Testing, Inspection and Certification Market:
The GMI Research’s latest analysis reveals that the Testing, Inspection, & Certification Market is slated to register a significant CAGR over the forecast period. This is attributed to the rising construction, infrastructure, and manufacturing industries, the strong demand for the regulation of materials, processes, and systems, followed by the rising penetration for outsourcing the TIC services.
Testing, Inspection, & Certification Market’s leading Manufacturers:
- Bureau Veritas SA
- DEKRA SE
- SGS Group
- Eurofins Scientific
- Intertek Group PLC
- DNV GL Group AS
- Applus+
- TUV SUD AG
- ALS Limited
- TUV Rheinland Group
Testing, Inspection, & Certification Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The rising construction, infrastructure, and manufacturing industries, the strong demand for the regulation of materials, processes, and systems, followed by the rising penetration for the outsourcing of the TIC services worldwide, are the key drivers contributing to the growth of the testing, inspection, and certification market size. As per the testing, inspection, and certification market report, numerous communication and networking technological advancements, application of strict regulation regarding the safety of the environment, health and quality, and growth in the illicit trade of pirated & counterfeit goods is increasing the need for testing, inspection, and certification of such goods, thus surging the market growth. According to the testing, inspection, and certification market overview, the growing demand for testing, inspection & certification services in the emerging countries, increasing export and trade of goods between the nations will open doors for the growth of the market. On the other hand, variation in standards and regulations across various countries and limited skilled personnel will hinder the market growth.
Service type Segment Drivers
Based on the service type, the certification is anticipated to rise at a higher CAGR in the upcoming years due to the high adoption of such services as it aids in improving the performance and the safety regarding the products. The social responsibility, environment, quality, and other services involved in certification is boosting productivity and performance of the business, thereby stimulating the growth of the market.
Application Segment Drivers
Based on the application, the agriculture & food is projected to rise at a higher CAGR in the upcoming years due to the strong adoption of testing, inspection & certification in this application as it consists of various principles for sustainability, safety, and others. Such principles need close and regular monitoring, which will further fuel the market growth.
Regional Drivers
Based on the region, Asia-Pacific is predicted to increase at a faster CAGR in the coming years due to the growing urbanization, developing markets, such as India, China, and Japan, and the strong presence of the major leading players for the manufacturing of electronic components. Additionally, the rise in the per capita income and government initiatives for the development of different application areas, including manufacturing, automotive, and agriculture, and other industries, will further augment the growth of the market.
Testing, Inspection, & Certification Market Segmentation:
Segmentation by Service Type:
- Testing
- Inspection
- Certification
- Others
Segmentation by Sourcing Type:
- In-house Services
- Outsourced Services
Segmentation by Application:
- Agriculture & Food
- Construction & Infrastructure
- Consumer Goods & Retail
- Chemicals
- Energy & Power
- Medical & Life Sciences
- Industrial & Manufacturing
- Oil & Gas and Petroleum
- Mining
- Aerospace
- Automotive
- Public Sector
- Railways
- Marine
- IT & Telecom
- Supply Chain & Logistics
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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