Press release
Testing, Inspection and Certification Market - Energy and Utilities Sector to Present Promising Rise in Demand |Led by Top Vendors DNV GL Group AS, AsureQuality Ltd., Underwriters Laboratories Inc, Dekra SE
The global testing, inspection and certification market is experiencing growth owing to the factors such as increased outsourcing of testing, inspection & certification services and diversified requirement of products and standard regulations. Regulations pertaining to quality, health and environment safety have become stringent in the recent past which is driving the demand for these services. 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.
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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.testing inspection and certificationEnergy 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. 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.
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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.
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.
Table of Contents
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary : Global Testing, Inspection and Certification (TIC) Services Market
4. Market Overviews
4.1. Introduction/Segment Definitions
4.2. Nature of Testing, Inspection, and Certification (TIC) Market
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunity
4.4. Key Trends
4.5. In-house and Outsourced Services Trend Analysis
4.6. Global Video Conferencing Market Analysis and Forecasts, 2015 – 2025
4.6.1. Market Revenue Projections, 2015 – 2025 (US$ Mn)
4.7. Porter’s Five Forces Analysis
4.8. Value Chain Analysis
4.9. Market Outlook
5. Global Testing, Inspection and Certification (TIC) Services Market Analysis and Forecasts, By Service Type
5.1. Introduction & Definition
5.2. Market Size Forecast (US$ Mn) By Service Type, 2017 - 2025
5.2.1. Testing & Inspection
5.2.2. Certification
5.3. Market Attractiveness By Service Type
6. Global Testing, Inspection and Certification (TIC) Services Market Analysis and Forecasts, By Sourcing Type
6.1. Introduction & Definition
6.2. Market Size Forecast (US$ Mn) By Sourcing Type, 2017 - 2025
6.2.1. In-house Sourcing
6.2.2. Outsourcing
6.3. Market Attractiveness By Sourcing Type
7. Global Testing and Inspection Services Market Analysis and Forecasts, By Industry
7.1. Introduction
7.2. Market Size Forecast (US$ Mn) By Industry, 2017 - 2025
7.2.1. Infrastructure & Construction
7.2.2. Transformational & Contract Manufacturing
7.2.3. Food & Beverages
7.2.4. Agriculture & Forest
7.2.5. Information Technologies
7.2.6. Chemical
7.2.7. Healthcare & Pharmaceutical
7.2.8. Transportation &Logistics
7.2.9. Travel & Tourism
7.2.10. Energy & Utilities
7.2.11. Water & Wastewater Management
7.2.12. Government
7.2.13. Education
7.2.14. Textile
7.2.15. Cosmetics
7.2.16. Others
7.3. Market Attractiveness By Industry
About Us
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends 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. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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