Dublin, May 05, 2022 (GLOBE NEWSWIRE) -- The "Global Testing, Inspection, and Certification Market with Covid-19 Impact Analysis by Service Type (Testing, Inspection, and Certification), Sourcing Type (In-house, Outsourced), Application and Geography - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Testing, inspection, and certification market is projected to reach USD 268.9 billion by 2027 from USD 221.4 billion in 2022; it is expected to grow at a CAGR of 4.0% from 2022 to 2027.
The growth of the Testing, inspection, and certification market in APAC is mainly driven by the increasing adoption of latest technologies in the region and increasing business in construction, electronics and textile industries.
Moreover, Huge capacity to manufacture medical devices, electronics, and consumer goods and high dependence of many European and North American countries on Asia Pacific for goods also drive the growth of the Testing, inspection, and certification market in APAC.
The North American market also has increasing adoption of Testing, inspection, and certification market due to Growing number of manufacturing plants and R&D centers, as well as stringent regulations, for aerospace components and electronic devices and increasing awareness regarding benefits of certified products and services across domains.
The outbreak of the novel coronavirus affected the Testing, inspection, and certification market, but steady recovery is expected by 2022. Developing countries in APAC have vast growth potential as well as a favorable environment for service providers.
Countries such as Japan and South Korea are already developed economies, and China has been the fastest-growing economy in the world for the last 2 decades. Testing, inspection, and certifications are likely to witness tremendous demand in the region during the forecast period because of high growth.
APAC produces a large amount of apparel and textiles as well as consumer goods, and these applications are expected to increase demand for Testing, inspection, and certification market in this region.
Significant growth in the market for Testing, inspection, and certifications is likely to be observed in medical and life science application due to increasing need for testing, inspection, and certification services because of high effect of Covid-19 pandemic in the region.
Therefore, the Testing, inspection, and certification market in APAC is expected to grow at the highest rate during the forecast period.
Premium Insights
- Asia-Pacific to Emerge as Lucrative Growth Avenue for Testing, Inspection, and Certification Market
- Electrical & Electronics Segment to Capture Largest Market Share During 2022-2027
- In-House Segment to Account for Larger Market Share Than Outsourced Segment During Forecast Period
- Testing Services and China to Account for Largest Market Share in Asia-Pacific in 2027
- India to Record Highest CAGR in Testing, Inspection, and Certification Market from 2022 to 2027
Market Dynamics
Drivers
- Strict Regulatory Standards Imposed by Governments to Ensure Product Safety and Environmental Protection
- Increased Need for Interoperability Testing Owing to Growing Deployment of IoT and Connected Devices
- Surged Demand for Testing, Inspection, and Certification Services due to Outbreak of COVID-19 Pandemic
- High Indulgence in Unlawful Trade of Counterfeit and Flawed Pharmaceutical Products
- Increased Focus of Manufacturing Companies on Customer Retention by Providing High-Quality Products
Restraints
- Lack of Global Testing, Inspection, and Certification Standards and Relaxation of Certification Norms Offered to SME by Some Government Authorities
- High Cost of Testing, Inspection, and Certification Services due to Diverse Standards and Regulations Across Different Geographies
Opportunities
- Rising Adoption of Digitalization to Improve Customer Experience
- Increasing Focus on Food Safety During Pandemic
- Growing Adoption of Breakthrough Technologies by Consumers Worldwide
Challenges
- Slower Adoption Rate of Advanced Technologies by Small and Medium-Sized Testing, Inspection, and Certification Companies
Case Study Analysis
- Testing, Inspection, and Certification Services for Food Manufacturing Company
- Tuv Sud Provides Certification and Auditing Services for Meiji Co. Ltd.
- Testing, Inspection, and Certification Services for Cleaning and Disinfection Service Provider
- Tuv Sud Provides Certification Services to Primech Holdings Limited
- Testing, Inspection, and Certification Services for Energy Industry
- Applus+ Rtd Improves Field Service Delivery for Energy Industry with Mobile Reach Platform
Company Profiles
- Als Limited
- Amspec
- Apave International
- Applus+
- Astm International
- Asurequality
- Avomeen Analytical Services
- Baltic Control Ltd.
- British Standards Institute (Bsi)
- Bureau Veritas
- Core Laboratories
- Cotecna
- Dekra Se
- Dnv Gl
- Element Materials Technology
- Envigo
- Eurofins Scientific
- Favareto Sa
- Force Technology
- Gateway Analytical
- Gulf Inspection International Co.
- Hohenstein
- Humber Inspection International Ltd.
- Hv Technologies Inc.
- Intertek
- Irclass
- Keystone Compliance
- Kiwa Inspecta
- Lenor Group
- Lloyd's Register Group Limited
- Medistri Sa
- Mistras
- National Collateral Management Service Limited (Ncml)
- Nippon Kaiji Kentei Kyokai (Nkkk)
- Nqaqsr North America
- Opus
- Prime Group
- Qs Testing
- Rina S.P.A.
- Safety Assessment Federation (Safed)
- Sgs Group
- Team Inc.
- Technicka Inspekcia
- Thomas Bell-Wright International Consultants
- Tic Sera
- Turk Loydu
- Tuv Nord Group
- Tuv Rheinland
- Tuv Sud
- Ul LLC
- Vde Testing Institute
- Washington Laboratories Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/awlvxy
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