The testing, inspection, and certification market for the water industry was USD 400 to 450 million in 2020, registering a CAGR of 7% 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 water industry. Moreover, the water testing market majorly focuses on using artificial intelligence and machine learning techniques along with neural networks and video analytics to find the optical characteristics of water like odor, color, motion, and other contaminants, resulting in the growth of the TIC market.

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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, rising per capita income among the middle-class population, improved lifestyles, and increasing consumer awareness about the importance of quality certification, testing, and inspection.

Key players are adopting technological changes to improve their product portfolio and generate new revenues, optimize the operational cost, and enhance service efficiencies via process upgrades. The industry players are taking the COVID-19 crisis as an opportunity to restructure and revisit their existing strategies, focus on new services and delivery models to access the growing demand for automation, remote service execution, and improved digitization.

There is a need to mitigate the loss owing to the COVID-19 crisis which has prompted companies to provide products and services in relation to wastewater testing and analysis. ALS has started providing wastewater testing and analysis solution to various companies.

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

Source: VynZ Research