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, quality, safety, and cost-effectiveness of mining projects as well as mechanical integrity, inspections, and optimization of asset performance will reduce costs, ensure compliance, and extend the useful life of mining assets, resulting in driving the demand for TIC in the mining industry.

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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, demand for safety and product quality, and increasing consumer awareness about the importance of quality certification, testing, and inspection. Moreover, the developed countries have their manufacturing units and some are shifting their mining activities in the region. These manufacturing units manufacture products according to internationally accepted standards.

The business enterprises have started opening development centers in new locations to enhance market penetration which helps in building business relations with customers and clients. Moreover, the industry players in the TIC market have started building strategies like mergers and acquisitions to generate new revenue channels.

SGS has launched FAST Solutions (Field Analytical Services and Testing) for the metals and mining industry in North America and Australia which provides real-time data acquisition in the field by pairing with portable instrumentation and machine learning.

Some of the key players operating in the TIC market in the mining industry: Intertek Group plc, Bureau Veritas, Alex Stewart International, SGS SA, Eurofins USA, MAXXAM, ALS Limited, DEKRA SE, Applus+, and DNV GL.

Source: VynZ Research