Asia-Pacific to spearhead $50 billion growth in TIC

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A new report has projected that the global testing, inspection and certification (TIC) market will be worth nearly $269 billion by 2027.

The growth in the market, which is currently worth $221 billion, is forecast to be at a rate of four percent annually for the next five years.

According to the report published by MarketsandMarkets, the Asia-Pacific region is projected to account for the largest size of the TIC market, helped by continuous growth in manufacturing the region.

TIC growth in the Asia-Pacific region is also likely to be helped by the presence of many western companies manufacturing units, especially in China and India.

The report stated: “These units are required to manufacture products in compliance with internationally accepted standards.”

Alongside this, domestic markets in Asia Pacific are rapidly growing as per capita income goes up and consumer awareness about the importance of certification in countries such as China, India, and Thailand increases.

According to the report, the North American market will also see increasing adoption of TIC services due to the growing number of manufacturing plants and R&D centers, as well as increasing regulation for electronic devices and other industries.

North America is forecast to be the second-largest market for TIC services after the Asia-Pacific region, the report said.