Product Code: 65031
The global testing, inspection, and certification market was valued at USD 181.11 billion in 2019 and is expected to reach USD 244.75 billion by 2024, registering a CAGR of 4.9%, during the period of (2020 - 2025). The advent of new technologies, with stringent environment norms, increasing health safety measures have changed the entire industry viewpoint, with respect to the compliance of standards and regulations.
- Testing, inspection, and certification (TIC) plays a significant role to ensure the infrastructure, services, products are met with the standards and regulations pertaining to safety and quality. With inspection and testing at regular intervals across a few industries, such as oil and gas becoming mandatory, the TIC services are expected to grow in demand, irrespective of the industrial seasonality.
- Safety breaches in recent times, such as Volkswagen's diesel emissions scandal, Chinese milk scandal (melamine found in infant milk formula), have led to more stringent regulations in developing economies. Such breaches demonstrate the significance of independent inspection and certification services and not only have forced tougher and more complex regulations and standards but also increased the dependability on the third party for assessment, thus providing scope for independent TIC companies.
- International imports and exports of products belonging to different industries apart from the high demand, food and medical products have increased significantly over the years. In fact, according to The World Bank Group, global exports has increased from USD 6.24 trillion in 1995 to USD 22.99 trillion in 2017. Food and beverages, consumer electronics, agriculture, and automotive (electrical vehicles) markets are expected to provide more scope for the TIC services.
- So as to adapt to the diverse quality and safety standards of the import destinations, the need for effective testing, inspection, and certification has become critical for product manufacturers.
Key Market Trends
Energy and Commodities is Expected to Hold a Major Share
- Various government regulations are making it mandatory for energy companies to adopt proper TIC methods. For instance, in India, the Ministry of New and Renewable Energy (MNRE) issued guidelines for conducting tests on power inverters for use in photovoltaic (PV) power systems and utility-interconnected PV inverters in 2017.
- Further, the development of new nuclear plants, as well as renewable energy projects, the upgradation and expansion of existing ones globally, is expected to augment the market growth over the forecast period.
- Over the next four years, more than 67 nuclear reactors in the world are estimated to reach an age over 40 years and over 66 reactors to reach more than three decades of operational period.
Asia-Pacific Expected to Witness Rapid Growth
- Asia-Pacific is anticipated to hold major share owing to the merging markets such as China, India, Japan, and South Korea which have become attractive, through the development of indigenous industries and subsequent acceleration in exports, the introduction of stringent standards, and rapid urbanization.
- Additionally, in the last few years, under the effect of the rapid expansion of demands and nationally invested innovation policy, several domestic corporates have entered areas of R&D and manufacturing in the robot industry.
- Currently, China's industrial robot industry has formed five industrial clusters, namely the Beijing, Tianjin, Hebei region, the Northeast region, Yangtze River Delta, Pearl River Delta of China, and the Central region.
- To steadily improve the product quality of robots, as well as to promote the healthy and orderly development of the industry, the Chinese government began to build a robotic testing, inspection, and certification system and encouraged to conduct testing, inspection, and certification activities in the form of alliances, in order to support the sustained, healthy, and orderly development of China's robot industry.
The testing, inspection and certification market is highly competitive and consists of several major players. However in terms of market share, few of the major players currently dominate the market. These major players with prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on enterprise network equipment technologies to strengthen their product capabilities.
- January 2018 - Eurofins acquired Ashwood UK, a food microbiology and chemistry testing lab in Scotland. Through this acquisition the company aims to expand its business in Scotland. In Jun 2018, the company acquired Finnish company VTT Expert Services that provides testing, inspection and certification of construction products. Through this acquisition the company aims to become a one-stop service provider for companies within the construction product industry.
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Table of Contents
- 1.1 Study Assumptions
- 1.2 Study Deliverables
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
- 2.1 Analysis Methodology
- 2.2 Research Phases
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Industry Attractiveness Porter's Five Force Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Consumers
- 4.2.3 Threat of New Entrants
- 4.2.4 Intensity of Competitive Rivalry
- 4.3 Introduction to Market Drivers and Restraints
- 4.4 Market Drivers
- 4.4.1 Growing Export Regulations and High Emphasis On Energy Efficient And Environmentally Safety Products
- 4.4.2 Globalization and Digitalization
- 4.5 Market Restraints
- 4.5.1 Trade Wars and Growth Fluctuations Of End-user Industries
5 MARKET SEGMENTATION
- 5.1 By Service Type
- 5.1.1 Testing Service
- 5.1.2 Inspection Service
- 5.1.3 Certification Service
- 5.2 By Sourcing Type
- 5.2.1 In-house
- 5.2.2 Outsourced
- 5.3 By End-user Vertical
- 5.3.1 Construction and Engineering
- 5.3.2 Chemicals
- 5.3.3 Energy and Commodities
- 5.3.4 Food and Healthcare
- 5.3.5 Transportation
- 5.3.6 Products and Retail
- 5.3.7 Industrial
- 5.3.8 Other End-user Verticals
- 5.4 Geography
- 5.4.1 North America
- 220.127.116.11 United States
- 18.104.22.168 Canada
- 5.4.2 Europe
- 22.214.171.124 United Kingdom
- 126.96.36.199 Germany
- 188.8.131.52 France
- 184.108.40.206 Rest of Europe
- 5.4.3 Asia-Pacific
- 220.127.116.11 China
- 18.104.22.168 Japan
- 22.214.171.124 South Korea
- 126.96.36.199 India
- 188.8.131.52 Rest of Asia-Pacific
- 5.4.4 Rest of the World
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Intertek Group PLC
- 6.1.2 SGS SA
- 6.1.3 Bureau Veritas SA
- 6.1.4 Underwriters Laboratories (UL)
- 6.1.5 DNV GL
- 6.1.6 Eurofins Scientific SE
- 6.1.7 Dekra Certification GmbH
- 6.1.8 ALS Limited
- 6.1.9 BSI Group
- 6.1.10 SAI Global Limited
- 6.1.11 MISTRAS Group, Inc.
- 6.1.12 Exova Group PLC
- 6.1.13 TUV SUD AG
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS