TIC Market for Industrial & Manufacturing Industry was USD 15 billion in 2020, registering a CAGR of 3.5% during the forecast period 2021-2027

TIC Market for Industrial & Manufacturing Industry

The TIC market for industrial & manufacturing industry is expected to witness a CAGR of 3.5% during the forecast period. TIC services help improve the standards of the manufacturing process by conducting tests, inspections, and certifications in accordance with regulations around the world. This will help in the production of quality, safe, and reliable products/components in the industrial & manufacturing industry.  The factor driving the growth of the TIC market in the industrial & manufacturing industry is the adoption of advanced technologies, growing health safety measure, strict environmental safety norms which ensures the safety of individuals, machines, buildings, etc.

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Moreover, rapid urbanization, mandatory safety regulations, advancement in networking and communication technology, digitalization, need to have credibility and image, reduced turnover of employees, the safety of workplace plant & machinery, increased level of cost control improvement, and rapid improvement of various processes will fuel the growth of TIC in the industrial & manufacturing industry. Thus, promoting builders, planners, and decision-making authorities to use TIC-related solutions, which helps in providing safety and ensures the quality of industrial & manufacturing activities.

TIC market in industrial & manufacturing industry is witnessing growth during COVID 19 pandemic owing to the introduction of new services like virtual inspections, visual inspection, and remote auditing. Moreover, business organizations are using digital testing to have proper delivery of their service, the safety of industrial facilities, and conduct tests to uphold the quality of necessary products and functioning of critical equipment.

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Based on industry vertical, the TIC market for the industrial & manufacturing industry is divided into industrial machinery and automation, instruments and controls, low and medium voltage distribution, manufacturing facilities, and others. The industrial machinery and automation are further segmented into industrial control panels and panel shop program, robotics safety, security and performance, and electrical enclosure and component. Instruments and controls are further divided into switch certification and evaluation, motor control services, power supply certification, and programmable logic controllers and process control equipment. Industrial machinery and automation are anticipated to grow at a significant pace during the forecast period as the TIC services will help industrial equipment and system manufacturers globally to assess the interoperability, functional safety, EMC/wireless, and cybersecurity of connected products offers guidance on global regulatory requirements, and comply with latest global standards.

APAC is anticipated to witness fast growth owing to widespread industrialization and increasing economic development in countries such as China, India, South Korea, and Japan which has provided huge investment in industrial and manufacturing activity in the region. Moreover, an increase in the number of TIC start-ups supported by government investment and mandatory government regulations on safety and quality will create opportunities for the growth of the TIC market for the industrial & manufacturing industry.

Some of the key players operating in the TIC market in the industrial & manufacturing industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, Lloyd Register Group Limited, MISTRAS Group, TUV SUD, and DNV GL.