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Market Overview
As per the research made, it has been found that the market for Electrical & Electronics Testing, Inspection, & Certification market is likely to show a potential growth at 5.17 CAGR with USD 157.63 billion from 2020 till 2030 timespan.
The services of Electrical & Electronics Testing, Inspection, & Certification consist of the dating, testing, quality assurance, and certification services. Such services are further used by a business that operates across different verticals of the industry in order to improve the efficiency and productivity of the manufacturing process to make sure that the manufacturer meets the internationally recognised standards and regulations that the government has set presently to improve the product’s quality. Inspection, testing, and certification services can be well extended to any service or product or even the company. The market is increased with the increased household appliance testing demand and also the increased requirement for electrical equipment validation with better globalization and increased brand protection needs.
There is no doubt that every industry in the market had got badly affected due to the covid 19 pandemic crisis. Companies across the world have increased their medical equipment production like PPE kits, Ventilators and even N 95 masks which has allowed the players of the market with some better scope to certify and even test the medical tools and equipment. There are many firms that have started testing masks and ventilators. Due to this, the increased demand for the services of testing in the healthcare industry is currently contributing to the TIC market growth. If the case of coronavirus keeps on increasing, there is a chance for such service demand to even increase in the coming months.
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Market Segmentation
As per the Electrical & Electronics Testing, Inspection & Certification segmentation, the market is categorized as per product, service type and offering.
Segmentation Table
As per Service Type: The market of Electrical & Electronics Testing, Inspection, & Certification as per Service Type is segmented into:
As per Product: The market of Electrical & Electronics Testing, Inspection, & Certification as per Product is segmented into:
As per Offerings: The market of Electrical & Electronics Testing, Inspection, & Certification as per Offerings is segmented into
Regional Classification
The market for Electrical & Electronics Testing, Inspection, & Certification is likely to be categorized into regions like Asia Pacific, Europe, North America and the rest of the world. Presently, North America is dominating the market share. Also following it companies like Europe and the Asia Pacific are also showing a huge interest and are likely to increase their market growth for inspection, testing and certifications services and thus contribute to the increase in the overall market of TIC.
Industry News
SGS Mexico in August 2019 announced to perform complete testing against the Directive of the European Union RoHS to lessen the environmental effects of EEE.
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