San Francisco, 1 March 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.
Access Research Report of China Testing,
Inspection, & Certification Market @ www.grandviewresearch.com/industry-analysis/china-testing-inspection-certification-tic-market
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.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/technology
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
China TIC Sourcing Type Outlook (Revenue,
USD Billion, 2014 - 2025)
·
In-house
·
Outsourced
China TIC Application Outlook (Revenue, USD
Billion, 2014 - 2025)
·
Consumer Goods & Retail
·
Agriculture & Food
·
Chemicals
·
Infrastructure
·
Energy & Power
·
Manufacturing
·
Healthcare
·
Mining
·
Oil & Gas and Petroleum
·
Public Sector
·
Transportation
·
Supply Chain & Logistics
·
Others
Access
Press Release of China Testing, Inspection,
& Certification Market@ www.grandviewresearch.com/press-release/china-testing-inspection-certification-tic-market-analysis
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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