The testing, inspection, and certification market in the marine industry is USD 10 billion in 2020, registering a CAGR of 4% during the forecast period 2021-2027. Testing in TIC means an industry activity that assures manufactured products, individual components, and multi-component systems are suitable for the predetermined purpose. Inspection and testing are the operating parts of quality control, which is the most critical factor for the survival of any manufacturing company. Quality control directly supports other factors such as cost, productivity, on-time delivery, and market share. The testing, inspection, and certification market report is composed of conformity assessment agencies, which provide services from audit and inspection to testing, verification, quality assurance, and certification.

The growing government-enforced regulations, considerable industry standards, certification requirements, and huge penalties against non-compliance parties are projected to drive the demand for TIC in the building & construction industry. Moreover, there is a need to optimize asset integrity of vessels, data protection management, digitalize systems to improve performance, ensure safety and compliance will boost the growth of the TIC market in the marine industry.

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Testing, inspection, and certification is a massive market that provides lucrative opportunities in technologies such as AI, robotics, drones, big data analytics, next-generation automation, and cloud and cybersecurity. Moreover, the design, integration, manufacturing, and operation of autonomous vessels and systems, R&D activities, increased use of 3d printing in the marine industry will create opportunities in the TIC market.

Geographically, APAC is anticipated to have a high CAGR during the forecast period owing to the rising investment in R&D, rapid urbanization & industrialization, huge manufacturing capabilities and exports, rising per capita income among the middle-class population, improved lifestyles, and increasing consumer awareness about the importance of quality certification, testing, and inspection. Moreover, the developed countries have their manufacturing units in the region, especially in China and India. These manufacturing units manufacture products according to internationally accepted standards. Nevertheless, mounting demand for safety and product quality, resulting in providing opportunities in the marine industry

TÜV Rheinland and ClassNK signed a partnership agreement to expand their business relationship in areas of cybersecurity services and certification for the maritime industry to ensure the safety of vessels and marine structures.

Some of the key players operating in the TIC market in the marine industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, Lloyd Register Group Limited, DEKRA SE, Applus+, and DNV GL.

Source: VynZ Research