Testing, Inspection and Certification Market Insights Shared in Detailed Report

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.

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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.

Applications in Oil and Gas Industry to Create New Opportunities for Testing, Inspection, and Certification Market

The oil and gas industry emerged as the most promising end-use destination for the global testing, inspection, and certification market in the past few years. In 2015, the segment accounted for a dominant share of more than 35% in the global market. Testing, inspection, and certification services span across all stages in the lifecycle of any exploration and processing project, staring from feasibility analysis to the de-commissioning of the site.

Owing to the rising numbers of oil and gas exploration activities, in onshore as well as offshore sites, the oil and gas industry will continue to present the need for effective testing, inspection, and certification services. The segment will continue to dominate the global market through the year 2024 as well, exhibiting a healthy CAGR of 5.6%.

Emerging Markets to Present Untapped Opportunities as Imports and Exports Soar

Developing countries across regions such as Asia Pacific and Latin America possess enormous growth potential for the global testing, inspection, and certification market. Owing to the flourishing industrial sector and a significant rise in affluent consumers, these regions have become the hub of international imports and exports. To make products compliant with the diverse safety and quality norms in foreign lands, product manufacturers are compelled to strictly adhere to quality standards, driving the need for effective testing, inspection, and certification services.

The global market for testing, inspection, and certification services is expected to witness expansion at the fastest pace across Asia Pacific through 2024. The flourishing food and beverages industry in the region and rising awareness among consumers about the qualitative benefits of certified products will be the key factors driving the market in the region.

Market Features Intense Fragmentation and High Competitive Rivalry

The top four vendors in the global testing, inspection, and certification market accounted for nearly 29% of the global market in 2015. Other small- and mid-sized companies represented the dominant share of over 71% in the same year. This makes the market highly fragmented and intensely competitive.

Europe has a prominent position in the competitive landscape, as the region has high concentration of some of the leading vendors operational in the global testing, inspection, and certification market. This also makes the region the largest contributor to the market’s overall revenues, accounting for over 30% of the global market in 2015.

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The primary role of testing, inspection, and certification companies is to ensure the maintenance of health, safety, and quality requirements of their clients’ products. Testing, inspection, and certification companies are engaged in inspection, verification, testing and certification services wherein the major purpose is to help increase the productivity and also help local manufacturers to comply with the global standards. The global testing, inspection, and certification market on the basis of application has been segmented into seven types; oil & gas (onshore facilities and offshore facilities), aerospace (avionics, interior and exterior lighting systems, air frames, Passenger Service Units, rotor systems and others), food and beverages (processed meat and poultry products, dairy products, infant food products, organic food, beverages and others), automotive (environmental exposure, durability/life cycle, fuel systems, engine systems and batteries and others) ,automation (energy, security and safety and other industrial equipment), textile (fibre identification, chemical testing, feather & down testing, thermal & water vapour resistance testing and others) and others.

The market for testing, inspection, and certification is primarily driven by factors such as stricter regulations and globalization. In recent years, regulations pertaining to health, quality, and environment safety have become strict. Food safety in particular needs various certifications as it is concerned directly with an individual’s health. Adherence to international testing, inspection, and certification becomes critical as it increases the acceptability of the product. Processed food contains various preservatives and the manufacturers have to limit their use as per set standards. Globalization on the other hand has led to increasing trade between emerging economies. Imports from developing countries are required to pass stringent tests in order to comply with international standards. This results in an increased demand for TIC services on the part of the manufacturers. Increase in the volume of traded goods has a direct implication on the number of exercised inspecting and certification services. Moreover, there has been an increasing focus on the part of various companies to outsource their testing, inspection, and certification services. Strict regulatory requirements have resulted in increased cost to run in-house laboratories. This has led to various companies outsourcing their testing, inspection, and certification activities.

However, lack of internationally accepted standards is a major restraint impacting the growth of the testing, inspection, and certification market. Different countries have their own different set of standards. This factor influences the decision making of a manufacturer whether to export or not to a given country. Standards and regulations also vary between different types of products or services. Meeting the international standards often results in an increased cost as it might lead to the changing of the design of a particular product or service.

The competitive profiling of the key players in the global testing, inspection, and certification market and their market shares across five major geographic regions which include North America, Europe, Asia Pacific (APAC) Middle East and Africa and Latin America has been exhaustively covered under the purview of the study. Moreover, the distinct business strategies that have been adopted by the major players in the market have also been included in the report. For providing a detailed insight into the global testing, inspection, and certification market, the market attractive analysis has been provided in the report.

A comprehensive analysis of market dynamics, which include the market drivers, restraints and opportunities, is included under the scope of the report. Market dynamics are the distinctive factors that influence the growth of the specific market and therefore help to study the current trends in the global market. Thus, this report provides an inclusive study of the global testing, inspection, and certification market and also provides the forecast of the market for the period from 2016-2024.

Some of the major players in the market are: Bureau Veritas SA, Intertek Group PLC, SGS Group, ALS Ltd., ASTM International, AsureQuality Ltd., Dekra SE, Underwriters Laboratories Inc, Lloyd's Register Group Limited, DNV GL, TUV SUD AG and TÜV Rheinland Group.

The global testing, inspection, and certification market has been segmented into:

Global testing, inspection, and certification market, by Application

Oil & gas
Aerospace
Food & beverages
Automotive
Automation
Textile
Others
Global testing, inspection, and certification market, by Geography: The market is broadly segmented on the basis of geography into:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

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