March 2019: Adroit Market Research proposed a study named, “Global Testing, Inspection And Certification Market Size 2017 by Type (Testing, Inspection, Certification), by Source (In-house, Outsourced ), by Application (Consumer Goods, Food & Agriculture, Oil & Gas, Construction, Chemicals, Mining, Machinery, Transportation, Automotive, Power Generation, Government Services, Marine, Healthcare, Others (Finance, Process, etc.), by Region and Forecast 2018 to 2025”. The global testing, inspection, and certification market size are estimated based on the ongoing trend and demand patterns across the globe. Providers of testing, inspection, and certification have varying service lines depending on consumer requirements. The report also provides the various key strategies adopted by the leading players as they mainly target market giants in the developed and developing economies. The global testing, inspection, and certification market report comprises qualitative insights of the market with challenges, drivers and value chain analysis. The value chain analysis has been evaluated in detail with all the key stages.
The global testing, inspection, and certification (TIC) market size is predicted to reach USD 266.70 billion in 2025, exhibiting a significant CAGR exceeding 5%, owing to the strong growth of evolving supremacy by technology alliances. Increasing outsourcing of these services and expanding requirements of standard regulations are some of the key growth factors of this industry. Regulations relating to health, quality and environment safety have become rigorous over the past few years which is driving the overall demand for the global testing, inspection, and certification industry. Also, end users that are seeking third-party guarantee, enhanced risk awareness, as well as the emphasis on risk prevention, are the key aspects which are anticipated to bolster the demand for testing, inspection and certification services worldwide.
The global testing, inspection and certification industry is mainly driven by the increase in the shift towards technology and improved efficiency. This is leading to the growing demand for business process improvisations and consumer needs or preferences change. Testing, inspection and certification services can be applied to any product, service, or company. It also offers several benefits to public authorities, industries, and consumers by shielding citizens from hazardous products to decreasing compliance costs for small & medium enterprises (SMEs), to improving brand status and increasing the trust of consumers into a product. Additionally, the rapid increase in inter-country trade as a result of speedy globalization has also influenced the market growth in a positive manner.
The inspection segment made up for a total share of 27.4% in 2017 followed by the certification segment. The testing segment dominated the global market generating revenues of more than USD 115 billion owing to rapid technology advancement in this category. Digital technologies are conveying foremost changes to the global testing, inspection, and certification industry with new players leading the charge.
Earlier, the global testing, inspection, and certification market was prejudiced by a multifaceted political landscape. The victory of Trump in the US elections suggested a shift towards protectionism in the country and the growth of anti-regulation sentiment. This led to a rapid change in the adoption pattern of these services among the consumers. Based on the different applications, the consumer goods segment generated the highest revenues of USD 23.79 billion in 2017 and is expected to register a significant growth of nearly 5.5% between 2018 and 2025. Increasing consumer spending, rising demand for good quality consumer products, growing awareness among consumers regarding the use of certified products as well as increasing number of players in the FMCG industry are driving the growth of this segment.
Europe dominated the market generating revenues of USD 64.25 billion in 2017, followed by Asia-Pacific which accounted for 28.9% of the global testing, inspection, and certification market share. Standards and regulations are also different for distinct industries. In this case, the lack of internationally accepted standards hinders market growth. This makes the global testing, inspection, and certification market intensely differentiated.
Likewise, there is a great number of new entrants in the “smart world” and, thus, there is a virtually unlimited number of opportunities for the testing, inspection and certification industry. Emerging countries hold enormous potential for the improvement of the testing, inspection, and certification market. The total number of goods being traded from emerging nations to the developed ones has drastically increased in recent years. Also, there has been an increasing emphasis by western companies to manage and control the overall value chain. Moreover, the rapid expansion of the middle-class population, especially in Asian countries, has led to increased health awareness among people. Furthermore, the demand for energy, water, and consumer goods is rising in regards to the improvements in the global economic situation.
Bureau Veritas, SGS Group, Intertek, Dekra Certification, Eurofins Scientific, TUV SUD, TUV Rheinland, DNV GL, ALS Limited, UL LLC, SAI Global, Mistras Group, Exova Group, and BSI Group are the leading players present within the global testing, inspection and certification market.
Key segments of global testing, inspection and certification market
Type Overview, 2015-2025 (USD Billion)
Source Overview, 2015-2025 (USD Billion)
Application Overview, 2015-2025 (USD Billion)
- Consumer Goods
- Food & Agriculture
- Oil & Gas
- Power Generation
- Government Services
- Others (Finance, Process, etc.)
Regional Overview, 2015-2025 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Central & South America
- Middle East & Africa
- Middle East