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Testing, Inspection, and Certification Market : An overview section of the report includes qualitative analysis 2017 - 2025

12-21-2017 08:24 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: TMR Research

Testing, Inspection, and Certification Market : An overview section of the report includes qualitative analysis 2017 - 2025

Testing, Inspection, and Certification Market: Overview

The testing, inspection, and certification (TIC) solutions verify that a product conforms to regulatory standards pertaining to quality, performance, and technical safety that are universally accepted. Product testing, inspection and certification is an approach to provide assurance to consumers and are in the interest of consumers for a safe purchase.

Testing, Inspection, and Certification Market: Key Trends

The top factor driving the global TIC market is the increasing awareness among consumers about the quality, performance, and safety assurance attached with products that conform to international standards. The increasing volume of international imports and exports, which is controlled by a combination of local and global standards and regulations is further fuelling growth of the global testing, inspection, and certification market. This has necessitated manufacturers to adhere to quality control specifications and obtain universally accepted certifications for participation in international trade. This is expected to boost the adoption of testing, inspection, and certification services predominantly in food and beverages, aerospace, automotive, and oil and gas industries.

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The oil and gas industry has contributed significantly to the growth of the TIC market over the past few years; the end-use segment held a dominant share of over 35% in the global market in 2015. This is because testing, inspection, and certification are mandatory across all stages of any exploration and production project, starting from project feasibility to de-commissioning of the site.

With the increasing number of oil and gas exploration activities both onshore and offshore, the oil and gas industry is expected to extend growth opportunities to the testing, inspection, and certification market.

Testing, Inspection, and Certification Market: Market Potential

Top companies in the TIC market are vying to obtain accreditation from international agencies in a bid to cater to regional markets and operate globally. In a recent industry development, Bureau Veritas – a world leader in testing, inspection, and certification services has obtained certification from United Kingdom Accreditation Services to carry out verifications and assessments for services that are compliant with the regulations of European Union Monitoring, Reporting, and Verification.

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Testing, Inspection, and Certification Market: Regional Outlook

Europe is a leading regional market as it has high concentration of some of the top vendors in the global testing, inspection, and certification market. The region contributed over 30% to the revenue of the global market in 2015.

The developing economies of Asia Pacific and Latin America are expected to contribute significantly to the growth of the testing, inspection, and certification market. The region is anticipated to display growth at the fastest pace in the near future. Factors such as rapid industrial development and a growing middle class population with disposable incomes have led to high volume of international imports and exports in these regions. This has necessitated product manufacturers to comply with diverse safety and quality standards that are universally accepted, thereby driving the need for testing, inspection, and certification services. The booming food and beverages industry in the region and the increasing awareness among about the quality assurance of certified products will be predominantly driving the TIC market in the region.

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Testing, Inspection, and Certification Market: Competitive Landscape

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

About TMR Research

TMR Research is a premier provider of customized market research and consulting services to business entities keen on succeeding in today’s supercharged economic climate. Armed with an experienced, dedicated, and dynamic team of analysts, we are redefining the way our clients’ conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends.

Our savvy custom-built reports span a gamut of industries such as pharmaceuticals, chemicals and metals, food and beverages, and technology and media, among others. With actionable insights uncovered through in-depth research of the market, we try to bring about game-changing success for our clients.

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