The global testing, inspection and certifications market has been segmented on the basis of type and application. By type the market is further segmented into testing, inspection and certification. By application, the global testing, inspection, and certifications market is segmented into oil & gas, aerospace, food & beverages, automotive, medical devices, defence, telecommunication, automation, textile, and others.
Global Testing, Inspection, and Certifications Market Report, published by Variant Market Research, forecast that the global market was valued at $229 billion in 2016; and expected to reach $351 billion by 2024; growing at a fastest CAGR of 5.5% from 2016 to 2024.
"Global Testing, Inspection, and Certifications Market (By Type: Testing, Inspection, and Certification; By Application: Aerospace, Medical Devices, Oil & Gas, Food & Beverages, Automotive, Defence, Textile, Telecommunication, Automation, and Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
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Testing, inspection, and certification (TIC) services are mostly used in the food & beverages sector to examine food products quality to preserve consumers’ health and enhance productivity. Several industries such as food and beverages, oil and gas, textile and automotive, aerospace, are expected to pose high demand about TIC services in the coming years.
Globalization, stringent rules towards health and environment safety to drive the growth of the Global Testing, Inspection, and Certifications Market
The global testing, inspection and certifications market is majorly driven by globalization, stringent rules towards health and environment safety, and rising emphasis on outsourcing.
Though, absence of internationally recognized standards may hinder the growth of the market in the forecasted period. Additionally, technological Advancement and huge potential demand for testing, inspection and certification in developing countries would unfold several growth opportunities for this market over the coming years.
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The global testing, inspection and certifications market is bifurcated into type, application, and geography. Type segment includes testing, inspection and certification.
Furthermore, application segment is subcategorized into aerospace, medical devices, oil & gas, food & beverages, automotive, defence, textile, telecommunication, automation, and others. By geography, the market is bifurcated into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Testing held the major market share in the type segment
In 2016, testing held the major market share and is anticipated to continue the trend during the forecast period 2016 – 2024, due to growing number of imports and exports in the global market and increasing strict quality standards.
Oil & gas held the major market share in the application segment
By application, oil & gas accounted for the largest market share in 2016 and is anticipated to continue the trend during the forecast period 2016 – 2024, due to the growing out-sourced testing services inclination, and rising manufacturing units in emerging countries such as China and India.
Asia-Pacific is expected to grow at a fastest CAGR during the forecast period 2016 – 2024
In geography segment, Asia-Pacific and North America are anticipated to grow at a fastest CAGR of 6% and 5.6%, respectively, during the forecast period 2016 – 2024. Europe held the major market share of 32% in 2016, due to strict health rules in the region.
North America held the second largest market share of 27.9%. Asia-Pacific is to achieve the fastest CAGR during the forecast period 2016-2024, due to the promising industrial sector and significant rise in wealthy consumers.
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International expert organization Dekra SE is acquiring the U.S. inspection company Core Visual Inspection Services (Core VIS) situated in Charlotte, North Carolina.
By this acquisition, Dekra SE is going to enter into the inspection business of power plants in the USA. The major players operating in the market are SGS Group, Bureau Veritas SA, Intertek Group PLC, AsureQuality Ltd., Dekra SE, Underwriters Laboratories Inc., ALS Ltd., Lloyd's Register Group Limited, ASTM International, and Element Materials Technology, among others.
Scope of Testing, Inspection, and Certification Market
- Food & Beverages
- Oil & gas
- Medical devices
- North America
- South America
- Middle East
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