The European testing, inspection, and certification market was valued at USD 57.39 billion in 2019, and is expected to reach USD 74.56 billion by 2025, registering a CAGR of 4.6%, over the forecast period (2020
NEW YORK, Feb. 27, 2020 /PRNewswire/ --
Market Overview
The European testing, inspection, and certification market was valued at USD 57.39 billion in 2019, and is expected to reach USD 74.56 billion by 2025, registering a CAGR of 4.6%, over the forecast period (2020-2025). With the trend of inspection and testing across industries at regular intervals, such as oil and gas becoming a mandate, the TIC services are expected to grow in demand, irrespective of the industrial seasonality.
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- The majority of oil and gas production in Europe takes place offshore and there are currently 1,000 operations in European waters. By July 2018, it was made mandatory for all oil companies in the European Union to comply with new EU safety rules on offshore drilling. Thus, independent verification service providers were onboarded by offshore operators to prevent disasters occurring in European waters.
- There is an increasing trend of TIC services being outsourced; thus, the independent TIC companies are benefitting from the high growth rates, operating margins, and revenue streams.
- The increase in the IoT devices in the region are also expected to create opportunities for the TIC companies in the region, considering the presence of several industrial control and smart equipment manufacturers in the region.
- So as to adapt to the diverse quality and safety standards of the import destinations, the need for effective testing, inspection, and certification has become critical for product manufacturer.
Scope of the Report
The testing, inspection, and certification industry consists of conformity assessment bodies that offer services ranging from auditing and inspection, to testing, verification, quality assurance, and certification. For the Europe study, the outsourced segment covers testing and inspection and certification. End-user verticals in the European region are also analyzed as part of the study.
Key Market Trends
Consumer Goods & Retail segment in Europe is Expected to Hold Major Share
-Due to the growing competition in Europe from new markets and increased demand for quality from consumers, quality assurance and compliance solutions are vital for the consumers. Most of the consumer goods and retail services make use of testing and certification.
-Consumer products such as personal care and beauty products, softlines and accessories, hard goods, toys, electrical and electronics, and juvenile products are significant fields, which TIC vendors are targeting.
-Organizations based in the UK are adapting to changed rules regarding activities in the area of Testing, Inspection, and Certification (TIC). The United Kingdom is an essential trading partner for many European countries. Brexit is already facing the consequences for companies, which export products and services from Europe to the United Kingdom. The services are tested, inspected, and certified according to EU regulation.
Germany Expected to Witness Rapid Growth
- Germany is the largest economy in Europe and contributed to nearly 28% of the region's GDP in 2018. The country has a strong foothold of players, such as Dekra Certification and TUV SUD Group, which is contributing to the market's growth positively.
- Germany's power sector and construction sector is one of the primary sources of demand for NDT after the oil and gas sector.
- Germany's stringent regulations regarding the environment pollution caused by burning fossil fuels for power generation will also fuel the market's growth positively and the growing need for food safety and increasing international trade is expected to offer potential opportunities over the forecast period.
Competitive Landscape
The European testing, inspection and certification market is moderately competitive and consists of several players. However in terms of market share, few of the major players currently dominate the market. Startups and incumbent TIC companies with a digital focus are posing tough competition with traditional TIC companies. Existing TIC companies are expected to continue making M&A activities a part of their core strategy over the forecast period, considering the anticipated market growth and increasing globalization.
-Aug 2019 - Bureau Veritas acquired Q Certificazioni, which enabled the company to enter organic food certification market in Italy, which is one of Europe's leading countries in the production of organic food and one of the leading exporting countries of organic produce.
-Mar 2019 - Intertek UK Transportation Technologies invested in four new high voltage EV motor and Hybrid transmission rigs at its laboratory, furthering its testing capabilities.
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