According to a research report "Testing, Inspection, and Certification Market with Covid-19 Impact Analysis by Service Type (Testing, Inspection, and Certification), Sourcing Type (In-house, Outsourced), Application and Geography - Global Forecast to 2027" is projected to reach USD 268.9 billion by 2027 from USD 221.4 billion in 2022; it is expected to grow at a CAGR of 4.0% from 2022 to 2027. The European testing, inspection, and certification market is propelled by the growing trend of outsourcing testing, inspection, and certification services to various third-party service providers. Manufacturing facilities and large corporations are gradually outsourcing testing, inspection, and certification services to reduce operating costs and focus more on their core business competencies. The agriculture and food industry is expected to grow at a faster CAGR during the forecast period. The rising focus of government establishments to improve food safety is a primary factor in promoting testing, inspection, and certification services in the agriculture and food sector. The increasing number of food contamination occurrences is forcing regulatory bodies to develop compliance regulations to curb the number of foodborne diseases. Moreover, the surge in trade between countries and the emergence of global food supply chains further add to the demand for testing, inspection, and certification services in the sector. The growth of the Testing, inspection, and certification market in APAC is mainly driven by the increasing adoption of latest technologies in the region and increasing business in construction, electronics and textile industries. Moreover, Huge capacity to manufacture medical devices, electronics, and consumer goods and high dependence of many European and North American countries on Asia Pacific for goods also drive the growth of the Testing, inspection, and certification market in APAC.
Browse 342 market data Tables and 71 Figures spread through 517 Pages and in-depth TOC on "Testing, Inspection, and Certification Market with Covid-19 Impact Analysis by Service Type (Testing, Inspection, and Certification), Sourcing Type (In-house, Outsourced), Application and Geography - Global Forecast to 2027"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/testing-inspection-certification-market-5352498.html
In service type, the testing service type segment is expected to hold the highest market share of the testing, inspection, and certification market
Significant focus on quality control and safety has resulted in the widespread deployment of advanced testing equipment and instruments in manufacturing facilities and laboratories. The accuracy of test results is mainly dependent on the precision of the testing and measurement instruments. TIC services are witnessing heightened demand across several industries for several applications owing to the rising demand for good-quality and standard products worldwide. During the development of any new medical product, testing must be performed to gain a clear understanding of the product’s performance and compliance with its label. While the components of each product are well-documented in any facility, nuances pertaining to manufacturing defects are bound to arise during manufacturing. Such variations must be considered to provide the best, most accurate information about specific attributes of products.
With the outbreak of the COVID-19 virus, millions have been affected. Globally, there has been a shortage of medical devices and equipment; hence, pharmaceutical and electronic companies are manufacturing these devices in greater volumes to curb the spread of the virus. This has resulted in the spike in demand for testing services for medical devices such as respirators, infrared thermometers, and ventilators. Testing methods and practices have been modified in these times. That is, methods must become “contactless” and “remote” without sacrificing data quality and depth of understanding while following local government regulations.
The current trend in the global Testing, inspection, and certification market is the use of digital technology. Companies such as SGS, Intertek, and Bureau Veritas are focused on adopting digital technology, which is expected to boost market growth. TIC companies are also focused on verifying the security, performance, and safety of products, processes, or services. Products are verified at two stages—before the product launch and when the product is in use or service. These verifications are either done in a lab, on-site, or through other methods. Moreover, Testing, inspection, and certification services are increasingly outsourced owing to the growing global trade and regulatory requirements and the rising focus of manufacturers on the adoption of digital technology.
The Testing, inspection, and certification market in APAC is projected to have the highest market share during the forecast period (2022-2027)
The Testing, inspection, and certification market in Asia Pacific is projected to have highest market share by 2027, growing at the highest CAGR during the forecast period.
The driver for the growth of the testing, inspection, and certification market in Asia Pacific is the growing inclination of manufacturers to produce aerospace and aeronautical components, electrical and electronic products, and heavy machinery and equipment. Globalization has led to the standardization of products and goods used in the food & beverages, electronics, and automotive industries. The development of transportation modes, such as water and road, has helped improve respective carriages and the standard of infrastructure required for the maintenance of modes of transport. testing, inspection, and certification players are increasing their horizons by setting up their testing labs in Asia Pacific countries as the potential of these countries in applications such as consumer electronics and goods, automobiles, renewable energy solutions is depicting a double-digit growth. High dependence of many countries in Europe and the Americas on Asia Pacific-based companies for medical devices, personal protection equipment (PPE) kits, pharmaceuticals, and other necessary equipment, increased research and development in the field of autonomous and connected cars (new and improved technologies), and improved lifestyles are the crucial factors driving the Testing, inspection, and certification market growth in Asia Pacific. Considering huge manufacturing capabilities and exports, the Asia Pacific region is projected to account for the largest size of the Testing, inspection, and certification market. Also, increased investments in R&D are leading to the expansion of application areas of Testing, inspection, and certification services in the automotive sector in North America, especially in the US. Hence, North America is likely to be the second-largest market for Testing, inspection, and certification services in the coming years.
Key Players of Testing, inspection, and certification Market:
SGS Group (Switzerland), Bureau Veritas (France), Intertek (UK), TÜV NORD (Germany), TÜV SÜD (Germany), Eurofins Scientific (Luxembourg), TÜV Rheinland (Germany), DEKRA SE (Germany), DNV GL (Norway), Applus+ (Spain), ALS Limited (Australia), Lloyd’s Register Group (UK), MISTRAS (USA), Element Materials Technology (UK), Apave International (France), UL LLC (US), IRClass (India), QR Testing (Netherlands), TIC Sera (China), and Hohenstein (Germany).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441