Press release
Global Testing, Inspection and Certification Market Prospects & Upcoming Trends and Opportunities Analyzed for Coming Years
MRRSE
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The global market for testing, inspection, and certification (TIC) could face a high level of fragmentation in its vendor landscape owing to the presence of a large number of players sustaining amid intense competition but promising growth avenues, observes MRRSE in a recent report. So as to strengthen their positions and earn lucrative growth opportunities, companies are targeting strategic collaborations, mergers, acquisitions, and expansion across lucrative emerging economies.
The report estimates that the global testing, inspection and certification market will clock in a CAGR of 5.8% from 2017 to 2025 and rise from an opportunity of US$184,545.5 mn in 2016 to US$299,628.6 mn by 2025.
In terms of services, the testing and inspection segment held approximately 95% of the global market in 2016. This is primarily due to the increased focus on monitoring and maintaining hygienic, healthy, and conducive production environments along the supply chain in order to safeguard the safety and quality of products. While the scenario is expected to remain largely unchanged over the near future as well, the certification segment could also a steady rise in demand over the report’s forecast period.
Geographically, the market in Europe is presently the chief contributor of revenue to the global market. The regional market accounted for over 33% of the overall market in 2016, chiefly owing to the stringent regulations concerning safety of products from industries such as food and beverages, transportation and logistics, chemical, and water and wastewater. The region is also expected to maintain its lead over the report’s forecast period.
Testing, inspection and certification services are becoming increasingly important for companies spanning a vast number of industries as these services ensure the maintenance of health, safety, and quality requirements of the concerned products. Increasing focus of the enterprise sector on safety legislations and standards, diversified requirement of products, and standard regulations are some of the factors responsible for the growth of the market.
Complete Report details with List of Tables and Figures @ https://www.mrrse.com/testing-inspection-certification-market
In the European Union, for instance, the General Safety Regulation (EC) No 661/2009 in 2014 mandated advanced safety features in every new van, car, bus and truck sold in the European Union. The new features included ISOFIX child seat anchorages, tire pressure monitoring systems and driver seatbelt reminders. Moreover new buses and trucks must also be armed with lane departure warning systems as well as advanced emergency braking systems. Food safety particularly earns high prominence in countries across North America, calling for advanced technology for testing, inspection and certification services. So as to adhere to all these regulations, the demand for TIC services has ramped up in the recent years and continues to be fueled.
The global testing, inspection and certification market is bifurcated by service type, sourcing type and industry. By type, the market is categorized into testing & inspection and certification. Among these, testing & inspection is the major segment which is expected to fuel the growth of this market over the forecast period. Based on sourcing type, the market is segmented into in-house sourcing and outsourcing. Furthermore, the industry segment is categorized into infrastructure & construction, transformational & contract manufacturing, food & beverages, agriculture & forest, information technologies, chemical, healthcare & pharmaceutical, transportation & logistics, travel & tourism, energy & utilities, water & wastewater management, government, education, textile, cosmetics and others. Among these, infrastructure & construction and energy & utilities are the key segment which are expected to enhance the growth of the market around the globe. The energy & utilities sector was the largest contributor in the testing, inspection, and certification market in 2015 and is expected to retain its position throughout the forecast period.
The report also includes competitive profiling of the key players associated with the Testing, Inspection and Certification around the globe. The important business strategies adopted by them, their market positioning, financials, SWOT analysis and recent developments have also been identified in the research report. The competitive landscape section of the report also gives an overview about the major contributing regions/countries by these key players in order to strengthen their market position in the future.
Some of the major players in global Testing, Inspection and Certification market are Intertek Group PLC, Bureau Veritas SA, SGS Group, ASTM International, ALS Ltd., TUV SUD AG, DNV GL Group AS, AsureQuality Ltd., Underwriters Laboratories Inc, Dekra SE, Lloyd's Register Group Limited, and TÜV Rheinland Group. Details such as financials, business strategies, SWOT analysis, recent developments, and other such strategic information pertaining to these players has been duly provided as part of company profiling.
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Market Segmentation:
Testing, Inspection and Certification Market, by Service Type
Testing and Inspection
Certification
Testing, Inspection and Certification Market, by Sourcing Type
In-house Sourcing
Outsourcing
Testing, Inspection and Certification Market, by Industry
Infrastructure & Construction
Transformational & Contract Manufacturing
Food & Beverages
Agriculture & Forest
Information Technologies
Chemical
Healthcare & Pharmaceutical
Transportation &Logistics
Travel & Tourism
Energy & Utilities
Water & Wastewater Management
Government
Education
Textile
Cosmetics
Others
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