(MENAFN Editorial) ALBANY, New York, January 5, 2018 /PRNewswire/ --
According to a new market research report published by Transparency Market Research entitled "Global [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, 2017 - 2025," the global testing, inspection and certification market is projected to reach US$ 299,628.6 Mn by 2025. The market is expected to expand at a CAGR of 5.8% during the period from 2017 to 2025. Expanding testing, inspection and certification in the emerging market is boosted by global trade, new infrastructure standards.
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.
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Europe dominates the testing, inspection and certification market with a market share of more than 33% in 2016. 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.
Globally, testing and inspection segment held approximately 95% market share in the testing, inspection and certification market in 2016. 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.
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Outsourcing segment is anticipated to witness healthy growth in the testing, inspection and certification market over the forecast period. The outsourcing segment is anticipated to grow at a CAGR of around 6% during 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. The energy & utilities segment is expected to expand at a CAGR of 6.2% during 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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For the study, the market has been segmented as follows:
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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