The testing, inspection and certification market is anticipated to witness a 5.7% CAGR during this period and grow to a value of nearly US$ 285 billion by end 2024.
Albany, NY -- (SBWIRE) -- 09/06/2017 -- The main objective of testing, inspection, and certification organizations is to ensure that product safety and quality requirements are according to their clients' needs. Market Research Reports Search Engine, in its report titled 'Testing, Inspection and Certification (T.I.C.) Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024' has studied the testing, inspection and certification market for a period of eight years starting in 2016. The testing, inspection and certification market is anticipated to witness a 5.7% CAGR during this period and grow to a value of nearly US$ 285 billion by end 2024.
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Good Prospects for the Testing, Inspection and Certification Market in the O&G Industry
The oil & gas industry has been an extremely lucrative opportunity for the testing, inspection and certification market for the last few years. The segment held a market share of more than 35% of the testing, inspection and certification market in 2015. Testing, inspection, and certification are critical at all lifestyle stages of any processing or exploration project, be it feasibility analysis all the way to site decommissioning. The ever-increasing demand for petroleum products has led to numerous O&G exploration activities in both offshore and onshore sites. Companies operating in the testing, inspection and certification market are advised to target the O&G industry with all guns blazing.
Emerging Markets Could be El Dorado in the Testing, Inspection and Certification Market
Developing economies across Latin America and the APAC region are recording explosive economic growth and this will definitely benefit the testing, inspection and certification market. A rising consumer disposable income and huge investments in the domestic industrial sectors have made these dynamic regions the epicenters of international trade. To make products comply with stringent norms in developed countries, manufacturers have to adhere to the highest quality standards, driving the demand for comprehensive testing, inspection and certification equipment. The food & beverage industry in APAC is predicted to be particularly important as greater consumer awareness of the proven benefits of certified products is likely to boost the testing, inspection and certification market.
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Highly Competitive and Fragmented Environment in the Testing, Inspection and Certification Market
The four largest players in the testing, inspection and certification market had approx. 30% share in 2015 amongst themselves. Small and mid-sized companies accounted for the balance share in the global testing, inspection and certification market. The testing, inspection and certification market is brutally competitive and quite fragmented. Europe deserves special mention as the continent is home to several leaders in the testing, inspection and certification market. Some of the major companies profiled in the report are Intertek Group PLC, ASTM International, Bureau Veritas SA, TÜV Rheinland Group, AsureQuality Ltd., DNV GL, Underwriters Laboratories Inc, SGS Group, TUV SUD AG, Lloyd's Register Group Limited, Dekra SE, and ALS Ltd.
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