Global Testing, Inspection and Certification Market is estimated to reach $92.2 billion by 2024 from $57.6 billion in 2016 ; growing at a CAGR of 6.1% from 2016 to 2024. Testing, inspection, and certification (TIC) services are majorly used in food & beverages sector to test the quality of food products to improve productivity and preserve consumers’ health. Various industries such as oil and gas, food and beverages, aerospace, textile and automotive are anticipated to pose a huge demand for TIC services in the near future.
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).
Based on geography, the global testing, inspection, and certification market has been segmented into North America, Europe, Asia-Pacific and RoW. The U.S., Mexico and Canada are covered under North America wherein Europe covers Germany, France, UK, Italy, and others. Asia-Pacific covers China, India, Japan, and others. Rest of the World (RoW) covers South America, Middle East and Africa.
Major companies operating in this market are 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.
The key takeaways from the report
- The report will provide detailed analysis of Testing, Inspection, and Certification Market with respect to major segments such as type and application
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Testing, Inspection, and Certification Market has been included in the report
- Profile of the key players of the Testing, Inspection, and Certification Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of Testing, Inspection, and Certification Market
- Food & Beverages
- Oil & gas
- Medical devices
- North America
- South America
- Middle East