Testing, Inspection and Certification Market expand at a CAGR of 5.8 % from 2017 to 2025- TMR
Apart from this, end-user demand seeking third party assurance and improved risk awareness and focus on risk prevention are also the major factor which are expected to boost the demand for testing, inspection and certification services across the globe.
Furthermore, increasing trade between countries as a result of globalization has also impacted the growth of this market positively. Considering these positive factors, the demand for testing, inspection, and certification services is set to rise during the forecast period from 2017 – 2025. The global testing, inspection and certification market was valued at US$184,545.5 mn in 2016 and is anticipated to expand at a CAGR of 5.8 % from 2017 to 2025.
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Energy and Utilities Sector to Present Promising Rise in Demand
The global testing, inspection and certification market is segmented on the basis of criteria such as service type, sourcing type, and industry. By type, the market is categorized into testing and inspection and certification. Among these, the testing and inspection segment is presently the most promising in terms of revenue opportunity and 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 key industries that utilize TIC services covered in the report include infrastructure and construction, transformational and contract manufacturing, food and beverages, agriculture and forest, information technologies, chemical, healthcare & pharmaceutical, transportation and logistics, travel and tourism, energy and utilities, water and wastewater management, government, education, textile, and cosmetics.
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Among these, the infrastructure and construction and energy and utilities are the leading segments and are expected to enhance the growth of the market around the globe. The energy and 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.
Europe to Maintain lead, Emerging Economies to Remain Most Promising
Emerging nations possess huge potential for the development of the testing, inspection, and certification market. The volume of goods being exported from emerging countries to developed countries has increased drastically in the recent past and trends suggest that there has been an increasing focus among western companies to control the entire value chain. The goods exported must conform to the relevant western standards.
Moreover, the expansion of the middle class especially in the BRIC countries has resulted in people becoming more health conscious. People are becoming choosier about the food they consume and often prefer food that is certified. Furthermore, demand for water, energy, and consumer goods is growing with the improvement in the economic situation and a higher disposable income.
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However presently, the testing, inspection and certification market in Europe is the leading revenue generator, chiefly owing to the presence of stringent regulations and guidelines in various industries such as food and beverages, oil and gas, infrastructure and construction, cosmetics, water and wastewater management, and transportation. European customers are well aware of the benefits associated with testing, inspection and certification services.
Some of the leading players in the 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.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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