Global TIC Market for Industrial & Manufacturing Industry is Anticipated to grow at a Significant Pace and was USD 15 Billion in 2020

Published Date: Sep, 2021

The TIC market for industrial & manufacturing industry is expected to witness a CAGR of 3.5% during the forecast period. TIC services help improve the standards of the manufacturing process by conducting tests, inspections, and certifications in accordance with regulations around the world. This will help in the production of quality, safe, and reliable products/components in the industrial & manufacturing industry.  The factor driving the growth of the TIC market in the industrial & manufacturing industry is the adoption of advanced technologies, growing health safety measure, strict environmental safety norms which ensures the safety of individuals, machines, buildings, etc. Moreover, rapid urbanization, mandatory safety regulations, advancement in networking and communication technology, digitalization, need to have credibility and image, reduced turnover of employees, the safety of workplace plant & machinery, increased level of cost control improvement, and rapid improvement of various processes will fuel the growth of TIC in the industrial & manufacturing industry. Thus, promoting builders, planners, and decision-making authorities to use TIC-related solutions, which helps in providing safety and ensures the quality of industrial & manufacturing activities.

TIC market in industrial & manufacturing industry is witnessing growth during COVID 19 pandemic owing to the introduction of new services like virtual inspections, visual inspection, and remote auditing. Moreover, business organizations are using digital testing to have proper delivery of their service, the safety of industrial facilities, and conduct tests to uphold the quality of necessary products and functioning of critical equipment.

DEKRA Organizational and Process Safety partnered with Saudi Binladin Group to fast-track progress toward becoming a world leader in safety performance.

Browse 53 market data Tables and 35 Figures spread through 200 Pages and in-depth TOC on " TIC Market for Industrial & Manufacturing Industry by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by End-Use Industry (Industrial Machinery and Automation, Instruments and Controls, Low and Medium Voltage Distribution, Manufacturing Facilities, and Others), and Region - Global Forecast to 2027"

By industry vertical, industrial machinery and automation is anticipated to grow at a significant pace during the forecast period 2021-2027.

Based on industry vertical, the TIC market for the industrial & manufacturing industry is divided into industrial machinery and automation, instruments and controls, low and medium voltage distribution, manufacturing facilities, and others. The industrial machinery and automation are further segmented into industrial control panels and panel shop program, robotics safety, security and performance, and electrical enclosure and component. Instruments and controls are further divided into switch certification and evaluation, motor control services, power supply certification, and programmable logic controllers and process control equipment. Industrial machinery and automation are anticipated to grow at a significant pace during the forecast period as the TIC services will help industrial equipment and system manufacturers globally to assess the interoperability, functional safety, EMC/wireless, and cybersecurity of connected products offers guidance on global regulatory requirements, and comply with latest global standards.

Global TIC Market for Industrial & Manufacturing Industry Segmentation Analysis

Segment

Categorization

Leading Category

Sourcing Type

In-House and Outsourced

In-House (Largest)

Service Type

Testing, Inspection, and Certification

Testing (Largest)

End-Use Industry

Industrial Machinery and Automation, Instruments and Controls, Low and Medium Voltage Distribution, Manufacturing Facilities, and Others

Industrial Machinery and Automation (Fastest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

Asia-Pacific (Fastest)

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“APAC is anticipated to witness the fastest growth during the forecast period in the TIC market for industrial & manufacturing industry.”

APAC is anticipated to witness fast growth owing to widespread industrialization and increasing economic development in countries such as China, India, South Korea, and Japan which has provided huge investment in industrial and manufacturing activity in the region. Moreover, an increase in the number of TIC start-ups supported by government investment and mandatory government regulations on safety and quality will create opportunities for the growth of the TIC market for the industrial & manufacturing industry.

Some of the key players operating in the TIC market in the industrial & manufacturing industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, Lloyd Register Group Limited, MISTRAS Group, TUV SUD, and DNV GL.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Sourcing Type, Service Type, End-Use Industry, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, Lloyd Register Group Limited, MISTRAS Group, TUV SUD, and DNV GL

Global TIC Market for Industrial & Manufacturing Industry- Market Coverage

Sourcing Type Insight and Forecast 2015-2027

  • In-House
  • Outsourced

Service Type Insight and Forecast 2015-2027

  • Testing
  • Inspection
  • Certification

Industry Vertical Insight and Forecast 2015-2027

  • Industrial Machinery and Automation
  • Instruments and Controls
  • Low and Medium Voltage Distribution
  • Manufacturing Facilities
  • Others

Geographical Segmentation

TIC Market for Industrial & Manufacturing Industry by Region

North America

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – U.S., Canada, and Mexico

Europe

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

 

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Global TIC Market for Industrial & Manufacturing Industry is Anticipated to grow at a Significant Pace and was USD 15 Billion in 2020