Acknowledging the exponential traction, the market perceives currently, Market Research Future (MRFR), in its recently published study report asserts that the global testing, inspection & certification market is expected to reach USD 58.38 BN by 2023 with approx. 5.8 % CAGR throughout the forecast period (2018-2023).
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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The MRFR analysis is segmented into five key dynamics for enhanced understanding.
By Sourcing Type: Outsourcing and In-house.
By Service Type: Testing Service, Inspection Service, And Certification Service.
By End-user Automotive, Textile, Aerospace, Oil & Gas, Petroleum, and Food & Beverage among others.
By Application: Commercial and Industrial.
By Regions: North America, Europe, APAC, and the Rest-of-the-world (RoW).
North America is dominating Covid 19 Testing Inspection and Certification Market with the largest market share due to the large presence of the electronics sector in the region. Moreover, factors such as the increased global trade, growth in the software, defense, and aviation industry, and advancement in medical equipment automation substantiate the growth of the regional market. The region is expected to create a large revenue pocket over the forecast period.
The testing, inspection and certification market in the European region is expected to account for the second-largest market, following the North American market closely. The presence of high-tech automation division in the region which provides extensive vehicle testing & inspection services to the automotive products alongside the burgeoning automobile industry in the region drives the growth of the regional market. Moreover, factors such as the growing demand for organic and processed food fuels the market growth.
The Asia Pacific is rapidly becoming a promising market for testing, inspection and certification services. The high demand of these services, especially in emerging countries such as China and India along with the stringent government regulations to ensure better health and strong security in various end-user sectors are fueling the growth of the TIC market in the region.
Moreover, factors such as the increased demand for consumer electronics, growing consumer awareness towards quality, increase in cross border imports and exports substantiate market growth.
The global TIC market appears highly competitive and fragmented characterized by the presence of a number of giant players with their strong presence in the international and regional market. The high potential for growth opportunities, demonstrated by the market attracts several entrants to join the bandwagon, resulting in intensifying the market competition.
Product launch, distinguished services & product offerings, agreement & partnership, acquisition & expansion are some of the prevailing strategies traced from the analysis of recent developments of the key players. The deal activity will remain high as larger players seek to consolidate what is still a highly fragmented industry.
Key Players –
Some of the players leading the global testing, inspection, and certification (TIC) market includes Bureau Veritas SA (France), SGS group (Switzerland), Dekra Certification GmbH (Germany), ALS Limited (Australia), Intertek Group plc. (U.K.), ASTM International (U.S.), SAI Global Limited (Australia), BSI Group (U.K.), UL LLC (U.S.), and MISTRAS Group, Inc. (U.S.) among others.
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