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Testing, Inspection, and Certification Market - Growth, Trends, and Forecast (2019 - 2024)

Testing, Inspection, and Certification Market - Growth, Trends, and Forecast (2019 - 2024)

  • April 2019
  • 158 pages
  • ID: 5778425
  • Format: PDF
  • By Mordor Intelligence LLP

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Market Overview
The global testing, inspection, and certification market was valued at USD 172.65 billion in 2018 and is expected to register a CAGR of 5.4% over the forecast period (2019-2024). The advent of new technologies, with stringent environment norms, increasing health safety measures have changed the entire industry viewpoint, with respect to the compliance of standards and regulations. 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.

Safety breaches in recent times, such as Volkswagen’s diesel emissions scandal, Chinese milk scandal (melamine found in infant milk formula), have led to more stringent regulations in developing economies. Such breaches demonstrate the significance of independent inspection and certification services and not only have forced tougher and more complex regulations and standards but also increased the dependability on the third party for assessment, thus providing scope for independent TIC companies.
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.
So as to adapt to the diverse quality and safety standards of the import destinations, the need for effective testing, inspection, and certification has become critical for product manufacturers.

Scope of the Report
Testing represents the industrial activities which ensure that manufactured products, individual components, and multicomponent systems are adequate for their intended purpose. 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.

Key Market Trends
Energy and Commodities is Expected to Hold Major Share

The market studied is experiencing an increase in the acceptance and applications in the studied sector mainly as industry players demand high standards regarding safety and profitability and increasing adoption of smart technologies and devices. These technologies have made many testing and inspection methods cost-efficient, allowing end-users to cut down a part of the operations and maintenance costs.

Further, various government regulations are making it mandatory for 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.

Asia-Pacific Expected to Witness Rapid Growth

Asia-Pacific is anticipated to hold major share owing to the merging 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. Additionally, the rise of the middle class has led to an increase in private consumption and demand for both safety and product quality. This, in turn, offers growth opportunities in areas, such as food and consumer goods testing. One such example is the acquisition of TUV Rheinland’s food analysis laboratories in China.

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. In Jan 2018, Eurofins acquired Ashwood UK, a food microbiology and chemistry testing lab in Scotland. Through this acquisition the company aims to expand its business in Scotland. Further in Jun 2018, the company acquired Finnish company VTT Expert Services that provides testing, inspection and certification of construction products. Through this acquisition the company aims to become a one-stop service provider for companies within the construction product industry.

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