Taiwan Testing, Inspection & Certification Market - Industry Analysis, Market Size, Share, Trends, Growth and Forecast 2021-2026
Taiwan Testing, Inspection and Certification Market Overview
Taiwan Testing, Inspection and Certification (TIC) caters to a diverse range of industries in Taiwan with its wide spectrum of standard, regulation and legislation's. Taiwan TIC market is expected to grow at a CAGR of 7.4% during 2021-2026 and is likely to reach $1.6 billion by 2026. Due to the COVID-19 pandemic of 2020, the demand for automotive and consumer products industry fell dramatically, as supply chains for raw materials were disrupted due to lockdowns and logistics issues and also as many consumers have been staying at home, the need or interest to purchase new devices also dropped. This supply and demand had a severe effect and hence caused a significant decline in a number of industries which will bounce back slowly by the end of 2021. The increasing demand for penetrant testing, manufacturing audit, product certification services, conformity assessment and quality assurance from the plastic, metals and ceramic in the country has enhanced the Taiwan TIC market. The growth of the automotive industry has driven the demand for industrial inspections services, particularly from third party attestation, which is further fuelling the Taiwan TIC market industry. Moreover, the growing manufacturing of electrical and electronics products in Poland has also raised the need for advanced testing services focused on electronic inspection, product evaluation and safety testing. These significant key drivers are further anticipating the growth of the Poland TIC market during the forecast period.
The report: “Taiwan TIC Market Report– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Taiwan TIC market
By Type of Service: Testing, Inspection, Certification.
By Type of Testing: Soil Testing, Lubricant Oil Testing, Fuel Oil Testing, Water Testing, 3-MPCD Testing, Phytonutrient Analysis, Palm Oil Testing and Others.
By Application: Quality and safety services, Product Performance Evaluation, Certification and Valuation of Shipments, Production Evaluation, Valuation of imports with respect to standards, Industrial Inspections majorly.
By End Use Industry: Agriculture, Automotive, Food, Oil and Gas, Marine, Mining, Manufacturing, Chemical, Energy and Power, Building Infrastructure, Industrial Equipment, Retail Rail, Logistics, Education, Textile and Others.
By Testing Technology: Rapid, Conventional.
By Type: Outsourced, Inhouse.
- With the increasing imports and dependencies on the 3rd countries for manufacturing goods, it is posing concerns for the developed nations as the products that are imported or procured have to withstand rigorous standards, regulations and legislations of the country or region.
- Automotive sector is under constant pressure to not only adapt to the present scenario, but also to ensure that it grasps the future trends of the global society, which in turn makes the survival easier. Automotive sector has been religiously working on understanding the current trends and future needs of society in order to come up with products that focus on the requirements of posterity.
today’s competitive market, consumers pay more attention to the quality of
material and end products, as compared to their cost and charges.
Therefore, the products need not only be aesthetically pleasing but also
consistently well-made and free from hazardous substances which is ensured
by using testing, inspection and certification services.
Taiwan TIC Market , By Type, 2020
Taiwan TIC Market Segment Analysis - By Testing Type
Water testing is set to dominate the market in 2020 at 12.4%. This is majorly attributed to the water pollution caused by residues from agricultural fields, discharge of untreated or partially treated sewage and industrial effluents, and disposal of fly ash or solid waste into a water bodies such as rivers, lakes and so on. The rivers are significantly polluted in Taiwan, and this is creating a dire need for monitoring the rivers with environmental testing equipment thereby escalating the market growth rate for the environmental test equipment. In November 2019, Yangtze has been covered with toxic foam due to the total pollutants in the river, thus resulting in the government implementing increased water testing regulations. This is majorly set to further elevate the market growth rate during the forecast period 2021-2026.
Taiwan TIC Market Segment Analysis - By Application
In 2020, Industrial inspections segment accounted for 38.5% of TIC market in Taiwan and is estimated to register the highest growth of 9.7% during the forecast period owing to the stringent safety norms on various industrial and consumer products globally. Certification and valuation of shipments application is set to grow at a significant pace owing to the rapid industrialization coupled with the rising trade of products and services in Taiwan region. However, economic scenario may deter the growth of TIC market; though rapid consolidation in the industry will likely fuel the growth of TIC market in Taiwan in coming years. TIC services guarantees that products, infrastructures and processes meet the requisite standards and regulations with respect to quality, safety, social responsibility and environmental protection while still plummeting the risk of failure, accidents and disruption. With the increasing manufacturing, the trade with other regions is likely to increase. And, lack of proper product conformity, products not meeting safety or quality standards shall in turn impact the trade dynamics.
Taiwan TIC Market Drivers
Increasing regulations for the environmental protection
In 2009, the government launched National Water mission, which majorly highlights the objective to conserve water through minimising wastage, pollution reduction and ensuring equitable distribution of water across the country. Therefore the growing pollution in most of the states in Taiwan is creating a dire need for the implementation of government regulations which is set to boost the market during the forecast period 2021-2026. The rise in the number of stringent regulations with regards to product quality and the increased need to comply with safety standards have been promoting the demand for the testing, inspection and certification services, especially in the consumer goods industry. These standards serve as a guideline for manufacturers to use for the assurance of quality and safety.
Rising Adoption of Advanced Technology
Leading players in the TIC industry are utilizing Big Data and digital processing improvements to pull data from many different sources, without the integration of challenges from the past. These are best placed to offer a premium service to their customers. Digital inspection, integrated sensors, and predictive maintenance are replacing physical inspection. These further help operators to enter new markets, embed client relationships raise margins, and provide growth opportunities. TIC service is now avoiding labor work and being transformed to Drones for crop management and asset integrity. With this inspection, costs can be reduced and inspection can be tailored to the areas interpreted by the inspector in real time. Hence, automating the process slowly.
Taiwan TIC Market Challenges
Time Consuming Qualification Testing
Testing, Inspection and Certification services require third-party verification for certain products which leads to a time-consuming process. The occurrence of time-consuming procedures for providing TIC to certain products leads to hamper the export and import of products. The majority of the companies find this as a major concern as more time-consuming qualification testing, leads to delay in importing the goods and further hindering the productivity of the company. This key challenge leading to the consumption of time in qualification testing will thus dampen the growth of the Poland TIC market.
Taiwan TIC Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Taiwan TIC market. SGS group, Corp, Bureau Veritas SA, Intertek Group are analyzed to dominate the market with prominent revenue share in 2020. TUV SUD held the fourth largest share followed by ALS Limited across Taiwan TIC market share in the same year.
- In March, 2019, EtherWAN Systems Receives IEC 62443 Certification with the Assistance of Bureau Veritas.
- In August 2019, TUV SUD AG launches its hardlines testing laboratory to expand the existing facility of manufacturers and exporting companies that will be tested in laboratory for their quality and safety.
Report Code: ITR 0212
Report Code: AIR 0053