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Asia-Pacific leads the way in testing, inspection and certification market growth

According to a recent report released by MarketsandMarkets, the testing, inspection and certification (TIC) market is set to grow to US$249.4bn by 2026, up from US$207.2bn in 2021.

The report, entitled Testing, Inspection and Certification Market with Covid-19 Impact Analysis by Service Type (Testing, Inspection, Certification), Sourcing Type (In-House, Outsourcing), Application and Geography – Global Forecast to 2026, predicts that the market will grow at a CAGR of 3.8% from 2021 to 2026.

It revealed that APAC has the largest market share for TIC, and that the region is expected to grow at the highest CAGR during the forecast period. According to the report, TIC players are increasing their horizon by setting up their testing labs in APAC countries as the potential of APAC countries in applications such as consumer electronics and goods, automobiles, and renewable energy solutions, is depicting a double-digit growth.

The in-house services segment of the TIC market is projected to hold a larger share during the forecast period. In-house testing services provide companies complete control over the entire process. Currently, approximately 60% of the TIC services are conducted in-house.

Meanwhile, third-party TIC services, which help manufacturers reduce in-house compliance costs and navigate global market requirements more easily, are set to have a higher demand in applications in consumer electronics and environmental industries.

Overall, the consumer goods and retail segment is projected to hold the largest share of the TIC market during the forecast period. The consumer goods and retail segment accounted for the largest share of the TIC market in 2020.

To access the full report, click here.