Portland, OR, June 09, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the U.S. consumer product safety testing market generated $7.45 billion in 2020, and is projected to reach $10.54 billion by 2030, registering a CAGR of 3.6%. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
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Significant surge in demand for interoperability testing for connected devices and internet of things (IoT), increase in awareness for need for product safety testing, rise in focus of manufacturing companies to improve customer retention by offering quality products are expected to drive the growth of the global U.S. consumer product safety testing market. On the other hand, extortionate cost of these services is predicted to impede the growth to some extent. However, digital transformation of customer services and extensive adoption of breakthrough technologies are expected to create ample opportunities for the growth of the industry.
COVID-19 Scenario
- The outbreak of COVID-19 has had a negative impact on the growth of the U.S. consumer product safety testing market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns led to the closure of various facilities across the world, including those of consumer product safety testing due to the stringent social distancing restrictions imposed by the government so as to curb the spread of the virus during the pandemic.
- In addition, there was a lack of availability of skilled professionals to operate the technology during the pandemic, which further aggravated the impact on the market.
- However, the market is anticipated to recoup soon.
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The report offers a detailed segmentation on the U.S. consumer product safety testing market based on offering, sourcing type and industry vertical.
Based on offering, the electronics testing segment held the largest market share in 2020, garnering nearly one-fourth of the total market. The connectivity segment, on the other hand, is predicted to cite the fastest CAGR of 7.7% during the forecast period.
Based on sourcing type, the in-house segment held the majority market share in 2020, holding more than half of the total market. The outsource segment, on the other hand, is expected to exhibit the fastest CAGR of 4.8% during the forecast period.
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Based on industry vertical, the food and beverages segment held the lion’s share in 2020, garnering one-fifth of the total market. The aerospace and defense segment, on the other hand, is projected to cite the fastest CAGR of 17.3% during the forecast period.
The key players analyzed in the global U.S. consumer product safety testing market report include ABS, ALS Limited, BSI Group, Bureau Veritas SA, DEKRA, DNV, Element Materials Technology, Intertek Group PLC, ISO and TUV.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
