experiencing a growth in global imports and exports, particularly for pharmaceuticals and food products. Food & beverage, automotive, consumer electronics and agriculture are projected to offer increasing opportunities for testing inspection and certification (TIC) services in the region. In addition, rapid technical improvements, which have resulted in product diversity, are predicted to increase TIC service consumption.
Food safety audits are becoming more common in the region, particularly in the U.S., driving the market. For instance, in September 2019, the Food and Drug Administration (FDA) of the U.S. submitted the Food Safety Modernization Act to rebuild the country’s food safety system, with a primary focus on reducing foodborne diseases.
The global testing, inspection and certification market is highly fragmented and competitive. The market growth is dominated by global companies, followed by regional players.
The TIC industry is characterized by a small number of global players and many local players focused on specific industry verticals. The companies are expected to expand their share as countries increasingly move from a voluntary-based risk management practice to mandatory testing and certification regimes.
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