South East Asia TIC Market Overview
Rise of the oil and gas, manufacturing, and automotive industries coupled with the increasing stringent environmental regulations will drive the South East Asia testing, inspection, and certification (TIC) market. The SEA TIC Market is estimated to grow at a CAGR of 4.76% during the forecast period 2018-2024. The Philippines is estimated to be the fastest growing market with a CAGR of 6.10% during the forecast period owing to the increase in production of computers and printers in the country. Increased trade deals with China for consumer electronics and semiconductor products and exports to the U.S. and Mexico through free trade agreements are the major boosters of export inspection services in the Philippines. Rising consumer electronics sales in recent years as well as the rising semiconductor production in the region is set to drive the market.
South East Asia TIC Market Outlook
Testing, inspection, and certification (TIC) enhance the manufacturing productivity, and aid manufacturers to align with or conformi to the product standards, and improve the quality of their products. According to the publisher findings, the Out- House segment is projected to be the major source segment of TIC during the forecast period. The growing demand for the cost savings offered by outhouse inspection services has resulted in the shift towards outhouse testing. The outsourcing segment is forecast to grow at a CAGR of 5.29% and is projected to reach $2261.7m by 2024 compared to $1568.7m in 2017. With rising disposable incomes, the use of consumer goods is expected to increase. This will lead to high demand for the testing of these goods, especially in countries such as Malaysia and Indonesia.
South East Asia TIC Market Growth Drivers
The rise in the number of stringent regulations with regards to the 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.
South East Asia TIC Market Challenges
Apart from the macro economic factors, altering foreign exchange rate also affects the revenue of the TIC service providers in Southeast Asian countries. This in turn is expected to prolong the approval of the particular product. This is analyzed to pose as a challenge to TIC service providers operating in international and national logistics sectors.
South East Asia TIC Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the TIC market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
South East Asia TIC Market Report: Industry Coverage
Types of Testing, Inspection & Certification: In-House, Outsourcing, Others
Types of Services of TIC: Testing Services, Inspection Services, Certification Services
Types of Testing Services: External condition, internal condition
Applications of TIC: Quality and Safety Services, Product Performance Evaluation, Certification and Valuation of Shipments, Production Evaluation, Valuation of imports with respect to standards, Industrial Inspections, Others
End Users of TIC: Agriculture, Automotive, Aerospace and Defense, Food, Consumer, Medicine & Life Science, Oil and Gas, System Compliance, Marine, Mining, Manufacturing, Chemicals, Energy and Power, Building & infrastructure, Industrial equipment, Retail, Rail, Logistics, Education, E-Commerce, Others
The South East Asia TIC market report also analyzes the major countries for the market. The countries covered in the study include:
South East Asia: Indonesia, Malaysia, Singapore, Philippines, Brunei, Thailand, Vietnam, East Timor, Laos, Myanmar, and Cambodia
South East Asia TIC Market Key Players Perspective
SGS, Bureau Veritas SA, and Intertek Group are analyzed to dominate the market with prominent revenue share of 18%, 13.30% and 6.60% respectively in 2017. TUV SUD held the fourth largest share of 2.60% followed by ALS Limited accounting for 2.30% of the South East Asia TIC market share during the same year.
Some of the other key players mentioned in this report are Simtek, DEKRA SE, TUV Süd, and TÜV Rheinland.
South East Asia TIC Market Trends
- The Asian Free Trade Area, an agreement by the ASEAN countries, to support local manufacturing has boosted the manufacturing sectors of the ASEAN nations. This is expected to have a positive effect on the South East Asia TIC Market growth.
- With the rising Greenfield FDIs, there has been a migration of manufacturing activities to the ASEAN nations which is propelling the South East Asia Testing, Inspection and Certification Market.
- The growth of the food and beverage industry in South East Asia has led to the increasing use of testing, inspection and certification services.
- The imports from various developing countries are required to pass stringent tests in order to meet the international standards. Therefore, this factor will led to the increasing demand for TIC services from the manufacturers.
Table of Contents
1. South East Asia Testing, Inspection, & Certification Market – Overview
2. South East Asia Testing, Inspection, & Certification Market – Executive Summary
3. South East Asia Testing, Inspection, & Certification Market – Comparative Analysis
4. South East Asia Testing, Inspection, & Certification Market – Startup Companies Scenario
5. South East Asia Testing, Inspection, & Certification Market – Market Forces
6. South East Asia Testing, Inspection, & Certification Market – Strategic Analysis
7. South East Asia Testing, Inspection, & Certification Market – By Type (Market Size – $Million/$Billion)
8. South East Asia Testing, Inspection, & Certification Market – By Type of Services (Market Size – $Million/$Billion)
9. South East Asia Testing, Inspection, & Certification Market – By Testing Services (Market Size – $Million/$Billion)
10. South East Asia Testing, Inspection & Certification Market – By Application (Market Size –$Million/$Billion)
11. South East Asia Testing, Inspection, & Certification Market – By End User (Market Size –$Million/$Billion)
12. South East Asia Testing, Inspection, & Certification Market – By Geography (Market Size –$Million/$Billion)
13. South East Asia Testing, Inspection, & Certification Market – Market Entropy
14. South East Asia Testing, Inspection, & Certification Market – Industry/Segment Competition Landscape
17. South East Asia Testing, Inspection, & Certification Market – Company Analysis
16. South East Asia Testing, Inspection, & Certification Market – Appendix
17. South East Asia Testing, Inspection, & Certification Market – Research Methodology
Methodology
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