Testing and Commissioning Market Report and Forecast 2021-2026
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Due to strict regulations, several large companies are outsourcing inspection and testing to reduce the high costs of in-house testing. Further, the testing and commissioning market has the potential to grow at a rapid pace in the developing regions due to increasing exports compliant with western standards, and imposition of new rules and standards in the infrastructure, and oil and gas sectors. Moreover, retro-commissioning has provided a positive impact on the testing and commissioning market as it helps in identifying problems in existing buildings and reducing waste energy, thereby saving energy costs for the owners. The leading players are also engaging in merger and acquisition activities to broaden and reinforce their service matrix and expand their geographical footprint. Looking forward, IMARC Group expects the global testing and commissioning market to exhibit moderate growth during the next five years.
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Based on service types, testing represents the largest segment, accounting for the majority of the global share. Testing is followed by commissioning and certification.
On the basis of sourcing types, the global testing and commissioning market has been segregated into in-house and outsourced segments. Currently, in-house sourcing is the most popular segment.
The market has been categorized on the basis of commissioning types into initial commissioning, retro commissioning and monitor-based commissioning. Amongst these, initial commissioning dominates the market, holding the largest share.
Based on end-users, the market has been segregated into construction, industrial, consumer products, life sciences, oil and gas, food and agriculture, marine and offshore, transport and aerospace, energy and power, and chemicals industries. Amongst these, the construction industry is the largest end-use sector.
Region-wise, Europe enjoys the leading position in the global testing and commissioning market, followed by North America and Asia Pacific. The other major markets include Latin America, and Middle East and Africa.
The competitive landscape of the market has also been examined with some of the key players being SGS, Bureau Veritas, Intertek, Dekra and TUV SUD.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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