Testing, Inspection, and Certification Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Testing, Inspection, and Certification Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : October, 2020 | Semiconductor & Electronics | PPT format

Report Digest


Global Testing, Inspection, and Certification Market: Snapshot

The soaring awareness about the quality and safety of various consumer products world over is a key factor driving the evolution of the testing, inspection, and certification market. The growing consumer awareness about the performance of products conforming to international standards is a key factor boosting the demand for testing, inspection, and certifications. A burgeoning export and imports in several developing and developed nations is also contributing to the growth of the market. The stricter enforcement of regulatory standards by producers and manufacturers is a key factor accentuating the growth of the market in various regions. The demand for quality control regulations and specifications in industries such as aerospace, automotive, food and beverages, and oil and gas for international acceptance of their products is a notable factor driving the market over the forecast period. The vastly rising demand for global testing, inspection, and certification services in oil and gas industries in numerous developed economies is a prominent factor boosting the market. In particular, the rising number of oil exploration and production activities in onshore and offshore areas is bolstering the demand for global certifications. Meanwhile emerging economies in Latin America and Asia Pacific are witness a surge of promising opportunities for players in the testing, inspection, and certification market. The rapid pace of industrial development bodes well for these regional markets. A rapidly growing middle class population in several of the emerging markets, combined with the general rise in disposal incomes, is a notable trend expected to catalyze the growth of the market. In addition, the widening awareness of safety of a number of packaged food products is a significant factor boosting the testing, inspection, and certification market. A growing number of international agencies offering accreditation is a notable trend accentuating the growth of the market over the forecast period.

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. 

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. 

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. 

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. 

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?