The global testing, inspection & certification market at US$ 243.21 Bn in 2018 and is expected to grow at a CAGR of 5.2% during the forecast period 2019 - 2027, to account to US$ 379.89 in 2027
NEW YORK, July 15, 2019 /PRNewswire/ -- The global testing, inspection & certification market at US$ 243.21 Bn in 2018 and is expected to grow at a CAGR of 5.2% during the forecast period 2019 – 2027, to account to US$ 379.89 in 2027. The significant rise in production volume coupled with the integration of automation into manufacturing processes due to a steady increase in the demand from the various end-user vertical has created a strong need for a robust testing, inspection and certification process, especially in the past decade. As a result, the testing, inspection & certification market encompasses a broad range of market players with focused competencies along with strong regional presence that offers industry-specific testing, inspection, and certification based services across the diverse industry verticals.
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Furthermore, the existing large number of testing, inspection & certification market players, along with high market competition, has resulted in a surge in the volume of mergers and acquisition across the testing, inspection & certification market.The leading market players operating in the testing, inspection & certification market have focused heavily on the merger and acquisition strategy for boosting the growth of their group revenue.
Furthermore, the selected leading players in the market accounted for the majority share in the mergers & acquisition in the past decade for propelling the revenue growth of the players.Also, the strategies are projected to continue to remain popular across the leading market players during the coming years.
According to a datasheet published by International Federation of Inspection Agencies (IFIA Federation), the life science & pharmaceutical, commodities, industry infrastructure, and asset inspection were some of the prominent sectors that witnessed a vast number of mergers and acquisitions along with numerous other end-users.
The presence of a significantly large number of end-user across different industry verticals with substantially varying testing, inspection, and certification requirement has attributed to the availability of diverse market-related offerings.Presently, the market constitutes a notable number of established market players with specialized industry experience as well as core competencies into the testing, inspection & certification for respective industries.
Additionally, the limited geographical presence equipped with focused offerings for niche industries has resulted in the availability of a broad range of market-related offerings being provided by numerous market players.
The overall testing, inspection & certification market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the testing, inspection & certification market.
It also provides the overview and forecast for the global testing, inspection & certification market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the testing, inspection & certification industry. Some of the players present in the testing, inspection & certification market are SGS SA, Bureau Veritas, Intertek Group plc, DNV GL, DEKRA Automobil GmbH ("DEKRA"), Eurofins Group, Applus Services SA, TÜV SÜD AG, TÜV Rheinland AG, and ALS Limited among other market players with global presence and diverse customer base.
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