Global Testing, Inspection and Certification Market: Stringent Safety Rules and Regulations Compel Increased Adoption of TIC Services || Intertek Group PLC, Bureau Veritas SA, SGS Group, ASTM International, ALS Ltd., TUV SUD AG, DNV GL Group AS, AsureQual

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.

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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.

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.

Increased outsourcing of TIC services is expected to emerge as a key opportunities for companies in the global testing, inspection and certification market over the forecast period. The testing, inspection and certification are unceasingly adopted by the emerging economies such as Asia Pacific and South America, which is further anticipated to drive the growth of testing, inspection and certification over the forecast period.

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For the study, the market has been segmented as follows:

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

In addition, the report provides analysis of the Testing, Inspection and Certification Market with respect to the following geographic segments:

North America
The U.S.
Canada
Rest of North America
Europe
Spain
Italy
Portugal
Poland
The U.K.
Rest of Europe
Asia Pacific (APAC)
India
China
Japan
Rest of APAC
Middle East and Africa (MEA)
Algeria
Saudi Arabia
Morocco
Egypt
Rest of MEA
South America
Brazil
Chile
Ecuador
Peru
Colombia
Rest of Latin America

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