| Status : Published | Published On : Oct, 2021 | Report Code : VRSME9074 | Industry : Semiconductor & Electronics | Available Format :
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Page : 165 |
Global TIC Market for Electronics & Electrical Products Industry – Analysis and Forecast (2021-2027)
Industry Insight by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by Industry Vertical (Audio, Video & Household Appliances, Battery, Cells & Accumulators, Electrical Toys & Childcare, E-Cigarettes, IoT & Information Technology, Lighting & Luminaries, Machinery, Microelectronics, Solar Energy Technology, Cybersecurity Services, Chemical & Material Services, and Others), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The testing, inspection, and certification market in electronics & electrical products was USD 26 billion in 2020, registering a CAGR of 5.1% during the forecast period 2021-2027. The testing, inspection, and certification market are composed of services i.e., audit, inspection, testing, verification, quality assurance, and certification.
TIC market for electronics and electrical products is witnessing growth owing to the adoption of advanced technologies in the electronics and electrical sector and offering new services and solutions like virtual inspections, visual inspections, and remote auditing during the COVID-19 outbreak. Moreover globalization, rapid urbanization, and rising brand protection, regulatory compliance have propelled the growth of the TIC market for electronics & electrical products. Furthermore, owing to the integration of electronics infrastructure, there is an increasing demand for automotive testing, standards, and regulations to reduce greenhouse emissions from vehicles, rising energy conservation movement in the automotive sector. Also, the growing need for comfort and safety has led to innovations and R&D efforts from OEM and automotive dealers to test electronics parts and comply with regulations, resulting in the growth of the TIC market for electronics & electrical products. Thus, mounting demand for household appliance testing and the increasing need for equipment validation will drive the growth of the TIC market for electronics and electrical products.
The COVID-19 outbreak has led to reduced demand during the first quarter of 2020. However, TIC plays a significant role to assure that customers receive products & services according to safety and security standards.
Market Segmentation
Insight by Sourcing Type
Based on sourcing type, the TIC market for electronics & electrical products is bifurcated into in-house and outsourced. Among the two segments, the in-house segment is expected to witness the largest share over the projected period 2021-2027 owing to in-house capabilities in terms of specialists, technology, testing and measurement equipment. Thus, providing organizations to manage TIC activities such as on-site availability, ability to employ talent, and make custom practices as per the requirements of the organizations.
Insight by Service Type
Based on service type, the TIC market for electronics & electrical products is segmented into testing, inspection, and certification. Among these segments, the testing segment holds the largest share in the testing, inspection, and certification market in 2020 owing to the different product standards, mandatory regulations, improved safety & security, growing industrialization, and surge in brand protection policies. Electrical components are rigorously tested in a lab environment to ensure compliance with health and safety standards and discover faults at an early stage.
Insight by Industry Vertical
Based on industry vertical, the TIC market for electronics & electrical products is divided into audio, video & household appliances, battery, cells & accumulators, electrical toys & childcare, e-cigarettes, IoT & Information Technology, lighting & luminaries, machinery, microelectronics, solar energy technology, cybersecurity services, chemical & material services, and others. Owing to technological innovation, consumers expect that their household appliances and audio & video products should be safe, reliable, efficient, and should have high performance, resulting in significant growth in the TIC market for electronics & electrical products. Solar energy technology is the most important renewable energy and is growing at a faster pace owing to its uses such as generating electricity, heating, and cooling systems, lighting, and concentrating power.
Industry Dynamics
Industry Trends
The trends in the TIC market for electronics & electrical products are rising investment in AR and VR, usage of connected devices and cloud-based technology, and growing M&A by market players
Growth Drivers
Electrical components are important in the operation of energy-using products and appliances in a safe mode. Furthermore, growing demand for household appliance testing and equipment validation, mounting adoption on smart home projects, adoption of IoT and cloud-based data storage, enforcement of government regulations and compliance, and advancement of smart cities will accelerate the growth of the TIC market for electronics & electrical products. Thus, the manufacturing & production companies are providing quality products to retain the consumers, emerging digital platforms, burgeoning need for interoperability testing for connected devices and IoT, and rising global trade will boost the growth of the TIC market in electronics & electrical products.
Challenges
The lack of global certification standards, growth fluctuations, trade wars, massive investment in automating and installing industrial safety systems, lack of testing facilities, and huge cost involved in TIC due to diverse standards and regulations may restrict the growth of the testing, inspection, and certification market in electronics & electrical products.
Opportunities
Testing, inspection, and certification offer promising opportunities in technologies like Artificial Intelligence, robotics, drones, big data analytics, next-generation automation, and cloud and cybersecurity.
Geographic Overview
North America dominates the market of TIC in electronics & electrical products owing to strict testing and inspection regulations and standard certifications such as USTC, CEC, and NOM in the country which has contributed to the growth of TIC in the region. Moreover, the demand for TIC services has increased resulting in the growth of the TIC market for electronics & electrical products.
Competitive Insight
Key players are innovating digital payment technologies and services to a market and are aware of national and regional guidelines to verify that the products are safe and secure. The market players are taking advantage of the COVID-19 crisis to restructure their existing strategies and introduce new services and delivery models to facilitate demand. The market players are leveraging on strategic collaborative initiatives to enhance their market share, increase their geographical presence, and improve their profitability.
GS Mexico stated its accreditation to perform full scope testing against the RoHS Directive of the European Union, which seeks to reduce the environmental effects of electrical and electronic equipment (EEE).
Bureau Veritas announced that they will provide their expertise to the Eolmed project. It will consist of three wind turbines with a combined capacity of 30MW and will be able to satisfy the energy needs of 50,000 people. The wind turbines will be mounted on floating platforms more than 18 km from the shore and grounded at an average depth of 60 meters.
Some of the key players operating in the TIC market in the electronics & electrical products industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, DEKRA SE, TUV Nord, Applus+, and DNV GL.
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Source: VynZ Research
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TIC Market for Electronics & Electrical Products Industry