Testing, Inspection and Certification Market Craving Its Path Towards US$285.34 bn at CAGR of 5.7%
Global Testing, Inspection and Certification Market: Snapshot
Rising awareness among global consumers regarding the qualitative assurance provided by international quality and safety standards is key to the rising prominence of testing, inspection, and certification services across a number of industries. A complex mix of local and universal standards and regulations, the global testing, inspection, and certification market is driven due to the rising imports and exports in the international market, and increasingly strict quality regulations.
Manufacturers are compelled to adhere to strict quality tests, inspections, and procure universally accepted certifications for participating in the international trade. This factor will stimulate the increased adoption of testing, inspection, and certification services across industries such as food and beverages, oil and gas, automotive, aerospace, and textile in the next few years.
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Transparency Market Research suggests that the global testing, inspection, and certification market will expand at a healthy CAGR of 5.7% over the period between 2016 and 2024. As a result, the market, which had a valuation of US$178.65 bn in 2015, is expected to rise to US$285.34 bn by 2024.
Applications in Oil and Gas Industry to Create New Opportunities for Testing, Inspection, and Certification Market
The oil and gas industry emerged as the most promising end-use destination for the global testing, inspection, and certification market in the past few years. In 2015, the segment accounted for a dominant share of more than 35% in the global market. Testing, inspection, and certification services span across all stages in the lifecycle of any exploration and processing project, staring from feasibility analysis to the de-commissioning of the site.
Owing to the rising numbers of oil and gas exploration activities, in onshore as well as offshore sites, the oil and gas industry will continue to present the need for effective testing, inspection, and certification services. The segment will continue to dominate the global market through the year 2024 as well, exhibiting a healthy CAGR of 5.6%.
Developing countries across regions such as Asia Pacific and Latin America possess enormous growth potential for the global testing, inspection, and certification market. Owing to the flourishing industrial sector and a significant rise in affluent consumers, these regions have become the hub of international imports and exports. To make products compliant with the diverse safety and quality norms in foreign lands, product manufacturers are compelled to strictly adhere to quality standards, driving the need for effective testing, inspection, and certification services.
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The global market for testing, inspection, and certification services is expected to witness expansion at the fastest pace across Asia Pacific through 2024. The flourishing food and beverages industry in the region and rising awareness among consumers about the qualitative benefits of certified products will be the key factors driving the market in the region.
Market Features Intense Fragmentation and High Competitive Rivalry
The top four vendors in the global testing, inspection, and certification market accounted for nearly 29% of the global market in 2015. Other small- and mid-sized companies represented the dominant share of over 71% in the same year. This makes the market highly fragmented and intensely competitive.
Europe has a prominent position in the competitive landscape, as the region has high concentration of some of the leading vendors operational in the global testing, inspection, and certification market. This also makes the region the largest contributor to the market’s overall revenues, accounting for over 30% of the global market in 2015.