Yahoo Finance Global testing, inspection & certification market size to amass notable gains by 2026
Global testing, inspection & certification market’ report consists of vital data pertaining to the growth trends, restraints, as well as additional expansion prospects that are likely to influence the growth rate of this business sphere.
Selbyville, Delaware, April 15, 2021 (GLOBE NEWSWIRE) -- According to seasoned analysts, global testing, inspection & certification market had generated USD 263.41 billion in 2020 and is likely to record a robust compound annual growth rate through 2026. This growth can be credited to the improving cognizance regarding the benefits of TIC solutions and supportive regulatory scenario.
Additionally, the report evaluates the market space by highlighting its segmentations including service type, source type, application spectrum, and regional outlook. A detailed analysis of the competitive arena is also included in the study, elucidating the business-centric activities adopted by the market majors.
Mounting number of collaborations among the leading companies, increasing popularity of TIC services, and improving economic conditions, especially of the BRIC nations are also paving the way towards the market expansion.
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Summarizing the market segmentations
Worldwide testing, inspection, & certification market is divided on the basis of service type, source type, application scope, and geographical reach.
Service type
Speaking of service type, the market is further split into testing, inspection, and certification segments. Estimates claim that the testing service segment is expected to grow substantially and hold a prominent market share in the ensuing years.
Factors such as rapid globalization, high inclination towards outsourcing several practices, and presence of new benchmarks for different products is fueling the segmental size.
Source type
In terms of source type, the industry is bifurcated into outsourced and in-house segments. Among these, the in-house segment accounted for the largest market share and is likely to continue with its dominance in the forthcoming years. In-house testing services are known to offer organizations unrestricted authority to the overall procedure, which in turn is facilitating the business scenario.
Application spectrum
The application scope of the overall market consists of supply chain & logistics, energy & power, automotive, transportation, industrial & manufacturing, construction & infrastructure, oil & gas and petroleum, food & agriculture, and consumer goods & retail segments.
Global testing, inspection, & certification industry size from consumer goods & retail applications is predicted to expand considerably during the study duration, owing to widespread adoption of the technology in electricals & hardware, toys, accessories, as well as in personal care and beauty products.
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Regional outlook
Global scope of operations of this business domain involves regions such as Europe, Americas, and Asia-Pacific. Europe currently dominates the market space in terms of revenue share and is set to register similar growth trends over the study period.
However, Asia-Pacific is likely to emerge as a key revenue generator in the ensuing years, with China standing tall in terms of revenue hierarchy. Supportive government regulations and growing demand for high-quality products are favoring the regional market scenario.
Global Testing, Inspection & Certification Market through Service Type (Revenue, USD Billion, 2016-2026)
Testing
Inspection
Certification
Global Testing, Inspection & Certification Market through Source Type (Revenue, USD Billion, 2016-2026)
In-house
Outsourced
Global Testing, Inspection & Certification Market Application Terrain (Revenue, USD Billion, 2016-2026)
Supply Chain & Logistics
Energy & Power
Automotive
Transportation
Industrial & Manufacturing
Construction & Infrastructure
Oil & Gas and Petroleum
Food & Agriculture
Consumer Goods & Retail
Global Testing, Inspection & Certification Market Geographical Outlook (Revenue, USD Billion, 2016-2026)
Americas
United States
Canada
Asia-Pacific
India
China
Europe
Germany
France
Global Testing, Inspection & Certification Market Competitive Dynamics (Revenue, USD Billion, 2016-2026)
Applus+
IBM Food Trust™
ALS Limited
DNV
Eurofins Scientific
TÜV SÜD
Intertek Group plc
Bureau Veritas
SGS S.A.
