Electrical & electronics testing, inspection & certification market 2020 is expected to see attaining CAGR of 5.8%, which is considered as growth rate. With this, the market will also be valued with the worth of USD 133,116.9 Million by 2025, during the growth period, which is from the year 2019–2025. The reports presented discloses that the market growth is mainly driven by swelling demand in household appliance testing, mounting need for electrical equipment validation, as well as increasing globalization & growing need for brand protection.
The electrical electronics testing, inspection, & certification market displays a prominent growth potential during the forecast period as it is driven by a factor of snowballing demand in household appliance testing and developing need for equipment validation.
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Market Boosters & Challenges
Electrical components are an essential element in the operation of energy-using products and appliances in a safer mode as it can become dangerous if malfunctioned. Thus, testing electrical components and accessories is necessary, which involves a process where the product is put through a sequence of rigorous tests in a lab environment. This process is conducted to ensure its compliance with health and safety standards. It also helps to discover any faults in the build early.
The growing smart home projects are bringing a considerable boost to the growth of this market in the coming years. Several changes in technologies and regulations pose a challenge for this market to grow in the future. The electrical & electronics testing, inspection, & certification services consist of quality assurance, auditing, inspection, compliance testing, and certification services. These services are used by businesses that are operating in various industrial verticals for more productivity and efficiency of manufacturing processes. The intention is to improve the quality of the products. Thus, the testing, inspection, and certification services can be applied to any product, service, or company.
Many companies who are indulged with a plan to bring new digital payment technologies and services to market, stay aware of complying with an assortment of national and regional guidelines that verify their products are safe and secure. In the case of point, TÜV SÜD offers testing services for terminals and mobile payment devices and payment cards to comply with various regulations around the world. Other than this, it also offers wide-ranging testing and certification for a wide range of electrical components and accessories such as cables, adaptors, extension cords, external power supply, electrical panels, power supply, Safety transformer and similar equipment, Power supply units (DC), Transformers (Power), Switches, Transformers (Distribution), Terminal approvals, Wires, Validation services, Mobile pay handset, Card testing.
With the help of improved research and technological development, a swelling number of conventional and non-conventional electrical accessories have flooded the international market of electrical, electronic testing, inspection certification to profoundly impact the daily lives of people. As a globally recognized, the market of product safety testing and certification with years of experience and knowledge is also applicable local and international standards, as many companies are active in this sector are positioned at the forefront of market trends.
The global Electrical and Electronics TIC Market Report is also segmented among the service type, product, offerings.
Depending on the service type, the market included segments such as testing, inspection, and certification service. Among these, the testing segment acquired the largest market share in 2018. The inspection segment was positioned at the second-largest market in 2018, and it is likely to unveil substantial CAGR growth. In the last, the certification segment is also likely to register the highest CAGR of 6.52% during the forecast period.
Depending on product, the market includes smart wiring system, smart lighting system, electrical component, HVAC system, household appliances, e-toys, security & access control. The electrical component segment recorded to have the total share of 25% in the year 2018 and is expected to showcase a CAGR growth of 6.8 during the assessment period.
Depending on offerings, the market has been divided into digital services, connectivity, electrical safety, electromagnetic compatibility, energy efficiency testing, and cybersecurity services. The electromagnetic compatibility recorded to have the largest share in the market, which was a 21.1% share in the overall market in the year 2018. But, the cybersecurity services segment is likely to record the highest CAGR of 7.4%.
The regional analysis for the global electrical & electronic testing, inspection, & certification (TIC) market has been conducted among the key regions of Europe, North America, the Middle East & Africa, Asia Pacific, and South America.
The market in North America recorded to have the largest market share in 2018, and it is anticipated to lead the market through the assessment period. Stringent testing and inspection regulation, including various quality standard certifications such as USTC, CEC, and NOM, are followed in the region. Therefore, electric and electronic manufacturers need to fulfill with these regulations. Over the years, the demand for these services has amplified significantly in the region, thus, driving the growth of the market.
The market in Asia-Pacific is also likely to progress with the highest CAGR of 7.1% during the forecast period. Asia-Pacific has been categorized into countries of China, Japan, India, and the rest of Asia-Pacific. Wherein, China acquired the largest share in the Asia-Pacific region.
The protruding players operating in the Electrical & Electronic Testing, Inspection & Certification (TIC) Market are listed as Bureau Veritas SA, SGS SA, Intertek Group PLC, ALS Limited, ASTM International, Dekra Certification Gmbh, Sai Global Limited, Tuv Sud, Applus+, UL LLC, NSF International, The British Standards Institution (BSI) Group, TÜV Rheinland , TUV NORD AG, National Technical Systems, Inc, Element Materials Technology, CSA Group, and Eurofins Scientific.
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