Published By : 06 Dec 2016 | Published By : QYRESEARCH
The surging international trade has necessitated industries to adhere to stringent regulations confirming high quality standard of products. These regulations have a great influence on the consumer and environment health, which is a key factor boosting the global testing, inspection, and certification (TIC) market. In addition, the market is gaining impetus from the rising import and export activities worldwide, as TIC is considered imperative to conform the diverse quality and safety standards of foreign products across different countries. Furthermore, product managers have started adhering to international standards to expand their geographic footprint. This is expected to give considerable boost to the global testing, inspection, and certification market.
Oil and Gas Industry to Emerge Dominant in Market
Transparency Market Research (TMR) forecasts the global testing, inspection, and certification market to exhibit a CAGR of 5.7% during the period from 2016 and 2024. The market, which stood at US$178.65 bn in 2015, is therefore expected to reach US$285.34 bn before 2024 ends. In terms of application, the oil and gas industry leads the global market. It held over 35% of the overall market in 2015. However, during the forecast period, the food and beverages industry is also likely to exhibit considerable growth in terms of the demand for effective TIC methods.
Absence of Uniform Regulations Could Hinder Market’s Growth
Despite witnessing favorable growth, the market is facing difficulty due to the presence of different regulatory standards and TIC guidelines across different countries. The difference in TIC regulations from one country to other, often creates bottlenecks for carrying out international trade, thereby hindering the progress of the global TIC market.
Among the several industries, the pharmaceutical sector is the most effected by the absence of internationally accepted TIC regulations and standards. Drug manufacturers therefore mostly face difficulties in getting approvals for their products across all countries they are submitted. Nevertheless, the market is expected to gain significantly with its expanding footprint across emerging economies. Increasing innovations will also make TIC standards necessary thus creating opportunities for growth in the near future.