Table of Content:
1. Report Scope and Methodology
1.1 Scope of the Report
1.2 Research Methodology
1.3 Executive Summary
2. Strategic Recommendations
3. Global Testing, Inspection & Certification Market: Sizing and Forecast
3.1 Market Size, By Value, Year 2016-2026
4. Global Testing, Inspection & Certification Market Segmentation By Service Type (By Value)
4.1 Competitive Scenario of Global Testing, Inspection & Certification: By Service Type
4.2 Testing - Market Size and Forecast (2016-2026)
4.3 Inspection - Market Size and Forecast (2016-2026)
4.4 Certification Market Size and Forecast (2016-2026)
5. Global Testing, Inspection & Certification Market Segmentation By Source Type (By Value)
5.1 Competitive Scenario of Global Testing, Inspection & Certification: By Source Type
5.2 In-house - Market Size and Forecast (2016-2026)
5.3 Outsourced Market Size and Forecast (2016-2026)
6. Global Testing, Inspection & Certification Market Segmentation By Application (By Value)
6.1 Competitive Scenario of Global Testing, Inspection & Certification: By Application
6.2 Consumer Goods & Retail Market Size and Forecast (2016-2026)
6.3 Food & Agriculture - Market Size and Forecast (2016-2026)
6.4 Oil & Gas and Petroleum Market Size and Forecast (2016-2026)
6.5 Construction & Infrastructure Market Size and Forecast (2016-2026)
7. Global Testing, Inspection & Certification (TIC) Market: Regional Analysis
7.1 Competitive Scenario of Global Testing, Inspection & Certification (TIC): By Region
8. Americas Testing, Inspection & Certification Market: An Analysis (2016-2026)
8.1 Americas Testing, Inspection & Certification Market: Size and Forecast (2016-2026)
8.2 Americas Testing, Inspection & Certification Market Prominent Companies
8.3 Market Segmentation By Service Type (Testing, Inspection, Certification)
8.4 Market Segmentation By Source Type (In-house, Outsourced)
8.5 Market Segmentation By Application (Consumer Goods & Retail, Food & Agriculture, Oil & Gas and Petroleum, Construction & Infrastructure, Industrial & Manufacturing, Transportation, Automotive, Energy & Power, Others)
9. Europe Testing, Inspection & Certification Market: An Analysis (2016-2026)
9.1 Europe Testing, Inspection & Certification Market: Size and Forecast (2016-2026)
9.2 Europe Testing, Inspection & Certification Market Prominent Companies
9.3 Market Segmentation By Service Type (Testing, Inspection, Certification)
9.4 Market Segmentation By Source Type (In-house, Outsourced)
9.5 Market Segmentation By Application (Consumer Goods & Retail, Food & Agriculture, Oil & Gas and Petroleum, Construction & Infrastructure, Industrial & Manufacturing, Transportation, Automotive, Energy & Power, Others)
10. Asia Pacific Testing, Inspection & Certification Market: An Analysis (2016-2026)
10.1 Asia Pacific Testing, Inspection & Certification Market: Size and Forecast (2016-2026)
10.2 Market Segmentation By Service Type (Testing, Inspection, Certification)
10.3 Market Segmentation By Source Type (In-house, Outsourced)
10.4 Market Segmentation By Application (Consumer Goods & Retail, Food & Agriculture, Oil & Gas and Petroleum, Construction & Infrastructure, Industrial & Manufacturing, Transportation, Automotive, Energy & Power, Others)
10.5 Asia Pacific Testing, Inspection & Certification Market: Country Analysis
10.6 Market Opportunity Chart of Asia Pacific Testing, Inspection & Certification Market - By Country, By Value (Year-2026)
11. Global Testing, Inspection & Certification Market Dynamics
11.1 Global Testing, Inspection & Certification Market Drivers
11.2 Global Testing, Inspection & Certification Market Restraints
11.3 Global Testing, Inspection & Certification Market Trends
12. Market Attractiveness and Strategic Analysis
13. Competitive Landscape
Related Report:
Testing, Inspection and Certification (TIC) Services Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
The global testing, inspection and certification (TIC) market is gaining traction and it is likely to record substantial gains over the next few years. TIC services are experiencing a significant demand, with rapid globalization and the introduction of stringent government regulations. TIC companies cater to the needs of a diverse range of end-use verticals and a variety of standards and regulations. These sectors range from automotive, agriculture, IT & electronics, and raw materials to food testing, environmental protection, healthcare, maritime, oil & gas, education, logistics, tourism, consumer products and more.
The different types of TIC services include product testing, industrial site inspections, supply chain certifications, periodic car inspections, management system auditing and certification, consignment-based conformity assessments, and pre-shipment inspection, among numerous others.
Testing, inspection, and certification services help manufacturers to ensure a greater consumer protection with safer products. Additionally, they help government agencies enhance efficiency and utilize scarce market surveillance resources effectively. Manufacturers can use these services to minimize in-house compliance costs and meet global market requirements more easily.
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