NEW YORK, May 6, 2019 /PRNewswire/ -- The global testing, inspection, and certification market is projected to experience the CAGR of 5.3% during 2018–2028. Europe is estimated to account for a significant market value share throughout the forecast period.
PMR delivers key insights on the global testing, inspection and certification market, in its revised report titled 'Testing, Inspection, and Certification Market: Global Industry Analysis 2013–2017 and Forecast 2018–2028'. The long-term outlook on the global testing, inspection and certification market is anticipated to remain positive, with the market value expected to increase at a CAGR of 5.3% over the forecast period. On the basis of service, the testing segment is expected to wield a prominent share in the market throughout the forecast period.
Europe, spearheaded by Germany, is anticipated to generate maximum revenue from testing, inspection and certification services over the forecast year. The market in East Asia, in the global testing, inspection and certification market, is expected to observe substantial growth over the forecast years.
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Global Testing, Inspection, and Certification Market Dynamics
The introduction of stringent regulations pertaining to environment, health, and safety across various geographies is pushing the demand for testing services, further increasing the outsourcing of testing, inspection and certification services. This is one of the key factors that is expected to escalate the growth of the global testing, inspection and certification market over the near future.
Lack of internationally accepted standards is found to be one of the key factors restraining the growth of the testing, inspection and certification market. Regulations and standards vary between different types of products and services. Meeting international standards often results in an increased cost, as this is likely to change the design of a particular product or service.
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Tier-1 and tier-2 players in the global testing, inspection and certification market are found to be continuously involved in market consolidation activities through mergers and acquisitions across the globe. As per various data sources, more than 150 deals are closed, annually, in this market.
Some of the prominent players involved in the global testing, inspection, and certification market are focusing on expansion into emerging markets such as China and India, mainly through acquisitions and deals with new tax and legislative regimes.
Global Testing, Inspection, and Certification Market Forecast
Among the service segments, as per market insights, the testing segment is anticipated to account for a prominent share of the overall testing, inspection and certification market. The testing segment is pegged to be followed by the inspection and certification segments over the forecast years.
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In the global testing, inspection and certification market, the market in Europe accounts for a lion's share, and is expected to continue its dominance throughout the forecast years. The East Asia market is expected to grow at an above-average CAGR in the global testing, inspection and certification market.
Global Testing, Inspection and, Certification Market: Competitive Landscape
Some of the market participants included in the report on the testing, inspection and certification market are SGS SA, Bureau Veritas SA, DEKRA, Intertek Group plc, Eurofins Scientific Group, TUV SUD AG, TUV Rheinland AG, DNV GL, UL LLC, Applus, MISTRAS Group Inc., ATRAC Group, Apave International, ALS Global, Compoende Beneficiamento De Pecas Ltda, TUV NORD GROUP, KIWA NV, Favarerto SA, ASTM International, OIL TEST INTERNATIONAL, LENOR Group, Genesis Group, OPUS Group AB, CSA Group, Element Materials & Technology, Cugnier, RRMG Ltda, etc.
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The global testing, inspection and certification market is found to be significantly fragmented, owing to the presence of various local as well as regional players across the globe. Top 10 players in the market across the globe are expected to account for less than 40% of the overall testing, inspection and certification market. Mergers and acquisitions across different application verticals are found to be the key strategies that are being adopted by testing, inspection and certification service providers.
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