APAC Testing Inspection and Certification Services Market to hit $85 Bn By 2026

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APAC Testing Inspection And Certification
Services Market to hit 85 Bn By 2026 Graphical
Research
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Asia Testing Inspection and Certification (TIC)
Services Market Size to surpass USD 85 Billion By
2026.The APAC TIC service market is gaining
traction owing to the increasing demand for
testing services to ensure effective
interoperability of connected devices in this
region. Furthermore, the rise in trend of
automated testing enables fast reliable and
cost-effective automated interoperability
testing, which helps businesses to create better
connected products. Testing of hardware helps
manufacturers to ensure that a device is working
properly, perfectly fits in body of the target
demographic and also make sure that it is
compatible with other devices needed to run the
simulation.   The outsourcing segment accounted
for a market share of around 35 in 2019 and will
grow due to increasing trend of outsourcing TIC
services to third-party service providers across
the region. Companies and public organizations
are inclined toward outsourcing services, which
reduced the operational cost. Outsourcing
services provides companies with more time to
focus on new product development and RD
activities, enhancing business processes. Various
manufacturing industries are undertaking
agreements with market players that focus on
maintaining operational efficiency. For instance,
in July 2020, Intertek partnered with BEXIMCO for
managing operating its PPE for quality
assurance laboratories. It provides guidelines
for products and manages technical experts for
delivery operations.
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The transportation segment in APAC TIC service
market is anticipated to grow at a CAGR of over
7.0 from 2020 to 2026. Growth is attributed to
the growing demand for maintenance, testing, and
periodic inspection of components and raw
materials used in ships, trains, trucks, and
aircraft. Rail and marine sectors require TIC
services for electrical, chemical, and mechanical
testing of parts in carrier vehicles,
accelerating the market growth. TIC services
enable transportation companies to comply with
necessary regulations, which enhances the supply
chain management safety services, increasing
their adoption in the transportation industry.
Several government investments have been done for
bolstering local railway, increasing the growth
of the TIC services market. For instance, in
October 2019, the Land Transport Authority (LTA)
of Singapore made an investment to enhance and
modernize its railway. For ensuring reliable rail
operations, LTA is encouraging suppliers to
establish local support offices in the
country. China accounted for over 30 market
share in 2019 and will grow at a CAGR of over
8.5 from 2020 to 2026 in the APAC TIC service
market. The share is majorly attributed to rising
government investments focused on growth of
energy and construction sector in the country.
The government has eased the entry of
international players by uplifting barriers for
companies offering TIC services. Also, the rise
in adoption development of electric vehicles
and hybrid vehicles will accelerate market
growth. The market players of China are
strategically entering into collaborations and
mergers and catering to expanding growth
opportunities. For instance, in March 2019,
Bureau Veritas SA acquired EMG Corporation, a
company based in the U.S. Key players in the
APAC TIC service market are extensively focusing
on strategic acquisition to stay competitive and
expand their footprint across the globe. For
instance, in November 2019, Bureau Veritas
acquired Italy-based Q- certificazioni to enter
in the organic food market. Some of the key
players in the Asia Pacific TIC service market
are Dekra, SGS, Intertek, Bureau Veritas, Applus,
TUV SUD, and TUV Rheinland.
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Segmentation of APAC TIC Service Market APAC
TIC Service Market, By Service Testing Inspection
Certification Others APAC TIC Service Market,
By Type In-House Outsource   APAC TIC
Service Market, By Application Agriculture
Food Life Science Consumer product Transportation
Energy Oil, Gas Chemical
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