| Status : Published | Published On : Jan, 2024 | Report Code : VRSME9059 | Industry : Semiconductor & Electronics | Available Format :
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Page : 160 |
Global TIC Market for Water Industry – Analysis and Forecast (2025-2030)
Industry Insight by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by Industry Vertical (Municipal Water, Industrial Water, Desalination, Sanitation, Rainwater Catchment, and Others), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The Global Water Industry's Testing, Inspection, And Certification Market reached a value of USD 1.2 billion in 2023, with a projected compound annual growth rate (CAGR) of 7% from 2025 to 2030.
Testing in TIC means an industry activity that assures manufactured products, individual components, and multi-component systems are suitable for the predetermined purpose. Inspection and testing are the operating parts of quality control, which is the most critical factor for the survival of any manufacturing company. Quality control directly supports other factors such as cost, productivity, on-time delivery, and market share. The testing, inspection, and certification market report is composed of conformity assessment agencies, which provide services from audit and inspection to testing, verification, quality assurance, and certification.
Globalization has led to product standardization norms and has penetrated developed technologies across various industries such as the water industry, electronics, and automotive industries, etc., resulting in the growth of the TIC market during the forecast period 2023-2030. Moreover, the growing middle-class population, rapid urbanization, population migration from rural to urban areas globally, mandatory safety regulations, upsurge in the illicit trade of counterfeit and pirated products, advancement in networking and communication technology, the inclination of outsourcing testing, inspection, and certification services has propelled the growth of the TIC market in water industry. Nevertheless, TIC provides various advantages related to its credibility and image, compliance with legal and regulatory requirements, less turnover of employees, high level of cost control improvement, and fast improvement of different processes. The increasing sensitivity of governments globally to provide a cleaner environment, favorable initiatives, rules, and regulations in sectors such as healthcare, water, automotive, etc. and fast adoption of digital technologies to thoroughly transform TIC services are expected to the growth of testing, inspection, and certification market during the forecast period 2025-2030. Water is one of the precious resources that require preservation and quality. TIC in the water industry is required to find out the risk of corrosion according to national and international standards, treating wastewater, evaluate drinking water installations and treatments, sanitation of tap water, evaluation of water heating installations according to VDI-guidelines.
TIC companies are catering to different industrial sectors such as agriculture, automotive, raw materials, IT and electronics, water industry, building & construction, environmental protection, food testing, and oil and gas, maritime, medicine, education, tourism, logistics, consumer products, etc. and provide various standards and legislation
The COVID-19 pandemic resulted in a short-term decline in demand and revenue in the first quarter of 2020. Moreover, TIC is playing a crucial role by offering assurance that the products and services offered to the customers will provide safety and health standards.
Business organizations in the TIC market are intensifying IT infrastructures and developing business continuity plans, implying that the testing, inspection, and certification market are holding the substantial potential to bounce back from the COVID-19 outbreak. This is due to the fact that TIC services will enhance and protect brand reputation, verify products’ safety, and enables trade.
Market Segmentation
Insight by Sourcing Type
Based on sourcing type, the TIC market for the water industry is bifurcated into in-house and outsourced. Among the two segments, the in-house segment dominates the market and is anticipated to hold the largest share during the forecast period 2023-2030. Deploying in-house testing and inspection will offer companies to have complete control over the entire process in terms of technology, skilled personnel, and testing and measurement equipment. In-house testing is important for a bottled water business and must evaluate many facets of the operations such as source, transportation, supplies, ingredients, equipment, maintenance, product, and distribution. Thus, enabling organizations to handle TIC activities like on-site availability, ability to employ talent, and establish custom practices as per the needs and desires of the organizations.
Insight by Service Type
Based on service type, the TIC market for the water industry 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 diverse product standards, stringent regulations, increasing need for improved safety, growing industrialization, and a need to protect the brand. Water testing will assess the water quality and determine various properties such as turbidity, dissolved gas content, radioactivity, and water conductivity. Moreover, the certification market is anticipated to have a high CAGR during the forecast period owing to the consumer awareness about the certified products, companies growing need to improve the product value, the surge in demand for quality and safe products, and mandatory regulatory requirements.
