2019 Study on Testing, Inspection and Certification: Worldwide Market Analysis by Type of Service, Sourcing Type, End-user and Region (2018-2023) - ResearchAndMarkets.com
The "Testing, Inspection, and Certification Market - Segmented by Type of Service, Sourcing Type, End User, and Region - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The "Testing,
Inspection, and Certification Market - Segmented by Type of Service,
Sourcing Type, End User, and Region - Growth, Trends, and Forecast (2018
- 2023)" report has been added to ResearchAndMarkets.com's
offering.
The Testing, Inspection and Certification Market is expected to register
a CAGR of over 4.86% during the forecast period 2018-2023. The report
profiles the TIC service providers offering testing, inspection, and
certification services for various industries.
Globalization, digitalization, and growing consumer awareness about
product quality, environmental protection, data security, and social
responsibility are major factors driving the testing, inspection, and
certification market. Stringent government regulations in the light of
environment safety support the need for Testing, Inspection, and
Certification (TIC) services across regions.
Robust demand for consumer goods, cars, and the growing construction
industry in markets (like European Union, Asia-Pacific), which are heavy
users of TIC services are expected to fuel the growth of the market.
Growth from sectors, like Agro-Food, Power and Utilities, Chemicals,
Metals and Minerals are also expected to contribute to the growth of the
TIC market.
Detox campaigns, such as Greenpeace's ZDHC (Zero Discharge of Hazardous
Chemicals) campaign across Europe and America, which is aimed at
reducing the usage of hazardous material chemical substances used in
textile industry (second largest polluter of fresh water worldwide) are
estimated to have a huge impact on the work of TIC service providers.
The need for safeguarding the brand image by avoiding mishaps. TIC
companies are anticipating new opportunities arising from the digital
revolution resulting in the rise of digital assets and ramping up their
service offerings to guide the customers through the process.
Significant investments in acquiring smaller TIC firms was evident
during 2017, by established companies, like Eurofins, etc.
Increasing Adoption of Outsourcing Services
TIC is characterized as a non-core business for any organization across
industries. Traditionally, the organizations have been depending on
reliable sources for testing, inspection, and certification of their
products and services considering the cost savings benefit of
outsourcing the process.
In the light of increasing regulations across regions with respect to
energy efficiency, human and environment safety, the burden of
performing these activities is estimated to increase further leading to
deployment of highly sensitive technical equipment.
For instance, Industry 4.0 transformation, which is expected to
strengthen needs in terms of data management and cyber security impacts
not only the players in the value chain, but also TIC companies. The
stringent regulations from government and regulatory bodies across
regions are, therefore, expected to influence the organizations to
migrate to outsource these services.
Europe is Expected to Occupy a Substantial Share in the Market
Owing to the regulations imposed with respect to the food certification,
energy efficiency in construction business, etc., the TIC market in the
regions is expected to grow during the forecast period. Europe, one
among the biggest importer and exporter of food globally, has agreed on
a series of trade agreements regarding sanitary and phytosanitary
measures with countries outside the European Union, in 2017.
As part of their Clean Energy for All Europeans package, the European
commission updated the Energy Performance of Buildings Directive. This
update was intended to promote the use of smart technology in buildings.
These regulations not only impact the technology firms but also benefits
the TIC firms, thus contributing to the growth of the market. Increasing
aid from the EU government on the construction industry growth also
contributes to the growth of the market.
Key Developments in the Market
-
Jun 2018: Bureau Veritas, a key player in the TIC market introduced
highly sophisticated analytical services for Residues & Contaminants
in food and beverage samples. The service was rolled out considering
the recent government regulations focused on the safety of foods. The
company has employed internationally accepted screening and
quantitative methods for the detection and proper quantification of
several food hazards at their Food and Water Testing Laboratory, Dubai -
Feb 2018: Eurofins Food Safety Systems (EFSS) partnered with Orion
Assessment Services to expand auditing and certification services
throughout Canada. This partnership is in line with the company's
strategy of regional partnership agreements similar to the ones in
Chile and New Zealand.
Topics Covered
1. Introduction
1.1 Key Study Deliverables
1.2 Market Definition
1.3 Study Assumptions
2. Research Methodology
3. Executive Summary
4. Market Insights
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Model
5. Market Dynamics
5.1 Testing, Inspection and Certification Market Drivers
5.1.1 Growing Export Regulations (in the Lines of Quality and
Environment Safety)
5.1.2 High Emphasis on Energy Efficient and Environmentally-safe
Products and Services
5.1.3 Globalization and Digitalization
5.2 Testing, Inspection and Certification Market Challenges
5.2.1 Slow Growth in the Oil and Gas Projects
6. Global Testing, Inspection, and Certification Market -
Segmentation
6.1 By Type of Service
6.1.1 Testing Service
6.1.2 Inspection Service
6.1.3 Certification Service
6.2 By Sourcing Type
6.2.1 In-house
6.2.2 Outsourced
6.3 By End User
6.3.1 Construction and Engineering
6.3.2 Chemicals
6.3.3 Energy and Commodities (Oil and Gas, Power)
6.3.4 Food and Healthcare
6.3.5 Transportation
6.3.6 Products and Retail (Machine Tools, Information Communication
Technology, IoT)
6.3.7 Other End Users (Supply Chain and logistics)
6.4 By Geography
6.4.1 North America
6.4.2 Europe
6.4.3 Asia-Pacific
6.4.4 Rest of the World (Israel, Mexico, Brazil, GCC, etc.)
7. Competitive Intelligence - Key Vendor Profiles
7.1 Intertek Group plc
7.2 SGS S.A.
7.3 Bureau Veritas S.A.
7.4 Underwriters Laboratories (UL)
7.5 DNV GL
7.6 Eurofins
7.7 Dekra Certification GmbH (Germany)
7.8 ALS Limited (Australia)
7.9 ASTM International (United States)
7.10 BSI Group (United Kingdom)
7.11 SAI Global Limited (Australia)
7.12 MISTRAS Group, Inc. (United States)
7.13 Exova Group
7.14 TUV Nord Group
7.15 TUV SUD
*List not exhaustive
8. Investment Scenario
9. Future of the Testing, Inspection, and Certification Market
For more information about this report visit https://www.researchandmarkets.com/research/x5bc9q/2019_study_on?w=4
View source version on businesswire.com: https://www.businesswire.com/news/home/20190305005881/en/