Testing, Inspection and Certification Market Investment Opportunity and Projected Huge Growth By 2027

According to a new market research report published by Transparency Market Research entitled “Global Testing, Inspection and Certification Market [By Service Type – Testing & Inspection and Certification; By Sourcing Type – In-house Sourcing and Outsourcing; By Industry –Infrastructure & Construction, Transformational & Contract Manufacturing, Food & Beverages, Agriculture & Forest, Information Technologies, Chemical, Healthcare & Pharmaceutical, Transportation & Logistics, Travel & Tourism, Energy & Utilities, Water & Wastewater Management, Government, Education, Textile, Cosmetics and Others] – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 - 2027,” the global testing, inspection and certification market is projected to reach US$ 367,336.4 Mn by 2027. The market is expected to expand at a CAGR of 8.0% during the period from 2020 to 2027. Expanding testing, inspection and certification in the emerging market is boosted by global trade, new infrastructure standards.

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Europe dominates the testing, inspection and certification market with a market share of 33% in 2019. This is primarily due to continual introduction of new regulations such as energy efficiency in construction. Testing, inspection and certification services continue to gain traction in the Europe market due to rising focus on outsourcing. The Europe testing, inspection and certification market is primarily driven by factors such as increase in demand for modernization of water & wastewater, oil & gas, and power infrastructures. Moreover, changing eating preferences along with consumer health consciousness are driving the demand for food certification in Europe.

Testing, inspection, and certification services are aimed at providing assurance to the end users that the product is accredited with international and national regulations and industry standards pertaining to quality and safety. The testing, inspection, and certification market is dependent on a mix of international and local rules and regulations. The market is witnessing growth as a result of globalization, regulations getting stricter, and increasing focus on outsourcing. Developed countries often import food products from developing countries and the quality standards in these countries are very high. Therefore, manufacturers in order to export to developed countries have to strictly adhere to quality standards. Environmental safety is another area of concern for the manufacturers and they have to abide by stringent environmental standards. Industries are subjected to increasingly strict environmental regulations pertaining to emission, discharge, storage, and disposal of certain chemicals, gases and other substance.

Globally, testing and inspection segment held approximately 95% market share in the testing, inspection and certification market in 2019. This is primarily due to the growing focus on monitoring and maintaining hygienic, healthy and conducive environments along the supply chain in order to safeguard the safety and quality of products. Moreover, certification segment is expected to create huge opportunities for testing, inspection and certification market over the forecast period.

Outsourcing segment is anticipated to witness healthy growth in the testing, inspection and certification market over the forecast period. There is continuous increase in outsourcing of testing and inspection services in attempt to reduce cost. Rising levels of regulations make TIC services progressively costlier, as it requires more cost for in-house testing, is acting as major growth driver for testing, inspection and certification market. Apart from this, energy & utilities segment is also expected to witness lucrative growth opportunities during the forecast period. This the result of new technology development and advancements in testing, inspection, and certification services for power grid management which in turn fueling the market growth. Apart from this, the provision of testing, inspection and certification services in the oil and gas sector includes various services across all stages of the lifecycle of oil and gas infrastructure starting from the feasibility to the de-commissioning stage. The oil and gas industry witnessed rapid outsourcing as a result of regulations becoming more stringent and widespread globally.

Some of the major players in the market are: Intertek Group PLC, Bureau Veritas SA, SGS Group, ASTM International, ALS Ltd., TUV SUD AG, DNV GL Group AS, AsureQuality Ltd., Underwriters Laboratories Inc, Dekra SE, Lloyd's Register Group Limited, and TÜV Rheinland Group.

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Market Segmentation:

Testing, Inspection and Certification Market, by Service Type

Testing and Inspection
Certification

Testing, Inspection and Certification Market, by Sourcing Type

In-house Sourcing
Outsourcing

Testing, Inspection and Certification Market, by Industry

Infrastructure & Construction
Transformational & Contract Manufacturing
Food & Beverages
Agriculture & Forest
Information Technologies
Chemical
Healthcare & Pharmaceutical
Transportation &Logistics
Travel & Tourism
Energy & Utilities
Water & Wastewater Management
Government
Education
Textile
Cosmetics
Others

In addition, the report provides analysis of the Testing, Inspection and Certification Market with respect to the following geographic segments:

North America

The U.S.
Canada
Rest of North America

Europe

Spain
Italy
Portugal
Poland
The U.K.
Rest of Europe

Asia Pacific (APAC)

India
China
Japan
Rest of APAC

Middle East and Africa (MEA)

Algeria
Saudi Arabia
Morocco
Egypt
Rest of MEA

South America

Brazil
Chile
Ecuador
Peru
Colombia
Rest of Latin America

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