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Global Testing, Inspection, and Certification Market: Market Valuation Expected to Cross Over US$285 bn With Dominance of Four Key Players, Notes TMR

09-06-2017 02:07 PM CET | IT, New Media & Software

Press release from: TMR

The global market for testing, inspection, and certification (TIC) is highly fragmented. The global testing, inspection, and certification (TIC) market caters the requirements of wide range of industries that includes telecom, food and beverages, oil and gas, aerospace, and medical devices among others. This has provided a great competitive landscape for the key players in the market. Some of the prominent names in the global testing, inspection, and certification market are Intertek Group PLC, Dekra SE, SGS Group, and Bureau Veritas SA. The companies are constantly adopting to the advancements in the market and using tactical business strategies to enhance their market presences. Bureau Veritas S.A. recently announced that the company has signed a deal with Ascenz Pte. Ltd. to offer ship monitoring and performance solutions to the ship-owners across the world to back bunker savings.

The global market for testing, inspection, and certification (TIC) was dominated by the top four players. They accounted for almost 29% of total market share in 2015. The other small and mid-sized companies accounted for the remaining 71% of the total market share. The global testing, inspection, and certification market stood at a valuation worth US$178.65 bn in the year 2015 and it is expected to reach the total valuation of US$285.34 bn by 2024. The market is expected to grow at a CAGR of 5.7% over the aforementioned forecast period of 2016-2024. The oil and gas sector has come up to be the most-promising end-user segment for the global market for testing, inspection, and certification (TIC). The oil and gas sector was most dominating in the global market as it accounted for over 35% of total share of the market. The segment is expected to continue its dominance in the market across the world during the aforementioned forecast period of 2016-2024 with a sturdy CAGR of 5.6%

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Rising awareness among global consumers regarding the qualitative assurance provided by international quality and safety standards is key to the rising prominence of testing, inspection, and certification services across a number of industries. A complex mix of local and universal standards and regulations, the global testing, inspection, and certification market is driven due to the rising imports and exports in the international market, and increasingly strict quality regulations.

Manufacturers are compelled to adhere to strict quality tests, inspections, and procure universally accepted certifications for participating in the international trade. This factor will stimulate the increased adoption of testing, inspection, and certification services across industries such as food and beverages, oil and gas, automotive, aerospace, and textile in the next few years.

Transparency Market Research suggests that the global testing, inspection, and certification market will expand at a healthy CAGR of 5.7% over the period between 2016 and 2024. As a result, the market, which had a valuation of US$178.65 bn in 2015, is expected to rise to US$285.34 bn by 2024.

Report Link: http://www.transparencymarketresearch.com/testing-inspection-certification-market.html

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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