The TIC market for water industry is expected to witness a CAGR of 7% during the forecast period. Water is a significant resource and is vitally important to all of us. TIC services help improve the standards of the manufacturing process by conducting testing, inspections, and certifications in accordance with regulations around the world. This will help in the production of quality, safe, and reliable products/components in the water industry.
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Growing population and climate change have prompted governments globally to find innovative solutions to meet the growing water demand. Moreover, emerging economies have to build a new water infrastructure to serve the growing population. Furthermore, rapid urbanization, mandatory safety regulations, aging water infrastructure, advancement in networking and communication technology, digitalization, need to have credibility and image, reduced turnover of employees, increased level of cost control improvement, and rapid improvement of various processes will fuel the growth of TIC in the water industry. Nevertheless, to verify compliance with internationally accepted standards and show transparency in water management practices, there is a need to have TIC services, resulting in the growth of the TIC market in the water industry.
The COVID-19 outbreak has adversely impacted the global economy and the water industry has also been adversely affected by it. However, a digital transformation like virtual inspections, visual inspection, and remote auditing has created opportunities for the growth of the TIC market in the water industry.
ALS has started providing wastewater testing and analysis solution to various companies.
Based on service type, the TIC market for the water industry is segmented into testing, inspection, and certification. Testing dominates the market and includes marine portable water quality testing and legionella management, water content testing for petroleum, chemicals, and fuel industries so as to understand and control water moisture and content. There is a rigorous testing of drinking water using a set of parameters to have precise and defensible results such as microbiological testing, ultra-trace metals, and major anions testing. There are certain standards such as ISO 14046, Alliance for Water Stewardship (AWS), European Water Stewardship, etc., that specify the principles, requirements, and guidelines to assess the water footprint of products, processes, and organizations based on lifecycle assessments.
Asia Pacific is anticipated to have a fast growth of the TIC market for the water industry owing to growing urbanization and aging water infrastructure. Moreover, in order to have sustainability and recognize integration, the industry players are finding possibilities for resource recovery in urban water infrastructure, to build resilient and livable cities. Thus, digital transformation, adoption of IoT technologies for water management, investment for improving water efficiency, and reusability of water resources are the opportunities for the TIC market for the water industry in the region.
Some of the key players operating in the TIC market in the water industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, Lloyd Register Group Limited, ALS Limited, Applus+, and DNV GL.
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