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Indonesia TIC Market Size is forecasted to reach $650.96 Million by 2027, growing at a
CAGR of 3.83% during the forecast period 2022-2027. The increase
in IoT devices using advanced communication infrastructure for high speed
machine to machine communication and real-time quality control in connected
factories are major factors driving growth for evaluating and validating the
solutions in the Indonesia TIC market during the forecast period. In addition, increasing number of medical device regulations or
standards regarding certification, labelling, licensing or related approvals has been a
key factor driving the market. Besides this, adoption of food testing or inspection due to increasing import/export
activities, agricultural or food contamination, food safety violation and
others is increasing, owing to which its demand is gaining traction in the
forecast period 2022-2027.
The industrial inspection market
has witnessed rapid evolution with the ongoing developments in safety levels
along with the efficiency level of the industrial systems. The demand of this services mainly rises due to the presence of various
regulatory norms related to the environment management system
certification services and food safety management system certification
services. Some of the other services include societal security business
continuity certification services, HACCP certification service and many more. Supplier Evaluation is a process, which includes qualitative and
qualitative assessment of the suppliers. This in turn helps in the process of
approving a potential supplier as it measures the quality, performance and
efficiency level of the new suppliers. Apart from that, these services also
helps the industries in reducing the overall cost, risk reduction by monitoring
the performance level of the existing suppliers. Several governmental
agencies and regional organizations have introduced various stringent measures
for assuring the safety of environment, and decreasing pollution growth rate,
which in turn affects the growth of this market positively.
Sumatra segment is analyzed to be the fastest
growing market and will grow at CAGR of 5.58% during the forecast period 2022-2027. The rising number of railway infrastructure
project contracts can be considered vital in fuelling the market demand for
quality testing, electromagnetic testing, and related inspection services for
rail components used in construction process within the country, and such
factors are propelling the market growth in this country. In October 2021,
Indonesia announced about the issuance of a new Halal certification law, under Government Regulation 39 of 2021 (GR
39/2021), which states that all the products entering, circulating as well
being traded within the country, needs to be Halal certified mandatorily.
Through this, there will be stringent Halal certification assessment, covering
Halal-based materials as well as Halal-based production process, including
storage, packaging, display, or sale of products. Such factors are further set to drive the
market growth of testing, inspection and certification (TIC) services within
Indonesia in the coming time.
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Indonesia TIC Market Growth Drivers:
Increasing penetration
of growing wireless technologies has been positively impacting the market
growth
5G has created crossroads between verticals that should be capitalized By TIC Companies. IoT devices connected using a variety of wireless technologies, each with its own set of benefits and use cases. The increased adoption of LPWAN, Long Range Wide Area Network (LoRaWAN), 5G, wireless sensor networks, and Internet Protocol version 6 (IPv6) is predicted to fuel demand for IoT devices, increasing the demand for wireless technologies during the upcoming years. Indonesia has undergone exceptional progress in digital transformation with the commencement of the COVID-19 epidemic. In fact, digitization was the foundation of the government's pandemic response and COVID-19 recovery strategy, allowing businesses to survive the crisis. Since the outbreak, the digital industry has been one of the fastest expanding, rising 10.58% year on year in 2020 and 7.78% cumulatively in the first half of 2021 are the other factors that is expected to play a key role in driving the Indonesia TIC Market. In February 2021, Telecom Infra Project, The GSMA, The Indonesian government, Telkom University, Cellular network operators collaborated and jointly announced about the official launch of its new Telecom Infra Project Community Lab to improve the connectivity in Indonesia, by evaluating and validating the solutions developed by the Telecom Infra Project community. This will help to boost the TIC market in Indonesia.
The
Major Players in this Market Include
Major players in Indonesia
TIC Market include TUV SUD, TUV NORD,
SGS Group, Intertek Group PLC, Bureau Veritas, DNV GL, Eurofins, ALS group,
CAST Laboratories, Cotecna Inspection among others. In August 2021, DNV announced about the launch of Indonesia’s first floating solar photovoltaic (PV) project practices
in a partnership with PT. Pembangkitan Jawa Bali Masdar Solar Energi (PMSE). DNV acted as the Lender’s Technical Advisor, during the development
phase, for Indonesia’s first-ever floating solar photovoltaic (PV) project at
Cirata Reservoir in West Java.
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