China Testing, Inspection and Certification Market Size Worth $61.8 Billion By 2027, Owing To Rising Awareness of Quality and Safety of Products Among Consumers | Million Insights

August 03 16:54 2020
China Testing, Inspection and Certification Market Size Worth $61.8 Billion By 2027, Owing To Rising Awareness of Quality and Safety of Products Among Consumers | Million Insights

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According to new report available with Million Insights, the China testing, inspection and certification (TIC) industry is projected to grow with a CAGR of 7.8% over the forecast period. It includes a comprehensive evaluation of the market’s growth status and market risk.

The China testing, inspection and certification (TIC) market size is projected to reach USD 61.8 billion by 2027, according to Million Insights. Due to the changing lifestyle of Chinese people and the growing awareness regarding quality and safety of products including electronic appliances, cosmetics, food products, and personal care products among consumers are major factors expected to drive the market growth. Moreover, growing outsourcing of TIC services by several companies operating in various end-use industries such as consumer goods, automotive, manufacturing, and transportation is expected to further augment the market growth in China.

The market is expected to witness substantial growth over the forecast period due to increasing investment in the construction and transportation industries by China government. Favorable government policies for international players to establish their footprints in China to achieve better liberalization are another factor anticipated to drive the market growth. The government of China has stimulated foreign investments in the market by uplifting barriers for foreign TIC providers to operate in the marketplace.

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Earlier, most of the companies in China preferred in-house TIC services. However, growing cost of in-house inspections due to strict regulations and standards regulated by China government has led to increase in the adoption of outsourced TIC services. In addition, growing trend of outsourcing TIC services is projected to drive market growth. The growing accessibility of the domestic market for foreign incumbents as well as provision for cost-effective TIC services providers expected to have a positive impact on market growth.

 

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Further key findings from the report suggest:

• The China TIC market is expected to have significant growth due to growing number of investments for international players in this industry.

• The inspection service segment is projected to grow with the fastest CAGR of over 8.5% during the forecast period.

• In transportation and infrastructure, TIC services play an important role, thereby; growth of these two sectors in China will drive the market growth in the next few years.

• In Touch Services Ltd.; DEKRA SE; DNV GL Group AS; AsureQuality Limited; Intertek Group PLC; Lloyd’s Register Group Limited; SGS S.A; TUV Rheinland AG Group; Underwriters Laboratories Inc.; Asia Quality Focus; HQTS Group Ltd China Inspection Co., Ltd.; Centre Testing International; China Certification & Inspection Group; American Bureau of Shipping; Hartford Steam Boiler; Larsen & Toubro; Bureau Veritas SA; .; Asia Inspection; China Building Material Test & Certification Group Co. Ltd.; China Special Equipment Inspection and Research Institute; Asia Quality Control; V-Trust; TUV SUD; China Classification Society and TUV Nord are the key players operating in the market.

Million Insights segmented the China testing, inspection & certification market on the basis of service, sourcing type, application and region:

China TIC Service Outlook (Revenue, USD Billion, 2016 – 2027)
    • Testing
    • Inspection
    • Certification

China TIC Sourcing Type Outlook (Revenue, USD Billion, 2016 – 2027)
    • In-house
    • Outsourced

China TIC Application Outlook (Revenue, USD Billion, 2016 – 2027)
    • 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)
            • Others (Forestry and Food packaging)
    • Chemicals
        • Asset Integrity Management Services
        • Project Life Cycle Services
        • Finished Product Services
        • Chemical Feedstocks 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)
    • 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 &Defence
           • 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)
    • Supply Chain & Logistics
          • Packaging & Handling
          • Risk Management
          • Others (Audits, Certification, and Training)
    • Others

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