DUBLIN--(BUSINESS WIRE)--The "North America Testing, Inspection and Certification (TIC) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The North America testing, inspection and certification (TIC) market was valued at USD 42.53 billion in 2020, and it is expected to reach USD 52.82 billion by 2026, registering a CAGR of 3.8% during the forecast period (2021-2026).
The advent of new technologies, along with stringent environmental norms and increasing health safety measures, changed the entire industry's viewpoint, with respect to the compliance of standards and regulations.
Testing, inspection, and certification (TIC) play a significant role in ensuring that the infrastructure, services, and products meet the standards and regulations pertaining to safety and quality. Due to the increasing demand for inspection and testing processes at regular intervals across a few industries, such as oil and gas, the market is expected to witness growth, irrespective of the industrial seasonality.
There is also an increase in the volume of international imports and exports, especially for products, such as food and medical products. The food and beverage, agriculture, consumer electronics, and automotive (electrical vehicles) markets are expected to provide more scope for TIC services. In addition to imports and exports, rapid technological advancements, which led to product diversity, and in some cases, shorter life-cycles, are expected to increase the usage of TIC services.
The increasing food safety audits drive the market in countries such as the United States. The Food and Drug Administration Authority (FDA) of the United States introduced the Food Safety Modernization Act in September 2019, to transform the country's food safety system, with its primary focus on preventing foodborne illnesses. Under this act, the government set different standards for a variety of food products. This resulted in rapid growth in the number of tests, inspections, and certification activities in the country.
The market is witnessing improvements in the certification requirements in the country. For instance, the US Fish and Wildlife Service informed the Canadian Food Inspection Agency of the certification requirements, for future exports of live finfish (including salmonid species), germplasm or genetic material for culture, stocking, enhancement, and research on dead eviscerated salmonids for end-use, from Canada to the United States. This is expected to contribute to the market growth positively over the forecast period.
With the increase in medical devices and equipment, along with the increase in personal protective equipment, owing to the recent outbreak of coronavirus pandemic, the market is expected to witness significant growth from the healthcare sector. Moreover, with the ongoing race to vaccine creation, the market will also present significant opportunities to the vendors serving the healthcare sector.
For instance, in July 2020, SGS announced that it signed an agreement with AstraZeneca, primarily for the provision of safety, quality control, and analytical testing services in support of the AZD1222, which is a COVID-19 vaccine candidate co-invented by the University of Oxford and its spin-out company, Vaccitech, and licensed by AstraZeneca.
Competitive Landscape
The North America testing, inspection and certification (TIC) market is concentrated and is dominated by a few major players like SGS Group, Intertek, Bureau Veritas, TUV SUD, and ALS Limited.
With a prominent share in the market, these major players are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies increase their market presence by securing new contracts and tapping new markets.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitute Products
4.3 PESTEL Analysis
4.4 Market Opportunities
4.5 Industry Ecosystem Analysis
4.6 Impact of COVID-19 on the TIC Industry in North America
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Highly Developed Regulatory Framework
5.1.2 Growing Demand For Outsourced Service
5.2 Market Restraints
5.2.1 Entry Barriers for New Players and Standardization Concerns Especially in the Case of Inter-border Transactions
6 MARKET SEGMENTATION
6.1 By Type
6.1.1 Outsourced
6.1.2 In-house
6.2 By End-User Vertical
6.2.1 Consumer Goods and Retail
6.2.2 Environmental (Effluent, Water, Soil, Air)
6.2.3 Food and Agriculture
6.2.4 Manufacturing and Industrial Goods
6.2.5 Oil and Gas
6.2.6 Construction and Engineering
6.2.7 Other End-user Verticals
6.3 By Country
6.3.1 United States
6.3.2 Canada
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 SGS SA
7.1.2 Intertek Group Plc
7.1.3 Bureau Veritas
7.1.4 TUV SUD
7.1.5 Applus Services, SA
7.1.6 UL LLC
7.1.7 DNV GL
7.1.8 Mistras Group
7.1.9 Avomeen LLC
7.1.10 Envigo Corporation
7.1.11 AB Sciex LLC
7.1.12 DEKRA SE
7.1.13 ALS Limited
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
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