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.
Albany, NY -- (SBWIRE) -- 12/01/2016 -- 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.
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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.
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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.
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