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Europe testing, inspection, and certification (TIC) market to amass considerable revenue by 2024, implementation of a favorable regulatory framework to expedite the regional growth

Publisher : Fractovia | Published Date : August 2018 | Price : $4500Request Sample

In a bid to ensure increased productivity for clients and assist manufacturers, prominent testing, inspection, and certification industry giants have been working to substantially augment their services portfolio. While regulatory bodies like the World Trade Organization (WTO) have been encouraging product manufacturers to maintain the quality and compliance of the products, regional policymakers have also been active in helping private companies develop quality management infrastructure in order to meet the requirements of international product standards.
 

 

U.S. Testing, Inspection, and Certification (TIC) Services Market Revenue, By Service, 2017
U.S. Testing, Inspection, and Certification (TIC) Services Market Revenue, By Service, 2017

Most of the international organizations have already laid out several regulations and directives for maintaining quality standards across the construction, manufacturing, automotive, and other industrial sectors. In this regard, the companies based out of Europe have been particularly compliant, lending importance to the deployment of quality management systems for ensuring effectiveness, suitability, adequacy, and efficiency of products. The surging enhancement of product quality infrastructure across the globe in order to comply with regulatory policies is thus slated to propel testing, inspection, and certification market share.
 

Speaking of Europe, it would be prudent to mention that the region emerged as the dominant market in the global TIC industry in 2017, with a 40% contribution to the overall share. The growth is primarily powered by the presence of a stringent regulatory spectrum that helps enhance the product quality and infrastructure in addition to contributing toward environmental safety. For instance, recently, the government of UK set up new regulations aimed at carbon emission reduction. That said, Europe TIC services industry growth is also driven by the presence of major industry contenders such as Bureau Veritas and SGS.
 

Taking into account the increasing importance of product quality and betterment of assessment services, the contributors in Europe testing, inspection, and certification industry have been focusing on the enhancement of their existing product portfolios. Say for example, one of the leading players of the Europe TIC industry, Bureau Veritas recently formed a collaboration with the well-known scientific traceability services provider, Oritain. The New Zealand based company, Oritain develops product specific geo-chemical fingerprints with forensic science that can ensure higher security in supply chain systems. The expertise level of Oritain in verification processes will thus help Bureau Veritas improve its product offering with the addition of a scientific traceability tool.
 

Speaking along the same lines, Bureau Veritas is also looking forward to tapping Oritain’s quality management tools for improving its information management and product verification solution portfolio which can be used across manufacturing sites for auditing, verifying material quantities, and checking work processes. The surging deployment of next-generation TIC is thus certain to augment the commercialization graph of testing, inspection, and certification market.
 

As the popularity of renewable energy and the subsequent deployment of sustainable grids increases across the globe, TIC industry behemoths will continue to focus on accelerating their business in the utilities and power sector. Bureau Veritas’ recent move to appoint Craig Nicholson as the VP of power and utility operations at U.S. is also one of its business tactics to extend its footprints in the power and utility sector. Heavy investments in energy, transportation, and infrastructural development across the globe will also remarkably boost the testing, inspection, and certification services market share over the years ahead.
 

The efforts put in by regional governments and industry players for the standardization of policies to ensure quality infrastructure will have a major influence on TIC market size at the regional level. The deployment of these policies has also been helping testing, inspection, and certification market participants to upscale their existing technology capability to the next stage with the adoption of supportive business policies. Driven by the upsurge in the demand for quality inspection and monitoring, in tandem with the upgradation in regulatory policies, TIC industry is forecast to garner returns of more than USD 240 billion by the end of 2024.
 

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