Global Testing, Inspection and Certification Market is estimated to reach $351 billion by 2024; growing at a CAGR of 5.5% from 2016 to 2024. Testing, inspection and certification companies provide services to a wide range of industries such as textile, food & beverages, aerospace, automotive and others. This service provides with high consumer protection, builds confidence on a product, reduces costs and others. Rising government interests and consumer concerns over the availability of below standard goods have led to augment the quality and safety services.
Growing third party TIC services and stringent rules & regulations are the major factors driving the testing, inspection and certification market. Though, lack of international standards may hinder the growth of the market. Nevertheless, advanced technologies and huge potential in emerging economies would provide growth opportunities in coming years.
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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 defense, aerospace, food & beverages, medical devices, oil & gas, telecommunication, automotive, automation, textile, and others.
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 SGS Group, Intertek Group PLC, AsureQuality Ltd., Dekra SE, Underwriters Laboratories Inc, Element Materials Technology ALS Ltd., Lloyd’s Register Group Limited, Bureau Veritas SA, 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