The TIC market for the electronics & electrical products industry is expected to witness a CAGR of 5.1% during the forecast period. Testing, inspection, and Certification market in electronics & electricals products provide compliance in testing, auditing, inspection, quality assurance, and certification services. TIC services are used in various industrial verticals to enhance productivity and efficiency in the manufacturing process. This will result in meeting internationally accepted standards, regulations, and policies set by the government to improve the product quality. TIC market for electronics and electrical products is growing owing to the mounting demand for household appliance testing and the rising adoption of equipment validation. The growing smart home projects will fuel the market growth in electronics and electrical products over the projected period.
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The COVID-19 pandemic has disrupted the production and the supply chain globally. This has led the companies to rethink and should work on optimizing the asset, managing the cost, and take strategic initiatives resulting in the growth of TIC services in the electronics & electrical products industry. Moreover, TIC market is observing growth during the COVID 19 crisis owing to digitalization and development of services such as remote auditing, visual inspection, virtual inspections, etc.
Bureau Veritas announced that they will provide their expertise to the Eolmed project. It will consist of three wind turbines with a combined capacity of 30MW and will be able to satisfy the energy needs of 50,000 people. The wind turbines will be mounted on floating platforms more than 18 km from the shore and grounded at an average depth of 60 meters.
Based on service type, the TIC market for the electronics & electrical products industry is segmented into testing, inspection, and certification. Testing dominates the market owing to the rising globalization, growing brand protection policies, presence of diverse product standards in various regions, initiatives taken by the government to produce quality products. The kind of equipment to be tested will define the testing requirement like CLASS I (earthed) or CLASS II (double insulated).
Europe also holds a significant share in the TIC market for electronics and electrical products as Germany is one of the leading contributors in the field of information and technology and major key players in the field of semiconductors, power electronics, and ICT are in the region.
Some of the key players operating in the TIC market in the electronics & electrical industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, DEKRA SE, TUV Nord, Applus+, and DNV GL.