Testing, Inspection and Certification Market - Energy and Utilities Sector to Present Promising Rise in Demand

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 Transparency Market Research 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.

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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.

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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.

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.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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This release was published on openPR.