Global Testing, inspection, and certifications Market Report, published by Variant Market Research, forecast that the global market is expected to reach $351 billion by 2024 from $229 billion in 2016; growing at a CAGR of 5.5% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 6% and 5.6%, respectively, during the forecast period.
Strict regulation towards health and environment safety, globalization, and increasing focus on outsourcing are the major factors driving the global testing, inspection and certifications market. However, lack of internationally accepted standards is expected to restrain the market growth in the coming years. Advancement in technology and immense potential for testing, inspection and certification in developing countries would provide several growth opportunities for the market in the coming years.
The global testing, inspection and certifications market has been segmented on the basis of type and application. By type the market is further segmented into testing, inspection and certification. By application, the global testing, inspection, and certifications market is segmented into oil & gas, aerospace, food & beverages, automotive, medical devices, defence, telecommunication, automation, textile, and others. By type, testing accounted for the largest market share in 2016 and is expected to dominate over the forecast period. Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Europe accounted for the largest market share of 32% in 2016, owing to stringent health regulations in the region. North America accounted for the second largest market share of 27.9%. In terms of growth, Asia-Pacific is to attain the fastest CAGR of 6% during the forecast period 2016-2024, owing to the blooming industrial sector and momentous rise in affluent consumers.
The major players in the market include Intertek Group PLC, AsureQuality Ltd., Dekra SE, Bureau Veritas SA, Underwriters Laboratories Inc, SGS Group, ALS Ltd., Lloyd's Register Group Limited, Element Materials Technology and ASTM International, among others.