Testing, Inspection and Certification Market Anticipated to Grow at a CAGR of 6% between 2018 and 2026 | Global Key Players - DNV GL Group AS, ALS Limited, Mistras, Eurofins Scientific, Element Materials Technology

Industry Highlights

According to Market Prognosis, the Global Testing, Inspection and Certification Market is accounted for $184.2 billion in 2017 and is expected to reach $312.25 billion by 2026 growing at a CAGR of 6.0% during the forecast period. The growth of this market is driven by increasing goods in emerging nations, increase in product recalls, government regulations and standards also various companies are offering TIC services. However, various standards and regulations, complex nature of supply chains across geographies are restraining the market.

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Testing, Inspection and Certification (TIC) is a process performed to ensure that the manufactured products, component systems are adequate for the intended purpose. Inspection and testing are performed before, during and after manufacturing to ensure the quality of the product while certification refers to the confirmation of the quality of the product. Performance of these services is required to meet various safety and quality requirements of national and international standards.

Europe accounted for largest share in the Testing, Inspection and Certification market due to continual introduction of new rules such as energy efficiency in construction and rising focus on outsourcing. Asia Pacific market is expected to witness a significant growth over the forecast period owing to rising number of manufacturing facilities in India and China, increased demand of consumer electronics as well as growing consumer awareness towards quality is aiding the market growth.

Market Top Player’s

Some of the key players profiled in the report include DNV GL Group AS, ALS Limited, Mistras, Eurofins Scientific, Element Materials Technology, Dekra SE, Bureau Veritas SA, UL, TUV Nord, TUV Rheinland, SGS, Avomeen Analytical Services, Envigo, Intertek Group PLC, Medistri, Lloyd’s Register, Applus, ASTM International and Asure Quality Limited.

What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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Market Segments

Based on application, transportation segment dominates the marekt due to the factors such as strict regulations and legislations. It includes automotive, marine, aerospace and defense, and rail. These industries are required to continually meet the highest levels of safety and reliability for the safety of passengers and assets. By type outsourced services is anticipated to grow at the highest CAGR during the forecast period owing to focus on their core business and avoid high in-house laboratory costs.

Sourcing Types Covered:
• Outsourcing
• In-House
Service Types Covered:
• Inspection
• Testing
• Certification
• Other Service types
Application Covered:
• Industrial and Manufacturing
• Energy & Power
• Consumer Goods and Retail
• Medical and Life Science
• Oil & Gas and Petroleum
• Mining
• Public Sector
• Agriculture and Food
• Construction and Infrastructure
• Supply Chain and Logistics
• Transportation
• Chemicals
Methodologies Covered:
• Internal Condition
• External Condition
• Other Methodology

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This release was published on openPR.