Testing, Inspection, And Certification (TIC) Market In The Energy And Power Industry Market Size (2024 - 2029)

Testing, Inspection, and Certification (TIC) Market Analysis

The Testing, Inspection, And Certification Market In The Energy And Power Industry is expected to grow from USD 5.75 billion in 2024 to USD 6.98 billion by 2029, at a CAGR of 4% during the forecast period (2024-2029).

• The primary role of TIC (testing, inspection, and certification) companies is to sustain the health, safety, and quality requirements of their client’s products. Moreover, testing, inspection, and certification vendors are engaged in verification, inspection, testing, and certification services to help improve productivity and also help local manufacturers comply with global standards.
• Testing, inspection, and certification (TIC) ensure that services, infrastructure, and products meet quality and safety standards. This is especially crucial in industries like power and energy, where regular inspections are required. The TIC services market is expected to grow consistently regardless of industrial seasonality.
• The energy and power industry feeds the world’s economy. There is a rising need to efficiently and effectively operate energy and power projects to sustain energy growth and provide environmental support. Increasing urbanization and people migrating from rural areas to urban areas are driving the development of the TIC market in the energy and power industry.
• The growing demand for renewable energy, the government’s stringent regulation, environmental concerns initiative for controlling environmental pollution and increasing adoption of advanced and digital technologies in the power sector are some of the major factors driving the market's growth. The European power and energy sector is rapidly reinventing itself, where digitalization and interconnection are the new norms. The goal of becoming the world’s first climate-neutral continent by 2050 is pushing the industry to adopt a low-carbon future. TIC services enable the competitiveness and asset’s safety and compliance with stringent environmental standards.
• Stringent regulations from regulatory bodies and government, especially in high-end industrial equipment certification, compel energy and power sector companies to adopt outsourced testing, inspection, and certification (TIC) services. The power generation vendors may also be reluctant to outsource TIC services as they pose several risks related to privacy and security, as it involves sharing confidential supply chain information with third parties. Hence, adopting TIC services might take a lot of work due to these restraining factors.
• In Germany, there are many private conformity assessment bodies, including the group of Technical Inspection Agencies (TÜV). Accreditation ensures that customers can trust in conformity assessment. Accreditation bodies attest to the technical competence of conformity assessment bodies and their objectivity. Conformity bodies in the EU require just one accreditation issued by their national accreditation body, which is recognized across the single market. The German Accreditation Body (Deutsche Akkreditierungsstelle GmbH – DAkkS) is the foremost accreditation body in Germany.
• The macroeconomic factors impacting the TIC market in the energy and power industry is the overall economic growth, both globally and regionally, as it plays a significant role in driving the demand for energy and power infrastructure, products, and services. Higher economic activity typically leads to increased investment in energy projects, which, in turn, drives the demand for TIC services to ensure compliance, safety, and reliability.

Testing, Inspection, and Certification (TIC) Industry Segmentation

The energy and power industry's TIC (testing, inspection, and certification) market focuses on guaranteeing the safety, quality, and compliance of different products, systems, and processes. This market includes services that aim to confirm the performance, reliability, and adherence to regulatory standards of equipment, facilities, and operations related to energy generation, transmission, distribution, and consumption.

The TIC market in the energy and power industry is segmented by service type (testing, inspection, and certification), geography (China, United States, India, Japan, Brazil, Canada, South Korea, Germany, France, Saudi Arabia, Rest of the World), and application (power generation, storage, and distribution & sales). Further, in-house services are excluded from the scope of the study. The market sizes and forecasts are provided in terms of value (USD) for all the above segments.