Testing, Inspection, and Certification Market for the Transportation Industry Market Size

Transportation Industry Testing, Inspection, & Certification Market Analysis

The testing, inspection, and certification market for the transportation industry is expected to grow at a CAGR of 5.1% over the forecast period. The rise of manufacturing hubs in emerging and developed economies is expected to drive demand in the TIC market in the transportation industry.

• The testing, inspection, and certification industry is a significant contributor to the global economy as it helps improve the quality of products used across rail and aerospace. TIC services help reduce yield recalls and maintain compliance with regulatory authorities and standards governing the industries.
• The introduction of advanced technologies across sectors has further intensified the demand for TIC services, fostering the safe development and adoption of technologies while maintaining compliance. It also provides the required certifications as the transportation industry needs internationally certified products and technologies.
• Testing, inspection, and certification (TIC) plays a significant role in ensuring that the infrastructure, services, and products meet the standards and regulations of safety and quality. Due to the high demand for inspection and testing at regular intervals in the transportation industry, the TIC market is expected to witness growth.
• The market has witnessed extensive investments geared toward the growth of transportation infrastructure. As the spending power of the working class grows, increased demand for better public transport options is influencing the initiation of development and renovation-oriented projects in the public sector. For instance, TUV India was selected as the independent inspection and certification authority to carry out an Independent Safety Assessment on the Rolling Stock Metro Coaches for the Pune Metro Rail Project. As cities slowly expand, there will be a larger market for TIC vendors to explore.
• Furthermore, in March 2022, entering the rail wheel machining and reprofiling domain, HMT Machine Tools Ltd at Kalamassery, India, developed a computer numerical control (CNC) surface wheel lathe for simultaneous reprofiling of both wheels of the axle-wheel set with high accuracy and surface finish. The entry of HMT will double the production capacity of railways.
• Owing to the COVID-19 pandemic, the market witnessed an overall decline in demand. Though revenues decreased during the pandemic, a few prominent players witnessed significant high demand for testing, inspection, and certification services. The pandemic encouraged a shift toward remote testing, inspection, and certification. The transition was supported by various organizations, including TIC Council Americas, the Americas' branch of the TIC Council.