China Testing, Inspection, & Certification Market Projected To Propel Growth By 2025 : Grand View Research Inc.
San Francisco, 26 February 2019: The Report China Testing, Inspection, and Certification (TIC) Market Analysis Report By Sourcing Type, By Service Type, By Application (Transportation, Healthcare, Consumer Goods & Retail), And Segment Forecasts, 2018 – 2025
The China testing, inspection, and certification (TIC) market size is anticipated to reach USD 55.1 billion by 2025, according to a new report by Grand View Research, registering a 9.1% CAGR during the forecast period.
High standards of living of Chinese citizens and increased focus of customers on quality and safety of food products and consumer goods such as toys, personal care and beauty products, and electrical and electronic appliances are driving the market.
The China TIC market is expected to register strong growth owing to government investments in the transportation, energy, and construction sectors. The Chinese government has introduced favorable policies for international players to establish their foothold in the country and to achieve progressive liberalization.
Previously, most companies in China conducted their testing, inspection, and certification operations in-house. However, with growing acceptance of the China Compulsory Certification (CCC), greater emphasis is placed on need for strict regulatory standards and certifications and this has led to increase in outsourcing TIC activities in China due to cost benefits. This growing trend of outsourcing is anticipated to further drive the market over the forecast period. Increased accessibility of the domestic market for international players and provision of cost-effective solutions by TIC service providers will also benefit the market.
Leading industry participants include AsureQuality Limited, Bureau Veritas SA, DEKRA SE, DNV GL Group AS, Intertek Group PLC, Lloyd’s Register Group Limited, and SGS S.A. Other notable players in the market include TUV Rheinland AG Group; Underwriters Laboratories Inc.; Asia Quality Focus; HQTS Group Ltd.; InTouch Services Ltd.; China Inspection Co., Ltd.; Centre Testing International; China Certification & Inspection Group; Asia Quality Control; V-Trust; TUV SUD; TUV Nord; American Bureau of Shipping; Hartford Steam Boiler; Larsen & Toubro; Asia Inspection; China Building Material Test & Certification Group Co. Ltd.; China Special Equipment Inspection and Research Institute; and China Classification Society.
Further key findings from the report suggest:
- The China TIC market is witnessing considerable growth owing to increasing number of investments from international incumbents
- By service, the inspection segment is expected to register the highest CAGR of 10.3% over the forecast period
- TIC forms an integral part of the infrastructure and transportation sectors in China and hence, the growth of these two sectors is expected to drive demand for testing inspection, and certification activities
- Key industry participants include AsureQuality Limited, Bureau Veritas SA, DEKRA SE, DNV GL Group AS, Intertek Group PLC, Lloyd’s Register Group Limited, and SGS S.A.
Grand View Research has segmented the China testing, inspection, and certification (TIC) market based on service type, sourcing type, and application:
China TIC Service Type Outlook (Revenue, USD Billion, 2014 - 2025)
- Testing
- Inspection
- Certification
- In-house
- Outsourced
- Consumer Goods & Retail
- Personal Care & Beauty Products
- Hard Goods
- Soft-liners & Accessories
- Toys & Juvenile Products
- Electrical & Electronics
- Others (Detergents and Non-woven products)
- Agriculture & Food
- Seed & Crop
- Fertilizers
- Commodities
- Beverages
- Alcoholic
- Beer
- Spirits
- Wine
- Others (Cider and Cocktails)
- Non-alcoholic
- Carbonated soft drinks
- Fruit drinks
- Bottled water
- Functional beverages
- Sports drinks
- Others (Milk-based drinks)
- Alcoholic
- Others (Forestry and Food packaging)
- Chemicals
- Asset Integrity Management Services
- Project Life Cycle Services
- Finished Product Services
- Chemical Feedstock Services
- Others (Lab design and Operation & Commissioning)
- Infrastructure
- Project Management
- Material Services
- Construction Machinery & Equipment Services
- Facilities Management & Inspection Services
- Others (Supply Chain Services and Quality Health & Safety)
- Energy & Power
- Energy sources
- Nuclear
- Wind
- Solar
- Alternative fuels
- Fuel Oil & Gases
- Coal
- Hydropower
- Others (Geothermal energy, Tidal energy)
- Power generation
- Power Distribution
- Asset Integrity Management Services
- Project Life Cycle Services
- Others (Technical Staffing and Quality & Safety)
- Energy sources
- Manufacturing
- Suppliers Related Services
- Production & Products Related Services
- Projects Related Services
- Others (Logistics and Safety)
- Healthcare
- Medical Devices
- Health, Beauty, and Wellness
- Clinical Services
- Laboratory Services
- Biopharmaceutical & Pharmaceutical Services
- Others (Training and Staffing)
- Mining
- Inspection & Sampling Service
- Analytical Service
- Exploration Service
- Metallurgy & Process Design
- Production & Plant Services
- Project Risk Assessment & Mitigation
- Oil & Gas and Petroleum
- Upstream
- Midstream
- Downstream
- Biofuels & Feedstock
- Petrochemicals
- Asset Integrity Management Services
- Project Life Cycle Services
- Others (Functional safety services)
- Public Sector
- Product Conformity Assessment
- Monitoring Services
- Valuation Services
- Others (Road Safety Traffic, E-government, and Technical Verification Programs)
- Transportation
- Automotive
- Electrical Systems & Components
- Electric Vehicles, Hybrid Electric Vehicles, and Battery Systems
- Telematics
- Fuels, Fluids, and Lubricants
- Interior and Exterior Materials and Components
- Vehicle Inspection Services (VIS)
- Homologation Testing
- Others (Aftermarket distribution)
- Aerospace & Defense
- Services for Airports
- Services for Aviation
- Services for Aerospace
- Marine
- Marine Fuel Systems & Component Services
- Ship Classification Services
- Marine Materials & Equipment Services
- Others (Cargo, Crane, and Vessel)
- Rail
- Rail Testing Services
- Rail Inspection Services
- Rail Certification Services
- Others (Lab Testing and Supplier Accreditation)
- Automotive
- Supply Chain & Logistics
- Packaging & Handling
- Risk Management
- Others (Audits, Certification, and Training)
- Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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