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).
With the growing awareness about quality among consumers which is thereby generating a considerable demand for these services is allowing the market to grow at twice the rate of global GDP. Also, the growing manufacturing units in emerging countries such as China, India, and Singapore among others drive the growth of testing, inspection, and certification market.
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“It’s a perfect time for the mergers and acquisitions for the providers operating in this highly acquisitive market as trade buyers target external growth and private equity (PE) opt for aggressive buy and build growth strategies,” states the MRFR research analyst.
On the other hand, factors such as the lack of international standards of testing, inspection & certification are hampering the growth of the market. Also, the regional rules & regulations differentiation is affecting the investments made by international players. Nevertheless, a large number of transactions and the high demand for these services from small and mid-size companies is expected to support the growth of the TIC market over the assessment period.
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 Testing Inspection and Certification (TIC) 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.
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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