In its research report, Market Research Future (MRFR), reflects that over the review period , the global Electrical & Electronics Testing, Inspection & Certification Market in 2020 is expected to grow exponentially, ensuring a substantial market valuation of USD 157.63 Billion in 2030 and a healthy 5.17% CAGR over the review period.
Drivers and Restraints
The market is driven by increasing demand in household appliance testing, growing need for electrical equipment validation and increasing globalization & growing need for brand protection. Furthermore, growing smart home projects is expected to further boost the growth of this market in the coming years. However, the lack of global certification standards limits the market growth. Also, a change in technologies and regulations poses a challenge for this market. Increasing demand in household appliance testing, growing globalization, and increasing need for brand protection are the key factors aiding the market growth. Nevertheless, the lack of global qualification requirements and qualified professionals is expected to hinder market growth over the forecast period. The TIC sector is influenced broadly by the complex political landscape. In most geographies the rate of change and the impact of government policies remain uncertain.
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The major market players operating in the global market as identified by MRFR are SGS SA, Bureau Veritas SA, Dekra Certification Gmbh, Intertek Group PLC, ALS Limited, ASTM International, The British Standards Institution (BSI) Group, Sai Global Limited, Tuv Sud, Applus+, UL LLC, NSF International, National Technical Systems, Inc, TÜV Rheinland, TUV NORD AG, CSA Group, Element Materials Technology, and Eurofins Scientific.
The Global Electrical & Electronics Testing, Inspection, & Certification Market has been segmented based on service type, product, offerings, and region.
Based on the type of service, the market for electrical & electronics testing , inspection & certification was segmented into the service testing , inspection & certification. The testing segment represented the largest market share of the year 2018. The inspection segment was the second-largest market in 2018 and is expected to show significant growth in CAGR. During the forecast period the certification service is expected to exhibit the highest CAGR.
The market was segmented into smart lighting systems , smart cabling systems, HVAC systems , electrical components, e-toys, household appliances, and security & access controls based on product. The electrical component represented the largest share in the market overall.
The market for electrical & electronics testing , inspection & certification was divided into electromagnetic compatibility, electrical safety, connectivity, digital services, energy efficiency testing and cybersecurity services based on the offerings. The category Electromagnetic Compatibility had the largest market share.
The global market geographic overview was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world.
On the electrical & electronics testing, inspection & certification market, North America leads the market in terms of market share. This region's market was further divided into the United States , Canada and Mexico. The US dominated the market for electrical & electronics research, inspection, & certification, led by Canada and Mexico in 2018. Strict testing and inspection regulations for electrical and electronic products in the country had resulted in increased demand for testing, inspection, & certification services in the country, Thereby helping to significantly grow the overall TIC market.
In 2018 Europe was the second-largest market for electrical & electronics testing , inspection & certification. Europe was segmented into the UK, Germany , France and the rest of Europe according to the MRFR analysis. Germany is one of the leading countries in innovation and technology, with the presence of leading players in the fields of semiconductors, power electronics and ICT.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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