Green regulations fuel $300B growth in TIC market

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The global testing, inspection and certification (TIC) market is projected to hit $300 billion by 2030, according to a new report.

The study by Global Market Insights said the rise in value of the market was due in part to increasing demand for testing services to ensure the interoperability of connected devices.

Another factor cited in the report was the rise in government policies and initiatives relating to sustainability and the subsequent rising demand on TIC services these policies were leading to.

As an example the report referenced the TIC company Intertek, who in May 2022 introduced a new audit program, the Think Green Initiative 3.0 (TGI), to help businesses combat climate change through advancements in key environmental performance metrics.

According to the report, the certification segment of the TIC market is expected to have a growth rate of 8 percent from 2022 to 2030.

Meanwhile, the outsourced segment held nearly 35 percent of the global TIC market share in 2021.

According to the report, businesses worldwide are shifting focus to outsourcing for testing, inspection, and certification needs, owing to benefits such as reduced labor costs, enhanced efficiency, and safety in various levels of compliance.

Outsourced TIC services are gaining momentum across numerous industrial sectors including consumer electronics.