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2020-2026 Advance Study Focusing On Analysis of Asia Pacific Testing, Inspection, and Certification (TIC) Services Market

Author : Ronak Bora | Published Date : 2021-01-06 

Rapid developments in industrialization and urbanization across countries like China and India will significantly drive the Asia Pacific Testing, Inspection, and Certification (TIC) Services Market. These advancements have led to increasing investments towards the transport, infrastructure, and energy verticals and have resulted in a surge in environmental and food safety violations. This has pushed the government regulatory bodies to form stringent rules to limit environmental degradation caused by e-waste dumping in the region to offer consumer safety.

It has been estimated that the Asia Pacific testing, inspection, and certification (TIC) services market size will reach a yearly estimation of over USD 80 billion by 2024.

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Increasing demand for cost optimization

Annual revenue of consumer products in the Asia Pacific Testing, Inspection, and Certification (TIC) Services Market is anticipated to strike an 11% CAGR through 2024 owing to the rise in safety and quality concerns for the products among the consumers. The adoption of Asia Pacific Testing, Inspection, and Certification (TIC) Services Market reduces safety threats and ensures that the products have complied with the defined standards. They also help to enhance production efficiency and offer optimized costs of procurement, development, packaging, and distribution. The higher spending capacities of consumers and the growing requirement for sturdy and dependable commodities have resulted in a higher preference for these services by various product manufacturers.

The demand for outsourced TIC business services is slated to rise to 14% of the total industry share through the same year. This is due to the robust requirement of the companies to cut down on their labor costs while enhancing their profitability. Owing to this labor cost-cutting, leading businesses in some of the developed APAC economies like India and China are consistently outsourcing their testing, inspection, and certification operations. This move has further helped these firms to focus on their core functionalities while mitigating their infrastructure investments.

Higher presence in South Korea

Application of testing, inspection, and certification (TIC) services in transportation across Asia
Pacific is estimated to grow at a 7% CAGR over the coming years. This can be attributed to the presence of old infrastructures in China, South Korea, and Japan. Taking note of this, construction firms in these regions are seeking assistance from third-party service providers to test as well as inspect the building materials, their machinery, and equipment.

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South Korea is a leading contributor to TIC integrated marketing services in the Asia Pacific Testing, Inspection, and Certification (TIC) Services Market and its value is estimated to hit a growth rate of 8% up to 2024. This can be owed to the increasing investments by leading foreign industry participants like SGS and Intertek, to establish advanced testing laboratories to sustain competition.

Also, the spurt in counterfeit instances for products has forced various government authorities in the region to mandate the use of testing, inspection, and certification services. For instance, the government authorities in South Korea launched and mandated the KC certification on electrical & electronic products to impose higher penalties on products that are non-compliant to the standards.

Growth from marketing strategies

Regional service vendors in the APAC region are investing in local and small-scale firms to extend their offerings. For instance, SGS merged with The Lab in February 2016. This collaboration helped the former company to acquire the Hongkong based firm’s construction material testing components.

Also, a few of the leading service providers operating in the TIC industry across the Europe and North America region are teaming up with various start-up firms in the Asia Pacific to amplify their global penetration. For instance, Bureau Veritas acquired Australian service provider, McKenzie Group in December 2017.

Dekra, Applus, Intertek, TUV SUD Bureau Veritas, and TUV Rheinland are some of the other major solution providers in the APAC sector.

The influx of globalization has paved the way for continued international trade owing to the increasing need for durable and reliable products. This trend has led to the rise in the number of exports from the emerging nations of the Asia Pacific region to Europe. However, these exports are expected to undergo, and clear severe assessments in order to match European and North American standards. These factors are likely to stimulate the demand for the testing, inspection, and certification services in the APAC region over the coming years.

Table of Contents (ToC) of the report:

Chapter 1. Methodology & Scope

  • Market scope & definitions
  • Assumptions
  • Research methodology 

Chapter 2. Asia Pacific Testing, Inspection, and Certification (TIC) Services Market Summary

Chapter 3. Asia Pacific Testing, Inspection, and Certification (TIC) Services Market Insights

  • Industry segmentation
  • Industry ecosystem analysis
  • Industry impact forces
    • Growth drivers
    • Growth restraints

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1147/asia-pacific-tic-services-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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