ID: MRFR/ICT/7047-CR | October 2019 | Region: Global | 181 pages
Market Research Future (MRFR) expects the Global Electrical & Electronics Testing, Inspection, & Certification Market to reach USD 157.63 Billion with a 5.17% CAGR from 2020 to 2030 (forecast period). Electrical & Electronic Testing, Inspection & Certification (TIC) services include compliance testing, auditing, inspection, quality assurance, and certification services. These services are used by businesses operating across different industrial verticals to improve the productivity and efficiency of manufacturing processes in order to ensure that manufacturers meet with internationally recognized standards, regulations, and policies set by the government to improve the quality of products. Testing, inspection, and certification services can be extended to any product, service, or company. Testing, inspection & certification (TIC) includes providing services to companies operating across different industrial verticals to increase productivity, efficiency, manufacturing process to meet internationally recognized standards, regulations, and policies set by the government to enhance the quality of the product. Testing, inspection, and certification services can be extended to any product, service, or organization.
The market is driven by rising demand for household appliance testing, an increasing need for electrical equipment validation, increasing globalization, and a growing need for brand protection.
Many companies around the world have increased the production of medical equipment, such as ventilators, personal protective equipment (PPE) kits, and N-95 masks, which have provided players in the TIC market with ample opportunities to test and certify such medical equipment. Many firms, such as Eurofins and TÜV SÜD, have begun testing ventilators and masks. As a result, the increased demand for testing services from the healthcare industry is currently driving the growth of the TIC market. If coronavirus cases continue to increase, the demand for these services will also increase in the next few months.
High demand for household appliance testing to push market growth
The market growth is propelled by the rising demand for household appliance testing and an increasing need for equipment validation. In addition, rising smart home projects are expected to further fuel the growth of this market in the coming years.
Dearth of global certification standards to limit market growth
The lack of global certification standards restricts the growth of the market.
Global Electrical & Electronics Testing, Inspection, & Certification Market has been segmented into Service Type, Product, and Offerings.
Based on the service type, the electrical & electronics testing, inspection, & certification market has been segmented into testing, inspection, & certification service.
Based on product, the market has been segmented into smart lighting systems, smart wiring systems, HVAC systems, electrical components, e-toys, household appliances, and security & access control.
Based on offerings, the electrical & electronics testing, inspection, & certification market has been divided into electromagnetic compatibility, electrical safety, connectivity, digital services, energy efficiency testing, and cybersecurity services.
North America to dominate the global market
North America is leading the market in terms of market share in the market for electrical & electronic testing, inspection & certification. The market in this region has been further classified in the United States, Canada, and Mexico. In 2018, the US-dominated the market for electrical & electronic testing, inspection & certification, trailed by Canada and Mexico. Strict testing and inspection regulations for electrical and electronic products in the country have contributed to an increase in demand for testing, inspection, and certification services in the country, thus leading to a substantial increase in the overall TIC market.
Europe to hold the second spot
Europe was the second-largest market in electrical & electronic testing, inspection & certification in 2018. As per the MRFR, Europe has been segmented into the United Kingdom, Germany, France, and the rest of Europe. Germany is one of the leading countries in the field of innovation and technology, with the involvement of major players in the field of semiconductors, power electronics, and information and communication technology (ICT).
The market is highly fragmented with the involvement of numerous global, regional, and local providers that are constantly evolving to improve their market position. The TIC sector is highly affected by the complex political landscape. In most countries, the pace of transition and the effect of government policy remains uncertain.
In August 2019, SGS Mexico stated its accreditation to perform full scope testing against the RoHS Directive of the European Union, which seeks to reduce the environmental effects of electrical and electronic equipment (EEE).
In July 2019, Anritsu collaborated with the global conformity assessment and certification organization, Bureau Veritas’ Customer Products Service division, Electrical & Electronics, Automotive, Wireless (E.A.W.) Business Line. Under the agreement, Bureau Veritas will carry out its 5G NR GCF and PTCRB conformance testing using the Anritsu New Radio (NR) RF Conformance Test System.
This study estimates revenue growth at global, regional, and country levels and summarizes the sector's latest developments in each of the sub-sectors from 2016 to 2025. For the purpose of this study, MRFR segmented the Global Electrical & Electronics Testing, Inspection, & Certification Market report by service type, product, offering, and region.
By Service Type
|Market Size||USD 157.63 Billion(2020-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Service Type, Product|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Bureau Veritas SA, Dekra Certification Gmbh, Intertek Group PLC, ALS Limited, ASTM International, The British Standards Institution (BSI) Group, Sai Global Limited, Tuv Sud, Applus+, UL LLC, NSF International, National Technical Systems Inc, TÜV Rheinland, TUV NORD AG, CSA Group, Element Materials Technology, Eurofins Scientific|
|Key Market Opportunities||
|Key Market Drivers||The market growth is propelled by the rising demand for household appliance testing and an increasing need for equipment validation. In addition, rising smart home projects are expected to further fuel the growth of this market in the coming years.|
Frequently Asked Questions (FAQ) :
The global electrical and electronics testing market is anticipated to account for a substantial revenue generation of USD 13.31 billion by 2025, expanding at a considerable CAGR of 5.17% over the review period.
The leading market players operating in the global electrical and electronics testing market are observing major demand for testing components such as transformer, insulating testing apparatus, battery, and others from the renewable energy sector
The global electrical and electronics testing market segmentation is conducted based on product, service type, offerings, and region.
The regional analysis of the global electrical and electronics testing market is conducted in four major regions, including North America, the Asia Pacific, Europe, and the rest of the world (including Latin America, and the Middle East and Africa).
The report assessed the fastest growth in the Asia Pacific, and matured growth in North America and Europe. Furthermore, the rest of the world region is predicted to witness a gradual market growth over the forecast period.