The TIC testing world over stood at USD 183.21 in 2018 and it is anticipated to attain USD 283.73 billion in 2016. The CAGR will stand at 5.6%in the forecasted duration. This will happen despite industrial seasonality. TIC services are needed throughout the supply chain as trade leads to a complicated supply chain. TIC market faces competition from swift globalization, state-owned labs are privatized, enhancing standards of end-user adaptability and intricate supply chain. Automatic technologies have switched over to smart machines. As the trend alter the TIC is faced with a negative impact because the number of stakeholders of different level gets involved.
Covid 19 has changed the way of working. The traditional on-site testing has been displaced by remote testing, inspection, and certification. Remote testing is in the process of getting prevalent commonly. The oil and gas sector undergoes inspection and testing at regular intervals. The TIC will show an upward trend irrespective of industrial seasonality. TIC extend services such as-
- Technical
- Consulting
- Engineering
- Related services
The oil and gas market fluctuates as production and storage is a dynamic system because this product has onshore and offshore facilities. In this sector, there is strict regulation as brand protection is a great necessity. Moreover, protectionist policy and trade barriers effects trade growth the TIC market is adversely affected. Digitization may hold the future favourably. Certification services are undertaken by the companies to inform the buyers that their product is of the standard specified. Thus, marketability and acceptability get better. The service providers are expanding their services because the demand has gone up.
The in-house portion makes up more than 60% share in the world market. The outsourced part has a good portion because the privatisation has expanded. Oil and gas companies make up 15% of TIC as well as certification services. A few companies are investing in research as well as development work to counteract a competitive advantage.
