Dec 26, 2019   SOURCE: PR NewsWire

Testing, Inspection, and Certification Market Expected to Grow at a CAGR of 4.9% - Exclusive Report by Mordor Intelligence

HYDERABAD, India, Dec. 26, 2019 /PRNewswire/ -- The global testing, inspection, and certification market was valued at USD 172.65 billion in 2018 and is expected to reach USD 233.32 billion by 2023, registering a CAGR of 4.9%, during the forecast period. The advent of new technologies, with stringent environment norms and increasing health safety measures have changed the entire industry viewpoint, with respect to the compliance of standards and regulations.

Testing represents the industrial activities which ensure that manufactured products, individual components, and multicomponent systems are adequate for their intended purposes. Inspection and testing are the operational parts of quality control, which is the most crucial factor in the survival of any manufacturing company. Quality control directly supports the other elements of cost, productivity, on-time delivery, and market share. Therefore, all quality standards needed to produce the components of a product and perform its assembly must be specified in a manner such that customers' expectations are met.

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Highlights of the Market: 

    --  Testing, inspection, and certification (TIC) plays a significant role to
        ensure the infrastructure, services, products are met with the standards
        and regulations pertaining to safety and quality. With inspection and
        testing at regular intervals across a few industries, such as oil and
        gas becoming mandatory, the TIC services are expected to grow in demand,
        irrespective of the industrial seasonality.
    --  International imports and exports of products belonging to different
        industries apart from the high demand, food and medical products have
        increased significantly over the years. In fact, according to The World
        Bank Group, global exports has increased from USD 6.24 trillion in 1995
        to  USD 22.99 trillion in 2017. Food and beverages, consumer
        electronics, agriculture, and automotive (electrical vehicles) markets
        are expected to provide more scope for the TIC services.
    --  Various government regulations are making it mandatory for energy
        companies to adopt proper TIC methods. For instance, in India, the
        Ministry of New and Renewable Energy (MNRE) issued guidelines for
        conducting tests on power inverters for use in photovoltaic (PV) power
        systems and utility-interconnected PV inverters in 2017.
    --  Further, the development of new nuclear plants, as well as renewable
        energy projects, the upgradation and expansion of existing ones
        globally, is expected to augment the market growth over the forecast
        period. Over the next four years, more than 67 nuclear reactors in the
        world are estimated to reach an age over 40 years and over 66 reactors
        to reach more than three decades of operational period.

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Asia-Pacific Expected to Witness Rapid Growth

    --  Asia-Pacific is anticipated to hold major share owing to the emerging
        markets such as China, India, Japan, and South Korea which have become
        attractive, through the development of indigenous industries and
        subsequent acceleration in exports, the introduction of stringent
        standards, and rapid urbanization.
    --  Currently, China's industrial robot industry has formed five industrial
        clusters, namely the Beijing, Tianjin, Hebei region, the Northeast
        region, Yangtze River Delta, Pearl River Delta of China, and the Central
        region.
    --  To steadily improve the product quality of robots, as well as to promote
        the healthy and orderly development of the industry, the Chinese
        government began to build a robotic testing, inspection, and
        certification system and encouraged to conduct testing, inspection, and
        certification activities in the form of alliances, in order to support 
        the sustained, healthy, and orderly development of China's robot
        industry.

Know more about the Testing, Inspection, and Certification Market

Mordor Intelligence has segmented the Testing, Inspection, and Certification Market on the basis of Service Type, Sourcing Type, End-User, and Geography:

    --  Service Type
        --  Testing Service
        --  Inspection Service
        --  Certification Service
    --  Sourcing Type
        --  In-house
        --  Outsourced
    --  End-User Vertical
        --  Construction and Engineering
        --  Chemicals
        --  Energy and Commodities
        --  Food and Healthcare
        --  Transportation
        --  Products and Retail
        --  Industrial
        --  Other End-User Verticals
    --  Geography
        --  North America
            --  United States
            --  Canada
        --  Europe
            --  United Kingdom
            --  Germany
            --  France
            --  Rest of Europe
        --  Asia-Pacific
            --  China
            --  India
            --  Japan
            --  South Korea
            --  Rest of Asia-Pacific
        --  Rest of the World

Browse in-depth TOC of the Testing, Inspection, and Certification Market Report

Competitive Landscape

The testing, inspection and certification market is highly competitive and consists of several major players. However in terms of market share, few of the major players currently dominate the market. These major players with prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on enterprise network equipment technologies to strengthen their product capabilities.

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About Mordor Intelligence

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