Insight by Industry Vertical
Based on industry vertical, the TIC market for the water industry is divided into municipal water, industrial water, desalination, sanitation, rainwater catchment, and others. There is a need to support projects at various stages of feasibility, design & permitting, procurement, construction, and operation. Because of aging infrastructure and massive demand, there is a need for water maintenance and asset management to improve cost, performance, and reliability. This will result in monitoring the condition, risk assessment, and performance optimization.
Global TIC Market for Water Industry Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
|
Market Size in 2023 |
U.S.D. 1.2 Billion |
|
Revenue Forecast in 2030 |
U.S.D. x.x Billion |
|
Growth Rate |
7% |
|
Segments Covered in the Report |
By Sourcing Type, By Service Type and By Industry Vertical |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
The TIC market for the water industry is characterized by various industry trends such as growing investment in AR and VR, mounting adoption of connected devices and cloud-based technology, increasing mergers and acquisitions by the industry players, and sustained consolidation of suppliers leading to globalization.
Growth Drivers
The demand for Testing, Inspection, and Certification (TIC) services in the water industry is expected to be driven by growing government regulations, industry standards, certification requirements, and significant penalties for non-compliance. The water testing market is primarily focused on leveraging artificial intelligence, machine learning, neural networks, and video analytics to assess various optical characteristics of water such as odor, color, motion, and contaminants. This trend contributes to the expansion of the TIC market. Additionally, manufacturing companies' increasing emphasis on delivering high-quality products leads to enhanced customer retention, thereby increasing the demand for interoperability testing of connected devices and IoT. Factors like globalization, the rise of global trade, and the emergence of digital technologies further contribute to the growth of the TIC market in the water industry.
Challenges
The testing, inspection, and certification market face certain challenges like trade wars and growth fluctuations, huge investment for automation and installation of industrial safety systems, high cost of TIC owing to diverse standards and regulations globally. Moreover, a lack of testing facilities and skilled personnel may hamper the growth of the TIC market.
Opportunities
Testing, inspection, and certification is a massive market that provides lucrative opportunities in technologies such as AI, robotics, drones, big data analytics, next-generation automation, and cloud and cybersecurity. Moreover, the rising need for eco-friendly formulations such as the use of green alternative formulations, etc. will provide opportunities for the growth of the TIC market in the water industry.
Geographic Overview
Geographically, APAC is anticipated to have a high CAGR during the forecast period owing to the rising investment in R&D, rapid urbanization & industrialization, huge manufacturing capabilities and exports, rising per capita income among the middle-class population, improved lifestyles, and increasing consumer awareness about the importance of quality certification, testing, and inspection. Moreover, the developed countries have their manufacturing units in the region, especially in China and India. These manufacturing units manufacture products according to internationally accepted standards. Nevertheless, the growing middle-class population has led to the growth in private consumption and mounting demand for safety and product quality, resulting in providing opportunities in the water industry.
Competitive Insight
Key players are adopting technological changes to improve their product portfolio and generate new revenues, optimize the operational cost, and enhance service efficiencies via process upgrades. The industry players are taking the COVID-19 crisis as an opportunity to restructure and revisit their existing strategies, focus on new services and delivery models to access the growing demand for automation, remote service execution, and improved digitization.
There is a need to mitigate the loss owing to the COVID-19 crisis which has prompted companies to provide products and services in relation to wastewater testing and analysis. ALS has started providing wastewater testing and analysis solution to various companies.
Some of the key players operating in the TIC market in the water industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, Lloyd Register Group Limited, ALS Limited, Applus+, and DNV GL.
The TIC Market for Water Industry report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.
Segments Covered in the Report
- By Sourcing Type
- In-House
- Outsourced
- By Service Type
- Testing
- Inspection
- Certification
- By Industry Vertical
- Municipal Water
- Industrial Water
- Desalination
- Sanitation
- Rainwater Catchment
- Others
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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TIC Market for Water Industry