Global Testing,
Inspection and Certification Market: Snapshot
Rising awareness
among global consumers regarding the qualitative assurance provided
by international quality and safety standards is key to the rising
prominence of testing, inspection, and certification services across
a number of industries. A complex mix of local and universal
standards and regulations, the global testing, inspection, and
certification market is driven due to the rising imports and exports
in the international market, and increasingly strict quality
regulations.
Manufacturers are
compelled to adhere to strict quality tests, inspections, and procure
universally accepted certifications for participating in the
international trade. This factor will stimulate the increased
adoption of testing, inspection, and certification services across
industries such as food and beverages, oil and gas, automotive,
aerospace, and textile in the next few years.
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Research suggests that the global testing, inspection, and
certification market will expand at a healthy CAGR of 5.7% over the
period between 2016 and 2024. As a result, the market, which had a
valuation of US$178.65 bn in 2015, is expected to rise to US$285.34
bn by 2024.
Applications in
Oil and Gas Industry to Create New Opportunities for Testing,
Inspection, and Certification Market
The oil and gas
industry emerged as the most promising end-use destination for the
global testing, inspection, and certification market in the past few
years. In 2015, the segment accounted for a dominant share of more
than 35% in the global market. Testing, inspection, and certification
services span across all stages in the lifecycle of any exploration
and processing project, staring from feasibility analysis to the
de-commissioning of the site.
Owing to the rising
numbers of oil and gas exploration activities, in onshore as well as
offshore sites, the oil and gas industry will continue to present the
need for effective testing, inspection, and certification services.
The segment will continue to dominate the global market through the
year 2024 as well, exhibiting a healthy CAGR of 5.6%.
Emerging Markets
to Present Untapped Opportunities as Imports and Exports Soar
Developing countries
across regions such as Asia Pacific and Latin America possess
enormous growth potential for the global testing, inspection, and
certification market. Owing to the flourishing industrial sector and
a significant rise in affluent consumers, these regions have become
the hub of international imports and exports. To make products
compliant with the diverse safety and quality norms in foreign lands,
product manufacturers are compelled to strictly adhere to quality
standards, driving the need for effective testing, inspection, and
certification services.
The global market
for testing, inspection, and certification services is expected to
witness expansion at the fastest pace across Asia Pacific through
2024. The flourishing food and beverages industry in the region and
rising awareness among consumers about the qualitative benefits of
certified products will be the key factors driving the market in the
region.
Market Features
Intense Fragmentation and High Competitive Rivalry
The top four vendors
in the global testing, inspection, and certification market accounted
for nearly 29% of the global market in 2015. Other small- and
mid-sized companies represented the dominant share of over 71% in the
same year. This makes the market highly fragmented and intensely
competitive.
Europe has a
prominent position in the competitive landscape, as the region has
high concentration of some of the leading vendors operational in the
global testing, inspection, and certification market. This also makes
the region the largest contributor to the market’s overall
revenues, accounting for over 30% of the global market in 2015
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