Global Testing, Inspection and Certification Market: Snapshot
The global testing, inspection and certification market is experiencing growth owing to the factors such as increased outsourcing of testing, inspection & certification services and diversified requirement of products and standard regulations. Regulations pertaining to quality, health and environment safety have become stringent in the recent past which is driving the demand for these services. Apart from this, end-user demand seeking third party assurance and improved risk awareness and focus on risk prevention are also the major factor which are expected to boost the demand for testing, inspection and certification services across the globe.
Furthermore, increasing trade between countries as a result of globalization has also impacted the growth of this market positively. Considering these positive factors, the demand for testing, inspection, and certification services is set to rise during the forecast period from 2017 – 2025. The global testing, inspection and certification market was valued at US$184,545.5 mn in 2016 and is anticipated to expand at a CAGR of 5.8 % from 2017 to 2025.
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Energy and Utilities Sector to Present Promising Rise in Demand
The global testing, inspection and certification market is segmented on the basis of criteria such as service type, sourcing type, and industry. By type, the market is categorized into testing and inspection and certification. Among these, the testing and inspection segment is presently the most promising in terms of revenue opportunity and is expected to fuel the growth of this market over the forecast period.
Based on sourcing type, the market is segmented into in-house sourcing and outsourcing. Furthermore, the key industries that utilize TIC services covered in the report include infrastructure and construction, transformational and contract manufacturing, food and beverages, agriculture and forest, information technologies, chemical, healthcare & pharmaceutical, transportation and logistics, travel and tourism, energy and utilities, water and wastewater management, government, education, textile, and cosmetics. Among these, the infrastructure and construction and energy and utilities are the leading segments and are expected to enhance the growth of the market around the globe. The energy and utilities sector was the largest contributor in the testing, inspection, and certification market in 2015 and is expected to retain its position throughout the forecast period.