Precise Study on Global Testing, Inspection and Certification Market Covering Trends, Market Share and Forecast to 2025

Posted on 2018-03-29 by Mark Hub in Technology // 0 Comments

Albany, USA, 2018-Mar-29 — /EPR Network/ —Market Research Reports Search Engine (MRRSE) has been acting as an impressive data source when it comes to evaluating various industrial verticals. The research report titled “Testing, Inspection and Certification Market” offers a clear insight about the “Technology” assessed over the global platform. This analysis proves beneficial for readers & new investors who are aiming to enter the market for “Technology “in the near future.

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The global market for testing, inspection, and certification (TIC) could face a high level of fragmentation in its vendor landscape owing to the presence of a large number of players sustaining amid intense competition but promising growth avenues, observes in a recent report. So as to strengthen their positions and earn lucrative growth opportunities, companies are targeting strategic collaborations, mergers, acquisitions, and expansion across lucrative emerging economies.

The report estimates that the global testing, inspection and certification market will clock in a CAGR of 5.8% from 2017 to 2025 and rise from an opportunity of US$184,545.5 mn in 2016 to US$299,628.6 mn by 2025.

Europe to Retain Dominant Spot throughout Forecast

In terms of services, the testing and inspection segment held approximately 95% of the global market in 2016. This is primarily due to the increased focus on monitoring and maintaining hygienic, healthy, and conducive production environments along the supply chain in order to safeguard the safety and quality of products. While the scenario is expected to remain largely unchanged over the near future as well, the certification segment could also a steady rise in demand over the report’s forecast period.

Geographically, the market in Europe is presently the chief contributor of revenue to the global market. The regional market accounted for over 33% of the overall market in 2016, chiefly owing to the stringent regulations concerning safety of products from industries such as food and beverages, transportation and logistics, chemical, and water and wastewater. The region is also expected to maintain its lead over the report’s forecast period.

Need to Adhere to Stringent Safety Regulations to Increase Demand for TIC Services

Testing, inspection and certification services are becoming increasingly important for companies spanning a vast number of industries as these services ensure the maintenance of health, safety, and quality requirements of the concerned products. Increasing focus of the enterprise sector on safety legislations and standards, diversified requirement of products, and standard regulations are some of the factors responsible for the growth of the market.

In the European Union, for instance, the General Safety Regulation (EC) No 661/2009 in 2014 mandated advanced safety features in every new van, car, bus and truck sold in the European Union. The new features included ISOFIX child seat anchorages, tire pressure monitoring systems and driver seatbelt reminders. Moreover new buses and trucks must also be armed with lane departure warning systems as well as advanced emergency braking systems. Food safety particularly earns high prominence in countries across North America, calling for advanced technology for testing, inspection and certification services. So as to adhere to all these regulations, the demand for TIC services has ramped up in the recent years and continues to be fueled.

Increased Trend of Outsourcing TIC Services to Benefit Vendors

Increased outsourcing of TIC services is expected to emerge as a key opportunities for companies in the global testing, inspection and certification market over the forecast period. The testing, inspection and certification are unceasingly adopted by the emerging economies such as Asia Pacific and South America, which is further anticipated to drive the growth of testing, inspection and certification over the forecast period.

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The report also includes competitive profiling of the key players associated with the Testing, Inspection and Certification around the globe. The important business strategies adopted by them, their market positioning, financials, SWOT analysis and recent developments have also been identified in the research report. The competitive landscape section of the report also gives an overview about the major contributing regions/countries by these key players in order to strengthen their market position in the future.

Some of the major players in global Testing, Inspection and Certification market are Intertek Group PLC, Bureau Veritas SA, SGS Group, ASTM International, ALS Ltd., TUV SUD AG, DNV GL Group AS, AsureQuality Ltd., Underwriters Laboratories Inc, Dekra SE, Lloyd’s Register Group Limited, and TÜV Rheinland Group. Details such as financials, business strategies, SWOT analysis, recent developments, and other such strategic information pertaining to these players has been duly provided as part of company profiling.

Market Segmentation:

Testing, Inspection and Certification Market, by Service Type

Testing and Inspection
Certification

Testing, Inspection and Certification Market, by Sourcing Type

In-house Sourcing
Outsourcing

Testing, Inspection and Certification Market, by Industry

Infrastructure & Construction
Transformational & Contract Manufacturing
Food & Beverages
Agriculture & Forest
Information Technologies
Chemical
Healthcare & Pharmaceutical
Transportation &Logistics
Travel & Tourism
Energy & Utilities
Water & Wastewater Management
Government
Education
Textile
Cosmetics
Others

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