South Africa Testing, inspection & certification (TIC) is valued $735.60 million in the year 2017 and is anticipated to grow with a CAGR of 8.47% from the year 2018 to 2023. South Africa TIC market is segmented based on the different end users in which Medical and Life Science is estimated to register the highest growth rate of 12.2% from the year 2018 to 2023. The implementation of the new regulation in end users such as agriculture, mining, automotive environment are fueling the growth of South Africa testing, inspection and certification market.
What is Testing, Inspection, and Certification?
Testing, inspection and certification is the process of assessment of the quality. This process consists of both in-house and outsourcing. Testing is the process of identifying the defects in the product or any service which is done by a procedure. Inspection is the examination of the product process or design. Certification is given by the third party after observing the process, design and installation of the product.
What are the major applications for Testing, Inspection and Certification?
Testing, inspection and certification applications includes in different industries like food, life sciences, medicine, agriculture, automotive, oil & gas, marine, commodities, building & infrastructure, industrial equipment and many more. In Infrastructure inspection is done on pipelines, cable ways and in many more.
Market Research and Market Trends of & Testing, Inspection Certification
Bureau veritas which is a leading player in testing industry has acquired 65% of share in Mckenzie. This acquisition will help the company to have the leadership position in construction industry.
To reduce the in-house cost for testing, inspection and certification many companies are now moving towards outsourcing the TIC activities. This will even reduce the responsibilities for compliance issues to third parties.
Who are the Major Players in Testing, Inspection Certification?
The companies referred in the market research report includes SGS group, Bureau Veritas SA, Intertek group PLC, DNV GL group, DEKRA SC, Eurofins, TUV SUD, TUV Nord group.
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The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018–2023.
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Key Takeaways from this Report
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