Testing, Inspection, and Certification Market

Market Leadership - Testing, Inspection and Certification Market

The testing, inspection, and certification market 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 testing, inspection, and certification market is likely to witness steady growth across the world, particularly in the emerging economies of Asia and South America. This growth is mainly spurred by the amalgamation of regulatory and economic factors. Consumers across the world demand high-quality products, thereby facilitating manufacturers to opt for third-party testing, inspection, and certification products and services. Moreover, factors such as the increasing importance of safety and security among consumers/end users and the growing adoption of product diversification strategies boost the growth of the testing, inspection, and certification market. As consumers are increasingly becoming aware of the importance of buying certified products, manufacturers are certifying their products and services to gain the trust of customers. Additionally, the market is witnessing substantial investments in new emerging technologies, and these are likely to increase further owing to the intense competition in the global market. Further, governments of different countries encourage investments from private players in the technology sector, which would lead to the increased use of independent testing and certification services. 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. The North American market also has increasing adoption of testing, inspection, and certification market due to Growing number of manufacturing plants and R&D centers, as well as stringent regulations, for aerospace components and electronic devices and increasing awareness regarding benefits of certified products and services across domains. The outbreak of the novel coronavirus affected the testing, inspection, and certification market, but steady recovery is expected by 2022. Significant growth in the market for testing, inspection, and certifications is likely to be observed in medical and life science application due to increasing need for the testing, inspection, and certification services because of high effect of Covid-19 pandemic in all the regions.

The prominent players operating in the testing, inspection, and certification market are 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).

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Top 2 Players in Testing, Inspection and Certification market:

SGS Group

SGS Group is one of the leading players offering inspection, verification, testing, and certification services to ensure that the products or services provided by any manufacturing company comply with national and international regulations and standards. Inspection services offered by SGS Group help reduce product damage and financial risks, control product quality and production quantity, and ensure product adherence with regulatory standards in different regional markets. SGS Group operates through a network of more than 2,000 offices and laboratories, mainly in Europe, the Americas, APAC, the Middle East, and Africa. The company mainly operates in nine segments—Agriculture, Food & Life; Minerals; Oil, Gas & Chemicals; Consumer & Retail; Certification & Business Enhancement; Industrial; Environment, Health & Safety; and Governments & Institutions.

Bureau Veritas

Bureau Veritas is among the leading companies having a broad portfolio of testing, inspection, and certification (TIC) services. The company offers high-quality services to industries such as construction and real estate, consumer goods, electrical and electronics, food & beverages, oil & gas, power and utilities, process industries and mining, retail, and transportation, along with governments and public organizations, to address the challenges and meet the requirements pertaining to quality, safety, and environmental protection. The company has offices and laboratories in Europe, APAC, the Americas and the MEA, and it strives to expand its reach globally through acquisitions.

Bureau Veritas helps its clients from the aerospace industry monitor the technical conditions of aircraft and continuously review the schedule of their maintenance inspections to ensure high performance. It also provides regulatory and technical compliance assessment, aircraft recovery and delivery assistance, lease/purchase agreement compliance verification, ongoing lease (lease monitoring) supervision, and supply chain risk management services to its clients from the aerospace industry.

Top 2 Players in Testing, Inspection and Certification market:

SGS Group

SGS Group is one of the leading players offering inspection, verification, testing, and certification services to ensure that the products or services provided by any manufacturing company comply with national and international regulations and standards. Inspection services offered by SGS Group help reduce product damage and financial risks, control product quality and production quantity, and ensure product adherence with regulatory standards in different regional markets. SGS Group operates through a network of more than 2,000 offices and laboratories, mainly in Europe, the Americas, APAC, the Middle East, and Africa. The company mainly operates in nine segments—Agriculture, Food & Life; Minerals; Oil, Gas & Chemicals; Consumer & Retail; Certification & Business Enhancement; Industrial; Environment, Health & Safety; and Governments & Institutions.

Bureau Veritas

Bureau Veritas is among the leading companies having a broad portfolio of testing, inspection, and certification (TIC) services. The company offers high-quality services to industries such as construction and real estate, consumer goods, electrical and electronics, food & beverages, oil & gas, power and utilities, process industries and mining, retail, and transportation, along with governments and public organizations, to address the challenges and meet the requirements pertaining to quality, safety, and environmental protection. The company has offices and laboratories in Europe, APAC, the Americas and the MEA, and it strives to expand its reach globally through acquisitions.

Bureau Veritas helps its clients from the aerospace industry monitor the technical conditions of aircraft and continuously review the schedule of their maintenance inspections to ensure high performance. It also provides regulatory and technical compliance assessment, aircraft recovery and delivery assistance, lease/purchase agreement compliance verification, ongoing lease (lease monitoring) supervision, and supply chain risk management services to its clients from the aerospace industry.

Related Reports:

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

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Report Code
SE 3611
RI Published ON
3/24/2022
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