North America Testing, Inspection, and Certification Market Trends, Size, Segment and Growth by Forecast to 2023-2030
North America Testing, Inspection, and Certification Market Trends, Size, Segment and Growth by Forecast to 2023-2030
Blog Article
The North American Testing, Inspection, and Certification (TIC) market, valued at US$ 81.81 billion in 2022, is projected to reach US$ 132.81 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030. This growth is significantly driven by a rising emphasis on environmental protection, bolstered by governmental initiatives and industrial stakeholder engagement.
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A key factor propelling the market is the US Inflation Reduction Act of 2022, which came into effect in January 2023. This act offers substantial programs, funding, and incentives, including the Investment Tax Credit (ITC) of 30% and the Production Tax Credit (PTC) of US$ 0.0275/kWh (2023 value), extended for qualifying projects over 1 MW AC. These measures promote clean energy adoption, thereby increasing the demand for various TIC services required for the transition to renewable energy. In response, TIC market players are expanding their offerings and regional presence. For example, in July 2023, TUV SUD America Inc. invested US$ 44 million to open a new environmental laboratory in Michigan, US.
Furthermore, the implementation of stringent environmental provisions within the Canada-US-Mexico Agreement (CUSMA/T-MEC/USMCA) and its companion Environmental Cooperation Agreement (ECA) in July 2020 has pushed businesses in North America towards greater sustainability and eco-friendliness. This has led to an increased demand for eco-certifications such as the Intertek Green Leaf Mark, EcoVadis Sustainability Rating, and 1% for the Planet. These certifications help companies demonstrate their sustainable practices to stakeholders, and various players like SGS SA and Bureau Veritas offer circular economy certifications that contribute to the United Nations Sustainable Development Goals (SDGs). The growing focus on environmental concerns and the circular economy is thus boosting the North America TIC market share.
In terms of sourcing, the North America TIC market is bifurcated into in-house and outsourced services, with the in-house segment leading the market. In-house TIC operations provide enterprises with complete control over testing, inspection, and certification processes, minimizing misunderstandings that can arise with third-party providers. This approach allows for enhanced work quality through close collaboration with development teams, better management of timelines, resources, and test cases aligned with organizational goals, and leverages the in-depth knowledge of internal TIC teams regarding enterprise systems, processes, and products.
Regarding service types, the market is segmented into testing, inspection, and certification. Testing services, which are crucial for assessing the physical, chemical, or performance-linked properties of products, materials, or services, are a significant component. These services ensure adherence to quality, safety, and sustainability standards. Qualified inspectors collect samples using ISO methods and conduct tests in accredited laboratories for various products and services, including chemicals, food, agriculture products, consumer goods, metals and minerals, waste materials, government services, and machinery and equipment. The accuracy and credibility of test results are paramount, ensuring product and service safety, and thereby fueling the growth of the North America TIC market.
Key players in the North America TIC market include ALS Limited, Applus Services SA, Bureau Veritas SA, DEKRA SE, DNV Group AS, Eurofins Scientific SE, Intertek Group Plc, SGS SA, TUV Rheinland AG, and TUV SUD AG.
The overall North America testing, inspection, and certification market size has been determined through a combination of primary and secondary research. This involved exhaustive secondary research using both internal and external sources, followed by multiple primary interviews with industry participants, including VPs, business development managers, market intelligence managers, national sales managers, and external consultants specializing in the North America TIC market.
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Author's Bio
Akshay
Senior Market Research Expert at Business Market Insights