Testing Inspection Certification Market Valuation Expected to Cross Over US$285 bn

​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 certification market across a number of industries. A complex mix of local and universal standards and regulations, the global testing inspection 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.

Transparency Market Research suggests that the global testing inspection 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.

Get accurate market forecast and analysis on the Testing Inspection Certification Market. Request a sample to stay abreast on the key trends impacting this market :

http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=5669

The oil and gas industry emerged as the most promising end-use destination for the global testing inspection 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%.

Emerging Markets to Present Untapped Opportunities as Imports and Exports Soar

Developing countries across regions such as Asia Pacific and Latin America possess enormous growth potential for the global testing inspection 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.

The global market for testing inspection certification Market 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 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.

Advertisements

Testing Inspection Certification Market Stricter Regulations on Imports & Exports

Testing inspection certification market is marked by an intense level of fragmentation, with only one leading firm, SGS Group, accounting for over 10% in the global market in 2015, points TMR in a recent report. The top four vendors in the market, including Bureau Veritas SA, Intertek Group PLC, Dekra SE, and SGS Group, accounted for a collective share of nearly 29%, with a host of small- and mid-sized companies holding the rest in 2015.

Based on geography, however, the market is highly consolidated as most of the prominent vendors in the market are headquartered in Europe. Innovation and introduction of new, more extensive testing and certification guides for high growth potential industries, such as food and beverages and medical devices, will be the key for gaining sustainable business in this market. ASTM international took a step ahead in this direction when it introduced the ASTM F3127 standard that validates a standardized cleaning level of new medical devices.

Stricter Regulations and Rising International Imports and Exports Stimulate Market Growth

In the past few years, regulations pertaining to the quality of products and their overall impact on the health of consumers and that of the environment have become increasingly strict across the globe. International imports and exports of products from a number of industries have also significantly increased globally. So as to conform to the diverse quality and safety standards of foreign destinations, the adherence to effective testing, inspection, and certification measures has become critical for product manufacturers. This factor is expected to have a sizeable impact on the overall development of the global market in the next few years.

This 174 page report gives readers a comprehensive overview of the Testing Inspection Certification Market. Browse through 31 data tables and 77 figures to unlock the hidden opportunities in this market:

http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=5669

Lack of Internationally Accepted Standards to Hinder Market Growth

A number of countries have their own different sets of testing, inspection, and certification guidelines and standards. Regulations and standards are also often different for different product types or industries. The scenario makes the global testing inspection certification market highly diversified. This defeats the whole purpose of having a product certified against a standard, for it may be considered a token of excellent quality in some countries and mean nothing in some other.

The pharmaceutical industry is the most obvious sufferer in this regard – drug manufacturers cannot develop a single drug that will be readily approved in all the countries it is submitted. Thus, the lack of internationally accepted standards is expected to be a key restraint for the global market for testing inspection certification market in the next few years.

Oil and Gas Industry to Present Most Promising Growth Opportunities

On the basis of application, the oil and gas industry emerged as the largest contributor to the overall revenues of the global testing inspection certification market in 2015, accounting for a share of over 35% in the market. Although the segment will continue to remain the dominant end user of testing inspection certification services through 2024 also, it will likely lose its prominence to the food and beverages segment. The testing inspection certification market for the food and beverages industry will expand at a 6.7% CAGR from 2016 to 2024. During the same period, the market for the oil and gas industry will expand at a 5.6% CAGR.

On a whole, the global testing inspection certification market is expected to expand at a 5.7% CAGR over the period between 2016 and 2024. The market, which had a valuation of US$178.65 bn in 2015, is expected to rise to US$285.34 bn by 2024.