Press release
Testing, Inspection & Certification Market to Witness Huge Growth by 2027 - ALS, Applus Services, Bureau Veritas, Dekra Automobil, DNV
The Asia-Pacific testing, inspection & certification market accounted for US$ 79.73 Bn in 2018 and is expected to grow at a CAGR of 6.3% over the forecast period 2018–2027, to account for US$ 136.00 Bn in 2027.
The progression of technological advancement, along with the popularity of the internet of things (IoT) has a profound positive impact over the maintenance and inspection through the introduction of predictive maintenance. Furthermore, the rise in emphasis towards reducing equipment and machinery downtime has added to the demand for frequent maintenance, testing, and inspection of critical assets and systems.
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Key Benefits-
• To provide detailed information regarding the major factors (drivers, restraints, opportunities, challenges, and trends) influencing the growth of the global Testing, Inspection & Certification Market
• To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
As a result, the market players in line with the end-user requirements have adopted as well as modified their market-related offerings for enabling superior customer experience for their large clients. Subsequently, the availability of technologically superior equipment and devices for testing or inspection application has facilitated in enabling accurate and seamless inspection of significant assets and systems compared to conventional approaches.
Leading Key Players:
• ALS Limited
• Applus Services, SA
• Bureau Veritas
• Dekra Automobil GmbH
• DNV GL
• Eurofins Group
• Intertek Group PLC
• SGS SA
• TÜV Rheinland AG
• TÜV SÜD AG
The existing large number of market players, along with high market competition, has resulted in a surge in the volume of mergers and acquisition across the TIC industry. The leading market players operating in the market have focused heavily on the merger and acquisition strategy for boosting the growth of their group revenue.
Currently, China is dominating the Asia-Pacific testing, inspection & certification market, which in turn boost the demand for testing, inspection & certification market in Asia-Pacific. The country is also attracting huge FDIs owing to government initiatives such as “Made in China” to propel the manufacturing sector of the company. Compiling to this, several multinationals operating in different sectors are targeting the Chinese market and opening their manufacturing facilities in the country. Attributed to the presence of a robust manufacturing industry in the country, the demand for the TIC market is anticipated to witness robust.
ASIA-PACIFIC TESTING, INSPECTION & CERTIFICATION MARKET - SEGMENTATION
Asia-Pacific Testing, Inspection & Certification Market by Service Type
• Testing
• Inspection
• Certification
Asia-Pacific Testing, Inspection & Certification Market by Sourcing Type
• In-house
• Outsourced
Asia-Pacific Testing, Inspection & Certification Market by End-User Industry
• Food & Beverage
• Healthcare & Pharmaceutical
• Consumer Goods & Retail
• Energy & Power
• Manufacturing & Construction
• Others
Asia-Pacific Testing, Inspection & Certification Market by Country
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
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Reason to Buy
• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Testing, Inspection & Certification Market
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the Testing, Inspection & Certification Market, thereby allowing players to develop effective long term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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