China Testing, Inspection And Certification Market size was accounted for USD 33.1 billion in the year 2019 and is projected to grow with a CAGR of 7.8% over the forecast period, 2020 to 2027. Growing foreign investment in China to achieve progressive liberalization is expected to be a major factor for the market growth in China. In addition, the Chinese government has implemented some favorable policies for foreign players to establish their presence in the country which is anticipated to have a positive impact on market growth.
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The key driving factors responsible for the growth of China Testing,
Inspection And Certification market :
The Chinese government has
allowed easy entry to international players by uplifting barriers for foreign
companies providing TIC solutions in the market that is being dominated by
players operating in the country. The increasing popularity of TIC services for
developing and accelerating smart technologies like smart vehicles and smart
cities is projected to augment market growth. Increasing implementation of new
regulations and standards, growing government alliances and rising necessity of
third party inspection service are the key factors that are projected to drive
the market growth.
The number of companies in this
industry is implementing strategies such as mergers and acquisitions to
strengthen their position in the market. For example, in 2018, Intertek Group
PLC acquired a Colombia-based service testing provider Proasem. This
acquisition aims to spread Intertek Group PLC business in Latin America and
Colombia to increase their customer base. In 2018, U.K based a cyber security
solution provider, Nettitude acquired by Lloyd's Register Group Limited to
strengthen its cyber security certifications and services.
Service Insights
On the basis of service, the
China TIC market is segmented into inspection, testing, and certification.
Testing help to determine the multiple characteristics of products to follow
conformity assessment. This segment is projected to account for the largest
market share during the forecast period. This is due to the increasing demand
across various end-use verticals such as transportation, manufacturing,
construction and automotive in order to analyse the quality of material,
components and chemicals.
The inspection services segment
is projected to grow with the fastest CAGR of over 8.5% from 2020 to 2027. This
growth is attributed to the growing number of infrastructure and construction
development projects in China. Vendors operating in this industry are
concentrating on expanding their business through an increasing number of
inspection stations. Therefore, market players are adopting some strategies
like mergers and acquisitions. For example, in 2018, DEKRA SE announced the
acquisition of U.S. based vehicle testing service provider Jiffy Smog’s
emission inspection business. This acquisition aims to increase DEKRA SE’s
business in the U.S. by providing 24 emission inspection stations.
Sourcing Type Insights
By sourcing type, the China TIC
market is segmented into outsourced and in-house. The in-house segment is
expected to lead the market over the forecast period. In recent years, most of
the companies prefer to adopt in-house inspection, as it saves the cost of a
company required for involving third party inspection. However, the cost for
in-house TIC services is increased due to the growing number of standards and
regulations by the government. Therefore, several companies have started to
outsource the TIC services from third-party service providers.
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