The US TIC Market is Thriving: Projected to Show Favorable Growth Worth USD 46,306.7 Billion in 2026
Published | March 2021
to BlueWeave Consulting, the US TIC is expected to grow at a significant rate
during the forecast period. The US TIC Market is projected to reach the
valuation of 46,306.7 billion
by the year 2026 by growing at a CAGR of 5.72% during the forecast period 2020-
2026. The introduction of new technologies, combined with stricter
environmental legislation and increased health-safety initiatives, shifted the
entire industry's perspective on compliance with standards and regulations.
Testing, inspection, and certification (TIC) play an important role in ensuring that facility, systems, and goods meet safety and quality requirements and
regulations. The market is expected to expand despite the industrial
seasonality, due to the growing demand for inspection and testing processes at
regular intervals across a few industries, such as oil and gas.
Increased demand in automotive testing
The automobile industry has experienced a constant rise in the incorporation of electronics architecture in automobiles. The increasing need for comfort and safety has paved the way for massive innovations and research and development efforts from original equipment manufacturers and automotive dealers for the testing of electronics parts and compliance with international and U.S. government regulations. Furthermore, the overall heaviness of the vehicles has augmented owing to the combination of electronic features. The regulations about vehicular fuel emissions and consumption will foster the demand for automotive testing.
Also, the United States Department of Transportation’s National Highway Traffic Safety Administration (NHSA) established a national program encompassing new standards intended to decrease Greenhouse Gas (GHG) emissions so as to progress the fuel economy. The EPA has also set greenhouse gas emissions standards under the Clean Air Act to lessen the emission of GHG. The rigorous Euro 6 norms, launched by the European Union (EU), aim at making cars cleaner by letting down the exhaust discharge of harmful gases such as carbon monoxide (CO), nitrogen oxide (NOx), and hydrocarbons. The new Euro 6 norms have diverse standards for diesel and petrol cars. Such factors are playing a major role in boosting the growth of automotive testing even in the United States.
Growing demand for onboard diagnostic tools
The need for onboard diagnostic testing has augmented in recent years owing to the self-diagnostic capability of onboard diagnostic equipment. Onboard diagnostic delivers complete control over the engine. In addition to detecting vehicle faults, onboard diagnostic tools also deliver emission control by providing early recommendations about possible component failure. The troubleshooting properties of onboard diagnostic II permit technicians or users to distinguish vehicle faults. With the aid of onboard diagnostic tools, users can read the status of the engine and identify the problem himself, rather than going to the auto shop to detect the problem.
Customers nowadays tend to prefer application-based wireless devices, such as smartphones for performing vehicle diagnostics. Testing tool developers have established numerous applications to work with OBD-II systems. For example, Actron, a firm that offers repair and diagnostic equipment, has introduced an application called Torque Pro for smartphone devices that will permit users to perform vehicle diagnostics utilizing their mobile phones. This application works wirelessly by connecting to the OBD-II serial port using Bluetooth technology. Torque Pro is also utilized for monitoring the performance of the vehicle.
Smart Lighting System in product offerings is predicted to be the major market-driven factor in the US TIC market industry
Smart Lighting System has a major share in the Electrical & Electronics Testing, Inspection, and Certification (TIC) market growth owing to the development of smart buildings and surge in government initiatives by the U.S. government for smart city projects.
TIC Market: Competitive Landscape
Key players operating in the United States Electrical & Electronics Testing, Inspection and Certification (TIC) market include UL LLC., Intertek Group plc., Eurofins Scientific, SGS SA, Bureau Veritas., Applus+, QIMA, CESI S.p.A, NTA and Nemko. These players are adopting strategies such as new product development, partnerships, and acquisitions to remain competitive in the United States Electrical & Electronics Testing, Inspection, and Certification (TIC) market.
The U.S. Electrical & Electronics Testing, Inspection, and Certification (TIC) Market is projected to grow strongly with the rising research and development expenses to address changing demands. Similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 players in recent years.
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The in-depth analysis of the report provides the growth potential, upcoming trends , and statistics of TICs market size & forecast. The report promises to provide state-of-the-art innovations of TIC production and industry insights, which help decision-makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers, challenges, and competitive analysis of the market.
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