China Testing, Inspection, & Certification Market Size, Share, Growth, Trends and Research Report
by Susan Hill Business ConsultantThe China testing, inspection & certification market size
is anticipated to reach USD 61.8 billion by 2027, according to a new report by
Grand View Research, Inc. The market is anticipated to expand at a CAGR of 7.8%
from 2020 to 2027.
The high standards of living in China 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 growth of the China TIC market. Further, increase in
outsourcing of testing, inspection, and certification services by prominent
companies operating in the manufacturing, automotive, and consumer goods
application areas is projected to boost the growth of the market in China.
Furthermore, the market is expected to grow at a
faster pace in China owing to government investments in the transportation and
energy sectors as well as the construction industry. The China government has
introduced favorable policies for international players to establish their
foothold in the country to achieve progressive liberalization. The domestic
players capture a majority share of the market in several provinces of China.
The government has encouraged foreign investments in the market by lifting the
barriers for international testing, inspection, and certification providers to
enter and operate in the Mainland marketplace.
Previously, most companies in China conducted their
testing, inspection, and certification operations in-house. However, with the
growing acceptance of the China Compulsory Certification (CCC), a greater
emphasis is placed on the need for strict regulatory standards and
certifications and this has led to an increase in outsourcing activities of
testing, inspection, and certification in China due to cost benefits. This
growing trend of outsourcing testing, inspection, and certification services is
anticipated to further drive the market over the forecast period due to the
increased accessibility of the domestic market for international players and
the provision of cost-effective solutions by the testing, inspection, and
certification service providers.
Further
key findings from the report suggest:
- The China TIC market is witnessing considerable growth owing to an
increasing number of investments from international incumbents
- The inspection service segment is expected to exhibit the highest
CAGR of 8.8% over the forecast period
- TIC forms an integral part of the infrastructure and transportation
sectors in China and hence, the growth of the two sectors is expected to
drive the demand for testing, inspection, and certification activities
- The key industry participants include AsureQuality Limited; Bureau
Veritas SA; DEKRA SE; DNV GL Group AS; Intertek Group PLC; Lloyd’s
Register Group Limited; SGS S.A; 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
full research report on global China testing, inspection & certification
market:
www.grandviewresearch.com/industry-analysis/china-testing-inspection-certification-tic-market
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Created on Mar 2nd 2020 04:11. Viewed 358 times.