Impact of COVID-19 on Economy, Industry and Company :

The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.  

Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact

Global Electrical & Electronics Testing, Inspection, And Certification Market was Valued at US$ XX Mn in 2019 and it is Expected to Reach More than US$ XX Mn by 2028, Likely to Grow with the CAGR of 5.1% During the Forecast Period.

Growing demand in home application testing and growing need for brand protection are the key factors helping market growth. However, the lack of worldwide certification standards and skilled personnel are expected to limit the expansion of the market during the forecast period.

Emerging Digital Technologies Are Expected To Play a Significant Role in the Growth of the Market for TIC over the Forecast Period

Several technologies that are playing an essential role in offering better TIC services include augmented reality, next-generation automation, blockchain, connected devices, big data and analytics, cloud and cybersecurity, and smart sensors. In addition, intelligent sensors embedded in the products enable remote inspection and monitoring. This capability helps in continuous security and safety checks, which can further assist in predictive maintenance. Thus, with such abilities less on-site inspections are required. Many market players are currently testing with online monitoring of elevators, pressure vessels, and other hardware

By Service Type, Testing Segment Is Expected To Hold the Largest Market Share during the Forecast Period

Based on the service type, the electrical & electronics testing, inspection, & certification market has been segmented into testing, inspection, and certification service. The testing segment accounted for the most important market share in 2019. The inspection segment was the second-largest market in 2019, and it's projected to exhibit substantial CAGR growth. However, the certification segment is predicted to register the best CAGR of 6.42% during the forecast period.

The Consumer Goods and Retails Application Segment is Expected to expand at a rapid pace  during the Forecast Period

The consumer goods and retail, transportation and construction application segment held over 40% market share in 2018 and is estimated to maintain the market share over the forecast period. The increasing need for TIC services in personal care and beauty products, hard goods, juvenile products, and electrical and electronic devices has driven the growth of the TIC market for the consumer goods and retail application segment.

The Electrical & Electronics Testing, Inspection, And Certification Market in North America Held a Significant Market Share In 2019.

By geography, the Payment Gateways market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific is anticipated to carry major share due to the emerging markets like China, India, Japan, and South Korea which became attractive, through the event of indigenous industries and consequent hastening in exports, the overview of stringent standards, and rapid development. Additionally, within a previous couple of years, under the effect of the rapid expansion of demands and nationally invested innovation policy, several domestic corporates have entered areas of R&D and manufacturing within the robot industry. Presently, China's industrial robot industry has made five industrial clusters, namely the Tianjin, Beijing, Hebei region, the Northeast region, Yangtze River Delta, Pearl River Delta of China, and therefore the Central region.

Key Players:

Key industry players such 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, among others.

Market Segmentation:

By Service Type

• Testing
• Inspection
• Certification

By Application

• Consumer Goods and Retail
• Agriculture and Food
• Chemicals
• Construction and Infrastructure
• Energy and Power
• Industrial and Manufacturing
• Medical and Life Science
• Oil & Gas and Petroleum
• Public Sector
• Automotive
• Aerospace
• Others

By Region

• North America
• Latin America
• Europe
• Asia- Pacific (APAC)
• Middle East and Africa (MEA)