Pune, India, March 07, 2022 (GLOBE NEWSWIRE) -- The global testing, inspection, and certification market size is anticipated to reach USD 309.03 billion by 2028 and exhibit a CAGR of 5.7% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled, “Global Testing, Inspection, and Certification Market, 2021-2028”. Furthermore, rising consumer goods testing and inspection demand, along with an increase in online shopping patterns, generate significant potential for TIC industry players.
COVID-19 Impact-
Due to the shutdown of various industries such as consumer products, manufacturing, retail, and others, the need for testing, inspection, and certification services has decreased marginally. Due to the COVID-19 outbreak, a pause in new product development operations and travel limitations. Testing, remote auditing, and inspection are now possible because of the growing usage of innovative technologies in manufacturing, utilities, healthcare, energy, and others.
For instance, in response to the COVID-19 outbreak, National Technical Systems, Inc. established a remote testing system and a remote test witnessing system. The system strategy keeps clients on track despite travel and in-person visit restrictions.
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Companies Profiled in the Global Testing, Inspection, and Certification Market:
- SGS SA (Switzerland)
- Bureau Veritas (BV) (France)
- Dekra Certification B.V. (Netherlands)
- Intertek Group PLC (U.K.)
- TUV SUD AG (Germany)
- APPLUS+ (Spain)
- ALS Limited (Australia)
- Eurofins Scientific SE (Belgium)
- DNV GL (Norway)
- Socotec Group (U.K.)
Report Scope & Segmentation -
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 5.7 % |
| 2028 Value Projection | USD 309.03 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 201.11 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 160 |
| Segments covered | Services Type; Industry; Regional; |
| Growth Drivers | Strict Rules and Regulations with Rising demand for Standardizations of the Products Drives the Growth. |
| Pitfalls & Challenges | High Cost Associated with the TIC Services to Hinder the Market Growth. |
Segmentation-
On the basis of service type, the testing, inspection, and certification industry is divided into inspection, certification, and testing. On the basis of industry, the market is segmented into consumer goods & retail, agriculture & food, manufacturing, chemicals, oil & gas, and others. Geographically, the market is classified in Europe, North America, South America, Asia Pacific, and the Middle East & Africa.
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Report Coverage-
To better understand the user, the testing, inspection, and certification industry research report includes leading regions worldwide. In addition, the research examines newly adopted technologies around the world and provides insights into the newest industry and market trends. The report also covers some of the market's growth-stimulating elements and limitations, allowing the reader to understand the industry thoroughly.
Drivers & Restraints-
Regulations for Manufacturers that Adhere to Human and Environmental Safety Standards Will Drive the Market
Consumer products must pass safety testing done by an independent lab to meet legal standards. The service expansion is fueled by increasingly stringent rules and regulations requiring manufacturers worldwide to adhere to human and environmental safety standards. Several countries' governments have made testing and inspection certification mandatory to ensure that items are safe and high quality.
The cost of the services varies depending on the industry, geographical area, and product pricing. However, these services are costly in wealthy countries and may hinder the testing, inspection, and certification market growth.
Regional Insights-
Europe to Hold the Largest Market Share Owing to the Presence of Prominent Players
During the projection period, Europe is expected to hold the greatest testing, inspection, and certification market share. Several major players, including Bureau Veritas (BV), SGS SA, TUV SUD AG, Intertek Group PLC, DEKRA Certification B.V., and others, are responsible for the region’s growth. TÜV Rheinland, for example, established the Hydrogen Competence Center in June 2021 to provide testing services for the safe storage, production, transportation, and use of hydrogen energy around the world. TÜV Rheinland has opened an international facility to provide testing services throughout Europe.
North America is expected to increase at a stable pace during the predicted period due to a rise in consumer awareness of standard and customized items. According to the 2020 CSA Group Testing & Certification Organization Survey, almost 69% of North American customers buy products with the CSA and other certification marks. As consumer awareness of standard and certified items grows, the market is expected to rise.
The Asia Pacific is expected to grow fastest during the projected period due to increased end-user investment in manufacturing, electronic, and automotive firms in developing countries like India and China. Several electronics manufacturers, including Siemens AG, General Electric Company, Toshiba Corporation, HTC Corporation, and others, are expanding their manufacturing facilities throughout Asia. The TIC services industry is likely to benefit significantly from this expansion.
South America is expected to develop at a moderate CAGR during the forecast period. The growth is attributable primarily to an increase in foreign trade activity and an increase in agricultural investment. During the projected period, the Middle East and Africa market is expected to grow steadily due to a rise in oil and gas exports and consumer goods, food, and beverage imports. According to the World Integrated Trade Solution Organization, these sectors' entire exports totaled USD 924,462 million in 2019. It created a lot of room for the testing, inspection, and certification sector to expand.
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Competitive Landscape-
Key Players to Use Strategic Business Tactics to Expand Services in Several Nations
Through business tactics such as acquisitions, mergers, and partnerships, key players such as DEKRA Certification B.V., Bureau Veritas (BV), SGS SA, TÜV SÜD AG, Intertek Group PLC, and others are focusing on growing their services in several nations throughout the world. For instance, in March 2021, advanced analytical testing services for identifying allergens in cosmetics were released by Intertek Group PLC, which were refined for increased specificity, efficiency, and accuracy. This solution helps businesses achieve regulatory standards while also guaranteeing that their products are safer.
Industry Developments-
April 2020: Socotec Italia purchased Tecnolab Srl, an Italian company that does geotechnical testing on building materials. With greater production capacity, knowledge, and reactivity to benefit clients, this purchase strengthens its position in the Italian infrastructure sector.
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Major Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Testing, Inspection, and Certification Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Testing, Inspection, and Certification Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Service Type (USD)
- Testing
- Inspection
- Certification
- Industry (USD)
- Consumer Goods & Retail
- Agriculture & Food
- Chemicals
- Oil & Gas
- Manufacturing
- Others
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- By Service Type (USD)
- North America Testing, Inspection, and Certification Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Service Type (USD)
- Testing
- Inspection
- Certification
- By Service Type (USD)
- Global Testing, Inspection, and Certification Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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