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Testing, Inspection, and Certification Market Competitive Outlook : DEKRA, Eurofins Scientific, TÜV SÜD, DNV GL, TÜV Rheinland, Applus+, ALS Limited, TÜV NORD GROUP, Lloyd's Register Group Services Limited

12-23-2019 06:43 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Research for Markets

Testing, Inspection, and Certification Market Competitive Outlook

Testing, Inspection, and Certification Market Competitive Outlook

Testing, Inspection, and Certification Market is expected to reach USD 339.79 for 2029 by registering a steady CAGR of 4.96% from USD 209.4 billion for 2019 in the forecast period of 2020-2029. The major factor acting as a driver of this market includes rapid urbanization in developing economies with high disposable income.

Testing, Inspection and certification (TIC) plays a key role in ensuring that facilities, services and products meet with safety and quality standards and regulations. With frequent inspection and monitoring across a number of industries, such as oil and gas, being essential, ICT services are expected to increase demand, irrespective of industrial seasonality. It plays a key role in ensuring that facilities, services and products meet with safety and quality standards and regulations.

Key Market Competitors: Few of the major competitors currently working in global Testing, Inspection, and Certification Market are SGS SA, Bureau Veritas, Intertek Group plc, DEKRA, Eurofins Scientific, TÜV SÜD, DNV GL, TÜV Rheinland, Applus+, ALS Limited, TÜV NORD GROUP, Lloyd's Register Group Services Limited, MISTRAS Group, Inc., Element Materials Technology, Element Materials Technology, UL LLC, VDE Testing and Certification Institute GmbH, Keystone Compliance, Washington Laboratories, Ltd., FORCE TECHNOLOGY, Kiwa, RINA S.p.A, TECHNICKÁ INŠPEKCIA, A.S. VŠETKY PRÁVA VYHRADENÉ, Türk Loydu, HV TECHNOLOGIES, INC. and many others.

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Testing-Inspection and Certification Market Definition:

Testing, Inspection and Certification companies play an important role in the consumer goods and retail sector, including personal care and beauty products, soft liners, hard goods and footwear, toys and baby devices, as well as appliances and other electrical items. In the personal care market, suppliers, distributors and importers need to maintain product safety, which has generated a significant demand for monitoring.

Testing, Inspection, and Certification Market Scope and Market Size

Testing, Inspection, and Certification Market has been segmented on the basis of sourcing type, service type and application.

On the basis of sourcing type, the testing, inspection and certification market is segmented into in-house services and outsourced services. The certification service is expected to grow at highest rate in the forecasted period as the market is expanding consumers prefer reliable, safe and eco-friendly verified certified products.

Based on service type, the testing, inspection, and certification market is segmented into testing, inspection, certification and others.

Testing, inspection, and certification market is also segmented based on application into consumer goods and retail, agriculture and food, chemicals, construction and infrastructure, energy & power, industrial and manufacturing, medical and life sciences, mining, oil & gas and petroleum, public sector, automotive, aerospace, marine, rail, supply chain and logistics, it and telecom and sports & entertainment. The consumer goods and retail segment is classified into personal care and beauty products, hard goods, softlines and accessories, toys and juvenile products, electrical and electronics and others. The agriculture and food segment is classified into seeds and crops, fertilizers, commodities, food, forestry and others. The chemicals segment is categorised into asset integrity management services, project lifecycle services, finished product services, chemical feedstocks services and others. The construction and infrastructure is segmented into project management, material services, construction machinery and equipment services, facilities management and inspection services and others. The energy and power segment is classified into energy sources, power generation, power distribution, asset integrity management services, project lifecycle services and others.

The energy sources inside energy and power is further sub- segmented into nuclear, wind, solar, alternative fuels, fuel oils and gases and coal.

The industrial and manufacturing segment is further divided into supplier related services, production and product related services, project related services and others. The medical and life sciences is further segmented into medical devices, health, beauty, and wellness, clinical services, laboratory services, biopharmaceutical and pharmaceutical services and others. The mining segment is classified into inspection and sampling services, analytical services, exploration services, metallurgy and process design services, production and plant services, site operations and closure services and project risk assessment and mitigation services.

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The oil and gas petroleum is classified into upstream, downstream, biofuels and feedstock, petrochemicals, asset integrity management services, project lifecycle services and others. The public segment is further classified into product conformity assessment services, monitoring services, valuation services and others. The automotive segment is classified into electrical systems and components, electric vehicles, hybrid electric vehicles and battery systems, telematics, fuels, fluids and lubricants, interior and exterior materials and components, vehicle inspection services (VIS), homologation testing and others. The aerospace segment is classified into aerospace manufacturing services, aviation management services and others. The marine segment is classified into marine fuel systems and component services, ship classification services, marine materials and equipment services and others. The rail segment is classified into rail construction and production monitoring, infrastructure management and others. The supply chain and logistics is further classified into packaging & handling, risk management and others. The IT and telecom is segmented into telecom and IT infrastructure equipment and modules and devices. The sports and entertainment is further segmented into sports venues and facilities and sporting goods and protective equipment.

The consumer goods and retails application is holding the largest market share in the forecasted period which is driving the growth of the market because of increased need in softlines, hard goods, beauty products and electrical and electronics among others.

Country Level Analysis of Testing, Inspection, and Certification Market

On the basis of region, the Testing, Inspection, and Certification Market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.

Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.

Asia-Pacific region is expected to grow with the largest share in the forecast period 2020 to 2029 as governments of Asia Pacific are encouraging private players investment which is going to increase the usage in independent testing and certification.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.

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Testing-Inspection and Certification Market Drivers:

The high growth in product recalls across the world will boost this market growth

Increase in disposable income and rapid urbanization in developing economies also drives the market growth in the forecast period

Increase in requirement for harmonized standards will also drive the market growth

Surge in counterfeiting, illicit trading and piracy practices across the world is another factor uplifting this market growth

Testing-Inspection and Certification Market Restraints:

Regulations and diverse standards across geography can hinder this market growth

Competitive Analysis and Testing, Inspection, and Certification Market Share Analysis:

Global Testing, Inspection, and Certification Market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Testing, Inspection, and Certification Market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Testing, Inspection, and Certification Market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated and global presence. Testing, Inspection, and Certification Market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.

Key Insights in the Testing-Inspection and Certification Market report:

Complete and distinct analysis of the market drivers and restraints

Key market players involved in this industry

Detailed analysis of the market segmentation

Competitive analysis of the key players involved

Contact:

Mr. A Naidu

Research for Markets

Tel: +44 8000-4182-37 (UK)

Email: alan.naidu@researchformarkets.com

About Research for Markets:

Research for Markets indulges in detailed and diligent research on different markets, trends and emerging opportunities in the successive direction to cater to your business needs. We have established the pillars of our flourishing institute on the grounds of Credibility and Reliability. RFM delve into the markets across Asia Pacific, North America, South America, Europe, Middle East and Africa.

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