Graphical Research has reported the addition of the “Testing, Inspection, and Certification (TIC) Services Market: Asia Pacific Industry Analysis and Opportunity Assessment 2019 - 2025" report to their offering.
India - August 29, 2019 /MarketersMedia/ —
The Asia Pacific TIC market is driven by rapid industrialization and urbanization in developing countries including China and India. The widespread industrialization in these countries has attracted enormous investments in the transport, infrastructure, and energy sectors. This has generated numerous opportunities for market growth. In addition, the increasing demand for more durable & reliable products along with environmental safety is giving rise to advanced TIC services in the region.
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According to the Graphical Research new growth forecast report titled “Asia Pacific Testing, Inspection, and Certification (TIC) Services Market Size By Type (In-House, Outsource), By Service (Testing, Inspection, Certification), By Application (Construction, Agriculture & Food, Life Science, Consumer Product, Transportation, Energy, Oil, Gas, & Chemical, Mining), Countries Outlook (Australia, China, India, Japan, South Korea), Industry Size, Share, Growth Trends & Forecast, 2018 – 2024”, estimated to exceed USD 80 Billion By 2024.
Segments we cover:
Asia Pacific TIC Services Market Statistics, By Providers
Testing
Inspection
Certification
Asia Pacific TIC Services Market Growth, By Type
In-house
Outsource
Asia Pacific TIC Services Market Trends, By Application
Agriculture & Food
Construction
Life Science
Consumer Products
Transportation
Energy
Oil, Gas & Chemical
Mining
The consumer products market is anticipated to grow at a CAGR of over 11% over the projected time period due to the rising safety expectations among consumers. There has been a rise in consumer spending and awareness regarding the quality and safety of consumer products. This has increased the demand for more sturdy and dependable products, forcing manufacturers to use TIC services. TIC services help to reduce the risks, ensure compliance with the defined standards, and improve the efficiency of the products by optimizing costs involved in procuring, developing, packaging, and distributing various consumer products.
The outsourcing market is predicted to attain a growth rate of over 14% during the forecast timeline. The market is driven by the increasing need among companies to lower their labor costs and increase their profitability. The organizations in the developed regions are outsourcing their TIC operations to countries with lower labor costs including India and China. It also reduces the company’s infrastructure investments and allows them to focus on their core functionality.
The vendors present in the Asia Pacific TIC market are SGS, Intertek, Applus, Bureau Veritas, Dekra, TUV SUD, and TUV Rheinland. The major players are acquiring various start-ups in the Asia Pacific region to increase their presence in the market. For instance, in February 2016, SGS acquired The Lab, a Hong Kong-based independent material testing and inspection firm. The acquisition was aimed at increasing its presence in the Asia Pacific construction material testing market.
Browse key industry insights along with Table of Content @ https://www.graphicalresearch.com/industry-insights/1147/apac-testing-inspection-and-certification-tic-services-market
Related Reports:
North America Testing, Inspection, and Certification (TIC) Services Market : https://www.graphicalresearch.com/industry-insights/1146/north-america-tic-services-market
Europe Testing, Inspection, and Certification (TIC) Services Market : https://www.graphicalresearch.com/industry-insights/1145/europe-testing-inspection-and-certification-tic-services-market
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
Contact Info:
Name: Parikhit B.
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Organization: Graphical Research
Website: https://www.graphicalresearch.com/industry-insights/1147/apac-testing-inspection-and-certification-tic-services-market
Source: MarketersMedia
Release ID: 88913446
