Grand View Research, Inc. - Market Research And ConsultingAccording to report published by Grand View Research, High standards of living of Chinese citizens 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 China Testing, Inspection, & Certification Market.
According to a report, "China Testing, Inspection, and Certification (TIC) Market Analysis Report By Sourcing Type, By Service Type, By Application (Transportation, Healthcare, Consumer Goods & Retail), And Segment Forecasts, 2018 - 2025", published by Grand View Research, Inc.
The China testing, inspection, and certification (TIC) market size is anticipated to reach USD 55.1 billion by 2025, registering a 9.1% CAGR during the forecast period. The China TIC market is expected to register strong growth owing to government investments in the transportation, energy, and construction sectors.
The Chinese government has introduced favorable policies for international players to establish their foothold in the country and to achieve progressive liberalization.
Key Takeaways from the report:
The China TIC market is witnessing considerable growth owing to increasing number of investments from international incumbents
By service, the inspection segment is expected to register the highest CAGR of 10.3% over the forecast period
TIC forms an integral part of the infrastructure and transportation sectors in China and hence, the growth of these two sectors is expected to drive demand for testing inspection, and certification activities
Key industry participants include AsureQuality Limited, Bureau Veritas SA, DEKRA SE, DNV GL Group AS, Intertek Group PLC, Lloyd’s Register Group Limited, and SGS S.A.
Previously, most companies in China conducted their testing, inspection, and certification operations in-house. However, with growing acceptance of the China Compulsory Certification (CCC), greater emphasis is placed on need for strict regulatory standards and certifications and this has led to increase in outsourcing TIC activities in China due to cost benefits. This growing trend of outsourcing is anticipated to further drive the market over the forecast period. Increased accessibility of the domestic market for international players and provision of cost-effective solutions by TIC service providers will also benefit the market.
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Leading industry participants include AsureQuality Limited, Bureau Veritas SA, DEKRA SE, DNV GL Group AS, Intertek Group PLC, Lloyd’s Register Group Limited, and SGS S.A. Other notable players in the market include 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.
Grand View Research has segmented the China testing, inspection, and certification (TIC) market based on service type, sourcing type, and application:
China TIC Service Type Outlook (Revenue, USD Billion, 2014 - 2025)
Testing
Inspection
Certification
China TIC Sourcing Type Outlook (Revenue, USD Billion, 2014 - 2025)
In-house
Outsourced
China TIC Application Outlook (Revenue, USD Billion, 2014 - 2025)
Consumer Goods & Retail
Personal Care & Beauty Products
Hard Goods
Soft-liners & Accessories
Toys & Juvenile Products
Electrical & Electronics
Agriculture & Food
Seed & Crop
Fertilizers
Commodities
Beverages
Alcoholic
Non-alcoholic
Others (Forestry and Food packaging)
Chemicals
Asset Integrity Management Services
Project Life Cycle Services
Finished Product Services
Chemical Feedstock Services
Infrastructure
Project Management
Material Services
Construction Machinery & Equipment Services
Facilities Management & Inspection Services
Energy & Power
Energy sources
Power generation
Power Distribution
Manufacturing
Suppliers Related Services
Production & Products Related Services
Projects Related Services
Healthcare
Medical Devices
Health, Beauty, and Wellness
Clinical Services
Mining
Inspection & Sampling Service
Analytical Service
Exploration Service
Oil & Gas and Petroleum
Upstream
Midstream
Downstream
Biofuels & Feedstock
Petrochemicals
Public Sector
Product Conformity Assessment
Monitoring Services
Valuation Services
Transportation
Automotive
Electrical Systems & Components
Electric Vehicles, Hybrid Electric Vehicles, and Battery Systems
Telematics
Aerospace & Defense
Services for Airports
Services for Aviation
Services for Aerospace
Marine
Marine Fuel Systems & Component Services
Ship Classification Services
Marine Materials & Equipment Services
Rail
Rail Testing Services
Rail Inspection Services
Rail Certification Services
Supply Chain & Logistics
Packaging & Handling
Risk Management
Others (Audits, Certification, and Training)
- Others
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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