New York, Aug. 23, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Testing, Inspection & Certification Market to 2027 - Global Analysis and Forecasts by Sourcing Type (In-House service and Outsourced Services); Service Type (Testing, Inspection, and Certification); and End-User (Food & Beverage, Healthcare & Pharmaceutical, Consumer Goods & Retail, Energy & Power, Manufacturing & Construction, and Others)”, the global testing, inspection, certification market growth is driven by rise in adoption of technology enabled TIC solutions by market players & continuous technological advancement coupled with economic prosperity.
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| Market Size Value in | US$ 252.30 Billion in 2019 |
| Market Size Value by | US$ 379.89 Billion by 2027 |
| Growth rate | CAGR of 5.2% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 150 |
| No. Tables | 85 |
| No. of Charts & Figures | 77 |
| Historical data available | Yes |
| Segments covered | Sourcing Type ; Service Type ; and End-User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Testing, Inspection & Certification Market: Competitive Landscape and Key Developments
SGS SA, Bureau Veritas, Intertek Group plc, DNV GL, DEKRA Automobil GmbH ("DEKRA"), Eurofins Group, Applus Services SA, TÜV SÜD AG, TÜV Rheinland AG, and ALS Limited among other market players with global presence and diverse customer base. Players operating in the testing, inspection, certification market are mainly focused on the development of advanced and efficient products.
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In 2019, ALS Limited acquired MARSS International, a South American based company. This acquisition supports ALS Limited long-standing strategy to expand its inspection portfolio and considerably optimize service to customers. This acquisition would enable ALS Limited to be a leader in the delivery of globally distributed testing and inspection services.
In March 2019, Bureau Veritas partnered with Osmos Group, a France based company. The purpose of this strategic partnership with Osmos Group is to grow the integrated structural health inspection and monitoring services for the building and infrastructure market.
Testing, inspection & certification market is segmented on the basis of the end-user. The governments globally have implemented strict quality regulations on nearly all industry vertical. Whether it is automobile, construction, healthcare, energy, or other industries. Constant development in products and components have compelled upgraded testing, inspection & certification requirements. Enhancements in product quality, management, manufacturing processes, supply chains, as well as, service value have become vital for the growth of any business, imposing a requirement for the testing, inspection & certification market.
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In 2018, Asia Pacific accounted for the largest market share, growing at a CAGR of 6.3%. Asia Pacific region has become a global manufacturing hub with the presence of diverse manufacturing industries. Among China’s evolution into a high-skilled manufacturing hub, other developing countries such as India, South Korea, Taiwan, and Vietnam among others are attracting several businesses that are in a quest to relocate their low to medium skilled manufacturing facilities to neighboring countries, offering lower labor cost. Further, the governments of these countries are making developments to improve investment ideas. Over the years, the manufacturing spending of the region has grown significantly and is further anticipated to grow at the highest estimated growth rate.
Furthermore, the presence of diverse economies in the region has resulted in requirements for different certifications for different products and services. Some of the common accreditations are Australian Communications Authority (ACA), China Accreditation Committee for Laboratories (CNAL), Department of Standards Malaysia, Bureau of Standards, Metrology and Inspection (BSMI), DENAN, METI Japan, and International Electrotechnical Commission of Electrical Equipment (IECEE), among others.
The presence of a significantly large number of end-user across different industry verticals with substantially varying testing, inspection, and certification requirement has attributed to the availability of diverse market-related offerings. Presently, the market constitutes a notable number of established market players with specialized industry experience as well as core competencies into the testing, inspection & certification for respective industries. Additionally, the limited geographical presence equipped with focused offerings for niche industries has resulted in the availability of a broad range of market-related offerings being provided by numerous market players.
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The significant rise in production volume coupled with the integration of automation into manufacturing processes due to a steady increase in the demand from the various end-user vertical has created a strong need for a robust testing, inspection and certification process, especially in the past decade. As a result, the testing, inspection & certification market encompasses a broad range of market players with focused competencies along with strong regional presence that offers industry-specific testing, inspection, and certification based services across the diverse industry verticals.
Furthermore, the existing large number of testing, inspection & certification market players, along with high market competition, has resulted in a surge in the volume of mergers and acquisition across the testing, inspection & certification market. The leading market players operating in the testing, inspection & certification market have focused heavily on the merger and acquisition strategy for boosting the growth of their group revenue.
Furthermore, the selected leading players in the market accounted for the majority share in the mergers & acquisition in the past decade for propelling the revenue growth of the players. Also, the strategies are projected to continue to remain popular across the leading market players during the coming years. According to a datasheet published by International Federation of Inspection Agencies (IFIA Federation), the life science & pharmaceutical, commodities, industry infrastructure, and asset inspection were some of the prominent sectors that witnessed a vast number of mergers and acquisitions along with numerous other end-users.
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