The research by the market research company Market Research Future forecast a 5.8 percent compound annual growth rate (CAGR) over the next five years.
According to the researchers a number of factors are pushing the electrical and electronics TIC market growth.
They include: growing demand in household appliance testing; need for equipment validation; rise in smart home projects; a rising trend in the outsourcing of TIC services; advances in networking and communication technologies; and an increase in the illegal trade in pirated and counterfeit goods.
However, the report noted that TIC market growth over the forecast period could also be impeded by other factors. As well as the lack of global certification standards, the report also identified changes in regulations and technologies and the ongoing impact of Covid-19.
According to the report North America will continue to be the biggest market for TIC services in electronics, followed by Europe, with Germany at the forefront of technology and innovation in the EU region.
Meanwhile, the market in the Asia-Pacific region is expected to grow by 7.1 percent annually over the forecast period helped by growing awareness among consumers in the region about the importance of certification of electronics goods.
Key companies in the market identified by the report include: Eurofins Scientific, Element Materials Technology, CSA Group, TUV NORD AG, TÜV Rheinland, National Technical Systems, Inc, NSF International, UL LLC, Applus+, Tuv Sud, Sai Global Limited, The British Standards Institution (BSI) Group, ASTM International, ALS Limited, Intertek Group PLC, Dekra Certification Gmbh, Bureau Veritas SA, and SGS SA.