Market Trends of Testing, Inspection, and Certification Industry for the Transportation Industry
Testing and Inspection Service to Hold a Significant Share
- Testing and inspection services have gained traction, owing to the need for heightened quality standards for goods across various stages of the manufacturing process. Cross-border exports and imports have further led to stringent adherence to different standards, which has increased the complexity and supply chain risk. Therefore, countries require the utmost attention from manufacturers in testing retail goods. Since most do not possess expertise in such activities, they resort to outsourcing.
- For instance, the Singapore Accreditation Council works to build trust in Singapore's products and services by strengthening Singapore's technical infrastructure for conformity assessments (testing, calibration, inspection, and certification) and forging multilateral recognition arrangements (MLAs) and mutual recognition arrangements (MRAs) with their economic partners.
- The market is witnessing significant developments from the players as they look to strengthen their presence and cater broader customer base. For instance, in January 2022, Temasek announced the acquisition of Element, UK-based testing, inspection, and certification service provider, for USD 7 billion. The company primarily focuses on the aerospace industry.
- Furthermore, various public and private organizations are taking initiatives for the faster adoption of testing and inspection in the transportation industry. For instance, in November 2021, Metrorail Safety Commission approved the metro's testing plan to gather data and learn more about wheel issues on the 7000 series trains.
- The increasing number of metro services in metropolitan cities is boosting the demand in the TIC market. For instance, in FY 2021, Delhi Metro Rail Corporation generated a revenue of INR 63.25 billion, almost double its revenue in FY 2020.
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Asia-Pacific is Expected to Show Significant Growth
- Asia is one of the fastest-growing economies globally, which makes it an attractive spot for the TIC market. The transportation industry is bound by strict regulations and legislation due to the impact of technology on moving human capital. Any organization involved in the supply chain, including an automotive company, a railway line, a marine services provider, or any aspect of component manufacturing or the transport supply chain, must maintain levels of quality to ensure the safety of the transported personnel, reliability, and compliance.
- The region is witnessing a significant number of technological advancements. For instance, in March 2021, Collins Aerospace Singapore service center announced using a robot to reduce parts inspection time, boosting accuracy.
- Moreover, SGS finished providing the technical inspection services for the major Bogibeel rail-cum-road Bridge Project over the Brahmaputra in Dibrugarh, Assam. As the bridge used the latest fully welded triangulated truss technology with welded connections and composite structure for road decking for the first time, a complete range of specialized technical inspections was required for the project.
- Further, the government is taking various initiatives for the quality inspection of highways. For instance, in August 2022, four states were selected by the Ministry of Road Transport and Highways that will get mobile inspection vans for quality inspection of National Highways through Non-Destructive Testing (NDT). This is part of the Ministry's commitment to constructing National Highways with global quality standards.
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Testing, Inspection, and Certification Market for the Transportation Market Report Snapshots
- Testing, Inspection, and Certification Market for the Transportation Market Size
- Testing, Inspection, and Certification Market for the Transportation Market Share
- Testing, Inspection, and Certification Market for the Transportation Market Trends
- Testing, Inspection, and Certification Market for the Transportation Companies
