Testing, Inspection, And Certification Market Size Worth $404.7 Billion By 2025 Owing To The Growing Economic And Regulatory Factors | Grand View Research, Inc.

March 04 11:56 2021
Testing, Inspection, And Certification Market Size Worth $404.7 Billion By 2025 Owing To The Growing Economic And Regulatory Factors | Grand View Research, Inc.

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The global Testing, Inspection, and Certification market has witnessed a continued growth in demand from major industry verticals such as automotive, construction, and manufacturing over the past few years, particularly in the emerging regions such as Asia Pacific, according to an expansive study by Grand View Research.

The global testing, inspection, and certification market size is projected to reach USD 404.7 billion by 2025, advancing at a CAGR of 5.2% during this period, according to a report by Grand View Research, Inc. The Testing, Inspection, and Certification (TIC) companies cover the legislations and standards pertaining to a number of industries. These services are being adopted rapidly across the globe due to the strict implementation of testing, inspection, and certification regulations. The increased proliferation of international players in growing economies, such as India and China, has necessitated the regulation of quality of various products and services through the means of third-party inspection. Furthermore, with the gradual development of these economies, issues concerning food safety standards and environmental protection are poised to develop rapidly in the coming years.

Consumer concerns related to health and safety issues arising from the use of consumer electronics, as well as the quality of consumer goods, has necessitated governments to regulate the quality of the products manufactured domestically. Furthermore, the ever-increasing volume of traded goods has a direct impact on the number of certifications and inspecting services. Increasing end-user quality expectations and outsourcing have led to a rise in the demand for independent TIC services. Organizations are aiming to ensure that processes, infrastructures, and products meet the required regulations and standards in terms of social responsibility, environmental protection, health and safety, and quality, thus reducing the risk of accidents and failure. This includes services such as the inspection and testing of bulk carriers that might be carrying different types of commodities, such as livestock, grains, or petroleum. The emergence of digital technologies such as connected devices, connected vehicles, mobile payments, and artificial intelligence, is expected to bring transformations in the industry in the coming years.

The TIC market is broadly segmented on the basis of the service offered, which may be either of testing, inspection, or certification; and the sourcing type, that is, whether the service is in-house or out-sourced. The TIC industry covers a range of sectors, with some of the notable ones being retail and consumer goods, food and agriculture, infrastructure, chemicals, education, government, healthcare, energy and power, manufacturing, mining, automotive, public sector, logistics and supply chain, aerospace and defense, and oil, gas and petroleum, among many others. Some of the notable market competitors offering these services include ALS Limited; Applus+; Bureau Veritas SA; UL LLC; DNV GL; Eurofins Scientific; Element Materials Technology; Intertek Group plc; SGS SA; TÜV NORD GROUP; MISTRAS Group, Inc.; TÜV Rheinland; TÜV SÜD; and DEKRA SE.

Further key findings suggest:

• The continued growth witnessed by the manufacturing, construction, and infrastructure sectors provides a higher number     of growth opportunities for the testing, inspection, and certification (TIC) market

• The market is increasingly being characterized by the outsourcing of testing, inspection, and certification services by major industries operating in the automotive, manufacturing, and consumer goods sectors, which has boosted overall growth

• The TIC market comprises of several associations, with the TIC Council being a notable name that represents around 100 of the leading TIC companies and organizations across the globe

• With regards to service, the testing segment is projected to account for a significant share in the TIC market revenue over the coming years, as it has found heavy demand among major industry verticals

• The certification services are anticipated to maintain a significant position in the market, on account of rising demand for mandatory certifications such as CE Certification, FCC certifications, China Compulsory Certification (CCC), and Energy Label Certification (CEL), among major sectors

• The outsourcing of TIC services is projected to show fastest growth through 2025, with companies shifting away from in-house methods due to rising number of regulations, as well as continued increase in costs incurred for the testing and certification of products

• The testing, inspections and certification market has found substantial demand in the Asia Pacific region over the past few years, particularly in the rapidly emerging economies of India and China, with these markets showing spectacular growth in the energy sector

• The COVID-19 pandemic that has gripped the world since early 2020, led to an exponential increase in the manufacturing of critical healthcare equipment such as masks, ventilators, and hospital beds; this resulted in an increased demand for testing and inspection of these products, so as to help frontline healthcare workers control the spread of the pandemic

• Key market players are considering partnerships and acquisition of startups providing innovative products to expand their outreach in the market

• In February 2021, Element Materials Technology completed the acquisition of Avomeen, a notable pharmaceutical analytical testing company with a strong focus on pharmaceutical testing, biotechnology and consumer products regulated by the FDA

• In December 2020, Applus+ completed the acquisition of SAFCO, a major Saudi Arabian construction testing and inspection services company, thus helping the former to expand its geographical footprint

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Testing, Inspection, And Certification Market Segmentation

Grand View Research has segmented the global testing, inspection, and certification market based on service type, sourcing type, application, and region:

Testing, Inspection, and Certification Service Type Outlook (Revenue, USD Billion, 2014 – 2025)
    • Testing

    • Inspection

    • Certification

Testing, Inspection, and Certification Sourcing Type Outlook (Revenue, USD Billion, 2014 – 2025)
    • In-House

    • Outsourced

Testing, Inspection, and Certification Application Outlook (Revenue, USD Billion, 2014 – 2025)
    • In-House

    • Consumer Goods & Retail

    • Agriculture & Food

    • Chemicals

    • Infrastructure

    • Energy & Power

    • Education

    • Government

    • Manufacturing

    • Healthcare

    • Mining

    • Oil & Gas and Petroleum

    • Public Sector

    • Automotive

    • Aerospace & Defense

    • Supply Chain & Logistics

    • Others   

Testing, Inspection, and Certification Regional Outlook (Revenue, USD Billion, 2014 – 2025)
    • North America
        • U.S.

        • Canada

        • Mexico
    • Europe
        • U.K.

        • Germany

        • France

        • Italy

        • Russia
    • Asia Pacific
        • China

        • India

        • Japan

        • South Korea

        • Australia
    • South America
        • Brazil

        • Argentina
    • Middle East & Africa
        • Saudi Arabia

        • UAE

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