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Exclusive Report on Testing, Inspection, and Certification Market 2019 | Industry Drivers, Business Plans, Types, Applications, Challenges, Opportunities and Latest Trends Forecast to 2024

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The “Testing, Inspection, and Certification Market” research report 2019-2024 delivers comprehensive information and valuable insights about the Testing, Inspection, and Certification industry. The information available in the Testing, Inspection, and Certification market report is not only based on the facts but also on the case studies, which analysts have included to convey appropriate information to the clients in a well-versed manner. Testing, Inspection, and Certification market report includes valuable information to assist new entrants, as well as established players, to understand the prevailing trends in the market.

Some Companies Are Covered in the Testing, Inspection, and Certification Market:

  • Intertek Group PLC
  • SGS SA
  • Bureau Veritas SA
  • DNV GL
  • Eurofins Scientific SE
  • ALS Limited
  • Underwriters Laboratories (UL)
  • Dekra Certification GmbH
  • BSI Group
  • SAI Global Limited
  • MISTRAS Group, Inc.
  • Exova Group PLC
  • TUV SUD AG

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    Market Overview:

  • The global testing, inspection, and certification market was valued at USD 172.65 billion in 2018 and is expected to register a CAGR of 5.4% over the forecast period (2019-2024). 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.

    Scope of the Report:

  • Testing represents the industrial activities which ensure that manufactured products, individual components, and multicomponent systems are adequate for their intended purposes. Inspection and testing are the operational parts of quality control, which is the most crucial factor in the survival of any manufacturing company. Quality control directly supports the other elements of cost, productivity, on-time delivery, and market share. Therefore, all quality standards needed to produce the components of a product and perform its assembly must be specified in a manner such that customers’ expectations are met.

    Reasons for Buying Testing, Inspection, and Certification Market Report:

    • This report provides pin-point analysis for changing competitive dynamics
    • It provides a forward looking perspective on different factors driving or restraining market growth
    • It provides a five-year forecast assessed on the basis of how the market is predicted to grow
    • It helps in understanding the key product segments and their future
    • It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
    • It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments

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    Key Market Trends:

    Energy and Commodities is Expected to Hold 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, the rise of the middle class has led to an increase in private consumption and demand for both safety and product quality.
    – This, in turn, offers growth opportunities in areas, such as food and consumer goods testing. One such example is the acquisition of TUV Rheinland’s food analysis laboratories in China.

    Testing, Inspection, and Certification Market Report Provides Comprehensive Analysis of:

    • Functional market industry outline
    • Up and downstream industry examination
    • Channels and propositions believability
    • Market challenge by key players
    • Enhancement suggestions examination

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    Report Highlights:

    • Market Dynamics – Drivers, Restraints, and Opportunities
    • Market Segmentation – Types, Applications, Regions, and Technology
    • Market Trends
    • Competitive Landscape
    • SWOT Analysis and Porter’s Five Forces Analysis

    Detailed TOC of Testing, Inspection, and Certification Market Report 2019-2024:

    1 INTRODUCTION
    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
    5.1.2 Inspection
    5.1.3 Certification
    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, Material, and Minerals
    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
    5.4.1.1 US
    5.4.1.2 Canada
    5.4.2 Europe
    5.4.2.1 UK
    5.4.2.2 Germany
    5.4.2.3 France
    5.4.2.4 Rest of Europe
    5.4.3 Asia Pacific
    5.4.3.1 China
    5.4.3.2 Japan
    5.4.3.3 South Korea
    5.4.3.4 India
    5.4.3.5 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 DNV GL
    6.1.5 Eurofins Scientific SE
    6.1.6 ALS Limited
    6.1.7 Underwriters Laboratories (UL)
    6.1.8 Dekra Certification GmbH
    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

     

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