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Industry Insights, Market Size, CAGR, High-Level Analysis: Global Testing, Inspection & Certification MarketThe global testing, inspection, and certification market size was valued at USD 278.7 billion in 2018 and is anticipated to exhibit a CAGR of 5.2% from 2019 to 2025. Increased outsourcing of testing, inspection, and certification (TIC) services is expected to emerge as one of the key drivers for companies in the global market for TIC over the forecast period. Independent testing, inspection and certification service providers play a crucial role in supporting the government to fulfill their mandate in protecting consumers from unsafe or harmful products. For instance, in the U.S., the Consumer Product Safety Improvement Act requires third-party certification and testing of certain products before they are supplied in the market for TIC. Similarly, the European Union, under the New Approach Directives, mandated the assessment of specific product categories by Notified Bodies that are accredited independent TIC companies. Emerging digital technologies are expected to play a significant role in the growth of the market for TIC over the coming years. Soon, a considerable number of testing, inspection, and certification activities are anticipated to be performed digitally. Moreover, there are testing, inspection, and certification activities developed for new digital services and products. Several technologies that are playing an essential role in offering better TIC services include augmented reality, next-generation automation, blockchain, connected devices, big data and analytics, cloud and cybersecurity, and smart sensors. In addition, intelligent sensors embedded in the products enable remote inspection and monitoring. This capability helps in continuous security and safety checks, which can further assist in predictive maintenance. Thus, with such abilities less on-site inspections are required. Numerous market players are presently experimenting with online monitoring of pressure vessels, elevators, and other hardware. The digital technology trends also deliver access to a massive amount of data, which will enable testing, inspection, and certification companies to create new value-adding services. Moreover, revenues from TIC services for products such as car emissions and internal-combustion vehicles are expected to drop in the future. However, revenues from the new digital product will substantially compensate for this decline. As products become technologically more complex, the products will require more frequent and intense testing, inspection, and certifications. In general, the market for TIC will grow significantly over the projected duration. Furthermore, the increasing implementation of renewable energy generation projects is also expected to boost the testing, inspection, and certification (TIC) market. For instance, China announced its plan to invest USD 360 billion in the renewable energy sector until 2020. The government has initiated its investments in developing domestic renewable energy sources. Such investments taken by the respective governments in renewable energy sources is expected to boost the market growth of testing inspection, and certification in the emerging economies, as it plays a crucial role in the event of such projects. Service
Type Insights of Global Testing, Inspection & Certification MarketOn the basis of service type, the market is classified into testing, inspection, and certification. The testing services are expected to have a most significant market share over the forecast period, owing to its demand in various industry verticals such as manufacturing, automotive, and construction. The services help in quality and safety analysis of materials, components, chemicals, and electronic and consumer products. The TIC market is recording considerable growth owing to an increasing number of investments from prominent players. Inspection services are expected to grow at a higher rate as compared to the testing services over the projected period. The rising construction and infrastructure development projects are expected to assist the growth of the inspection segment in the market. The increasing focus of customers on the quality and safety of food products and consumer goods such as toys and electronics is anticipated to support the growth of the inspection segment in the overall market. Certification services are anticipated to portray the highest growth rate over the forecast period. Due to the rising demand for obtaining mandatory certifications such as CE Certification, FCC certifications, China Compulsory Certification (CCC), Energy Label Certification (CEL), amongst various industry sectors, is expected to drive the growth of certification services. Also, the increase in voluntary certifications for products such as pollution-free agricultural products, organic products, and green products is driving the market. This is attributed to increasing green economy and growing awareness amongst the consumers regarding the safety and quality of food products. Sourcing
Type Insights of Global Testing, Inspection & Certification MarketBy sourcing type, the market is segmented into in-house and outsourced. The outsourced segment is expected to witness a highest CAGR over the forecast period. It is owing to an increasing number of regulations and standards, the in-house inspection, and increased cost for testing and certification of products. Therefore, several players in the industry have started outsourcing the testing, inspection, and certification services to third-party service providers. For instance, with the rise of third-party inspection internationally and rigorous application of CCC certification in China, the revenue of the outsourcing segment is expected to grow over the forecast period. The rising trend of outsourcing the TIC services amongst the global companies is anticipated to drive the market over the forecast period. Further, the in-house sourcing segment has gained maximum market share in 2018 and is expected to remain dominant over the forecast period. The in-house segment enables the manufacturers to maintain a high level of control, and also the manufacturers can directly control the testing, inspection, and certification processes in case of in-house facilities.
Application Insights of Global Testing, Inspection & Certification MarketBased on application, the market for TIC is segmented into consumer goods and retail, agriculture and food, chemicals, infrastructure, energy and power, education, government, manufacturing, healthcare, mining, oil and gas and petroleum, public sector, automotive, aerospace and defense, and supply chain and logistics. Infrastructure is expected to have a significant market share in 2018. As testing, inspection, and certification is an integral part of these sectors, and owing to the rising demand for the continuous development of transportation facilities such as roadways and railways, it is expected that the market has a significant growth opportunity over the forecast period. Further, in developing countries such as China and India, the progress of the countrys economy demands the upgradation of nations infrastructure that acts as a catalyst for the growth of the market for TIC. Technological advancements play a significant role in the transformation of the testing, inspection, and certification sector, such as predictive maintenance using digital inspections techniques in the construction and infrastructure industry. Moreover, the rise of innovations in technologies right from the drones to big data analytics is providing the market with opportunities to raise their margins by entering newer markets and maintain client relationships. For instance, several prominent players including SGS, Dekra, and Bureau Veritas have started their technological transformations by investing in developing digital TIC solutions such as integration of advanced analytics with inspection services, usage of drones and IoT devices to capture real-time data from the manufacturing and infrastructure sector, and many more aligned applications. The role of testing, inspection, and certification is expected to change with the emergence of digital technologies such as commented devices, connected vehicles, mobile payments, and artificial intelligence.
Regional Insights of Global Testing, Inspection & Certification MarketThe market in Asia Pacific accounted for more than 30% share in 2018, owing to rising economic and regulatory factor in the region. The Asia Pacific region is characterized by a large number of populations having improved purchasing power, continuous investments in automation, and governments increasing focus on strict regulations for TIC services. Also, considerably increasing implementation of renewable energy generation projects is also expected to boost the demand for the testing, inspection and certification services in the market. For instance, China has initiated by investing over USD 100 billion per year from 2016, for developing domestic renewable energy sources, which is twice the amount of the U.S. expenditure on renewable energy. Moreover, the market for TIC in India has emerged as one of the attractive renewable energy markets across the globe. The country has set the worlds largest expansion plan of 225 GW of renewable power by 2022. This renewable power includes 10 GW from biomass power, 5 GW from small hydropower, 60 GW from wind power, and 100 GW from solar energy. Thus, such investments in the power plant development is expected to boost the market growth of testing inspection, and certification in this region.
Testing, Inspection, and Certification Market Share InsightsThe key industry participants in the market include ALS Limited; Applus+; Bureau Veritas SA; UL LLC; DNV GL; Eurofins Scientific; Element Materials Technology; Intertek Group plc; SGS SA; TíœV NORD GROUP; MISTRAS Group, Inc.; TíœV Rheinland; TíœV SíœD; and DEKRA SE. Vendors are focusing on increasing the customer base to gain a competitive edge in the testing, inspection, and certification (TIC) market. Therefore, vendors are adopting various strategic initiatives, such as collaborations, acquisitions and mergers, and partnerships. For instance, on July 2018, Intertek Group plc partnered with Shanghai Institute of Quality Inspection and Technical Research (also known as Shanghai Special Inspection Institute). This partnership will assist in the development of services for special equipment in China and will help Intertek Group plc in strengthening its expertise in the specialized equipment inspection.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Global Testing, Inspection & Certification Market Research ReportThis report provides forecasts for revenue growth at the global, regional, and country levels and provides analyses of the latest industry trends in each of the sub-segments from 2014 to 2025. For this study, this market research report has segmented the global testing, inspection, and certification market report based on service type, sourcing type, application, and region.
Service Type Outlook (Revenue, USD Billion, 2019 - 2030)
Sourcing Type Outlook (Revenue, USD Billion, 2019 - 2030)
Application Outlook (Revenue, USD Billion, 2019 - 2030)
- Consumer Goods & Retail
- Agriculture & Food
- Energy & Power
- Oil & Gas and Petroleum
- Public Sector
- Aerospace & Defense
- Supply Chain & Logistics
Table of Contents Chapter 1 Methodology and Scope 1.1 Research Methodology 1.2 Research Scope and Assumptions 1.3 List to Data SourcesChapter 2 Executive Summary 2.1 TIC Market - Industry Snapshot & Key Buying Criteria, 2014 - 2025 2.2 Global 2.2.1 Global TIC market, 2014 - 2025 2.2.2 Global TIC market, by service type, 2014 - 2025 2.2.3 Global TIC market, by sourcing type, 2014 - 2025 2.2.4 Global TIC market, by appli | read more...