Pune, India, April 05, 2023 (GLOBE NEWSWIRE) -- The global testing, inspection, and certification market size was valued at USD 208.43 billion in 2021. The market is projected to grow from USD 217.31 billion in 2022 to USD 328.23 billion by 2029, exhibiting a CAGR of 6.1% during the forecast period. Rising Demand for Testing Services in Manufacturing Industry to Fuel Market Growth. Fortune Business Insights provide this information in its report titled “Global Testing, Inspection, and Certification Market Forecast, 2023-2029.”
Industry Developments-
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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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 6.1% |
| 2029 Value Projection | USD 328.23 Billion |
| Base Year | 2021 |
| Testing, Inspection, and Certification Market Size in 2021 | USD 208.43 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Service Type, Sourcing Type, Industry and Geography |
| Testing, Inspection, and Certification Market Growth Drivers | Regulations for Manufacturers that Adhere to Human and Environmental Safety Standards Will Drive the Market |
Key Takeaways
- Rising demand for testing services in the manufacturing sector for consumer products, retail, and food & beverages has fueled the Testing, Inspection and Certification market expansion.
- Integration of Emerging Technologies, such as Blockchain and AI with TIC Services, Aids Market Growth
- Consumer products must pass quality and safety testing done by an independent lab to meet legal standards.
- Testing, Inspection, and Certification Market Size in North America was USD 74.49 Billion in 2021
- By Sourcing Type Analysis: Low-cost Conformity Assessment Process offered by Outsourcing TIC Services to Propel the Market Expansion
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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.
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.
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.
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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.)
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.
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Major Table of Content:
-
- Global Testing, Inspection, and Certification (TIC) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Service Type (USD)
- Testing
- Inspection
- Certification
- By Sourcing Type (USD)
- In-House
- Outsource
- By Industry (USD)
- Consumer Goods & Retail
- Agriculture & Food
- Chemicals
- Oil & Gas
- Manufacturing
- Others
- By Region (USD)
- North America
- Europe
- Middle East & Africa
- Asia Pacific
- South America
- North America Testing, Inspection, and Certification (TIC) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Service Type (USD)
- Testing
- Inspection
- Certification
- By Sourcing Type (USD)
- In-House
- Outsource
- By Industry (USD)
- Consumer Goods & Retail
- Agriculture & Food
- Chemicals
- Oil & Gas
- Manufacturing
- Others
- By Country (USD)
- United States
- Canada
- Mexico
- Europe Testing, Inspection, and Certification (TIC) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Service Type (USD)
- Testing
- Inspection
- Certification
- By Sourcing Type (USD)
- In-House
- Outsource
- By Industry (USD)
- Consumer Goods & Retail
- Agriculture & Food
- Chemicals
- Oil & Gas
- Manufacturing
- Others
- By Country (USD)
- United Kingdom
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
- Asia Pacific Testing, Inspection, and Certification (TIC) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Service Type (USD)
- Testing
- Inspection
- Certification
- By Sourcing Type (USD)
- In-House
- Outsource
- By Industry (USD)
- Consumer Goods & Retail
- Agriculture & Food
- Chemicals
- Oil & Gas
- Manufacturing
- Others
- Global Testing, Inspection, and Certification (TIC) Market Size Estimates and Forecasts, By Segments, 2018-2029
TOC Continued…
FAQ’s
How big is the testing, inspection, and certification market?
Testing, Inspection, and Certification Market size was USD 208.43 billion in 2021.
How fast is the testing, inspection, and certification market growing?
The Testing, Inspection, and Certification Market will exhibit a CAGR of 6.1% during the forecast period, 2022-2029
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