TIC Market for Oil & Gas Industry

1. TIC Market for Oil & Gas Industry

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3. TIC Market for Oil & Gas Industry The testing, inspection, and certification market in the oil & gas industry is USD 14 billion in 2020, registering a CAGR of 2.2% during the forecast period 2021-2027. Testing in TIC means an industry activity that assures manufactured products, individual components, and multi-component systems are suitable for the predetermined purpose. Inspection and testing are the operating parts of quality control, which is the most critical factor for the survival of any manufacturing company. Quality control directly supports other factors such as cost, productivity, on-time delivery, and market share. The testing, inspection, and certification market report is composed of conformity assessment agencies, which provide services from audit and inspection to testing, verification, quality assurance, and certification. The testing, inspection, and certification market face certain challenges like trade wars and growth fluctuations, huge investment for automation and installation of industrial safety systems, high cost of TIC owing to diverse standards and regulations globally.

4. TIC Market for Oil & Gas Industry Geographically, APAC is anticipated to have a high CAGR during the forecast period owing to the rising investment in R&D, rapid urbanization & industrialization, huge manufacturing capabilities and exports, rising per capita income among the middle-class population, improved lifestyles, and increasing consumer awareness about the importance of quality certification, testing, and inspection. Nevertheless, the growing middle-class population has led to the growth in private consumption and mounting demand for safety and product quality, resulting in providing opportunities in the oil & gas industry. Key players are adopting technological changes to improve their product portfolio and generate new revenues, optimize the operational cost, and enhance service efficiencies via process upgrades. The industry players are taking the COVID-19 crisis as an opportunity to restructure and revisit their existing strategies, focus on new services and delivery models to access the growing demand for automation, remote service execution, and improved digitization.

5. TIC Market for Oil & Gas Industry Intertek Caleb Brett, a London-based testing laboratory company, announced to expand its current inspection and testing services operations at St. James (Louisiana), with a new 5,000 sq. ft. laboratory. The laboratory is expected to handle operations related to the oil and gas sector such as crude oil quality analysis and testing in accordance with ASTM methodologies and retain the services, including indefinite and retain capabilities. Some of the key players operating in the TIC market in the oil & industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, DEKRA SE, TUV SUD, Applus+, and DNV GL.

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