HYDERABAD, India and MINNEAPOLIS, July 19, 2016 /PRNewswire/ --
The Report "Testing Inspection and Certification Market: By Applications (Quality and Safety Services, Product Performance Evaluation, Certification and Valuation of Shipments, Valuation of Imports with respect to Standards, Industrial Inspection And Others); By End-User (Agriculture, Automotive, Food, Life Science, Medicine, Oil and Gas, System Compliance, Commercial and Others) - Forecast (2016-2021):, published by IndustryARC, the market to reach $142.7 Billion by 2021.
Browse - Around 17 Market Data Tables, 104 Figures spread through 223 Pages and an in-depth TOC on "Testing, Inspection and Certification Market "
Rapid industrialization, emerging regulations and standardizations is projected to drive the overall Testing, Inspection and Certification Market.
Testing, Inspection and Certification is a process performed to ensure that the manufactured products, component, component systems are adequate for the intended purpose. Inspection and testing are performed before, during and after manufacturing to ensure the quality of the product while certification refers to the confirmation of the quality of the product. The demand for these services is growing to witness substantial growth with the increase of applications of these services in plethora industry verticals.
According to a recent report published by IndustryARC, the Testing, Inspection and Certification market is analysed to up surge with a CAGR of 5.07% throughout the forecast period (2016 - 2021) and generate revenue of $142.7 billion by 2021. Implementation of stringent rules and safety norms by governments and private organizations will be influential for this market.
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In 2015, In-house TIC held the largest share of around 60%, though outsourcing Testing, Inspection and Certification market is evaluated to witness a rapid growth rate relative to In-House TIC services. Among the industry verticals, automotive segment is estimated to register the highest CAGR of 8.36% during the forecast period 2016-2021 owing to the stringent emission norms being regulated in Europe and the U.S. The key analysis emerged from the research has been the rapid growth in TIC services market for Medicine & Life Sciences along with Industrial section that will surpass the TIC services market for Oil & Gas by 2021; the dominating segment in 2015 among the industry verticals.
The requirements for creating a sustainable future have resulted in emergence of a series of regulations, directives and standards in plethora of industrial environments. Nonetheless, the outsourced Testing, Inspection and Certification industry will remain significantly benefitted from such changes. The prominent example being the revision of ISO 9001 and ISO 4001 under management systems standards that has become a crucial factor in promoting the outsourcing Testing, Inspection and Certification market as in-house TIC is not capable enough to adapt to these frequent changes swiftly. Also, the surge in trade partnerships will be notable dynamic impacting the TIC market. The recent example for such case being is the Transatlantic Trade and Investment Partnership (TTIP) between European Union and the U.S. currently under negotiations that will completely transform the technical and regulatory barriers of several products and solutions.
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But considering all the aforementioned factors to be long-term dynamics, the imminent factor impacting the Testing, Inspection and Certification industry is the shorter lifecycles of products, leading to diversification in the market. The global economy is consumer driven that demands rapid developments in the offered products and services, prominently due to economic, social and demographic factors. All this has resulted in swift diversification of both B2B and B2C markets, requiring TIC services to validate such enlarged offerings.
Key Players Profiled in the Report include:
- SGS Group (Switzerland)
- Bureau Veritas S.A. (France)
- DNV GL Group (Norway)
- Eurofins Scientific Group (Luxembourg)
- TUV (Germany)
- Dekra eV (Germany)
- Intertek Group PLC (U.K.)
- RINA S.p.A. (Italy)
The Market has also been analyzed for four Geographic Regions:
- Americas - U.S., Canada, Brazil, Mexico & Others
- APAC - China, Japan, South Korea & Others
- Europe - U.K., Germany, France & Others
- Rest of the World - Middle East, Africa
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