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Tightening Regulations for Occupational Health and Safety in Industries Propel Testing, Inspection and Certification Market to Expand at CAGR of 8.0 % from 2020 to 2027: TMR Study

IT and Telecom |

Testing, inspection, and certification (TIC) comprises services and tools that businesses in various industries are increasingly adopting to implement compliance to quality and safety controls. Over the years, both developed and emerging economies have witnessed increasing adoption of services and technologies in the testing, inspection, and certification market, especially in critical infrastructure sectors.

The demand is growing in the food and beverages, oil and gas, infrastructure and construction, cosmetics, water and wastewater management, automotive, and textile industries. Advancements in the lab infrastructure have steadily driven the evolution of the testing, inspection, and certification market. The opportunities in the global market are expected to advance at a CAGR of 8.0 % during the forecast period of 2020–2027.

Growing Awareness About Occupational Safety Standards in Industrialized Nations Spurs Revenue Generation

The regulatory landscape is the key pivot on which norms for quality and safety controls have become increasingly crucial for businesses in industrialized nations, thereby extending the horizon for players in the testing, inspection, and certification market. Policymakers have been at the forefront of updating regulations that ensure the best quality and safety controls are put in place by businesses across industries. This is a key driver for demand for wide range of testing and certification services.

The food & beverages industry has witnessed rise in awareness about adopting certification technologies and services for ensuring compliance to food safety and quality. The construction industry is another major contributor for revenues in the testing, inspection, and certification market. There has been continuous initiative by organizations in this sector to strictly implement occupational safety and health norms. In this regard, third-party testing, inspection, and certification companies have also attracted the attention of businesses in to in-house TICs.

Emerging Economies Offer Incredible Revenue Streams to Testing and Inspection Service Providers

Water & wastewater management and energy sectors are witnessing rise in demand for TIC. The trend can be attributed mainly to health and safety requirements in the industries. Emerging economies around the world notably Brazil, Russia, India, and China are at the forefront of revenue generation to players in the testing, inspection, and certification market. Furthermore, these economies have also been the centerstage of outsourcing of such services to developed countries, propelled by the rapid pace of the globalization of business processes.

Europe Substantially Lucrative Market, Regulations and Norms Impart Momentum to Adoption of TIC Services

On the global front, Europe has been highly lucrative market. Substantial regulatory push for testing, inspection and certification services has been imparting a steady impetus to the demand for TIC in various industries, including food & beverages, oil & gas, infrastructure and construction, and cosmetics. The heightened awareness about the safety of consumer products is a key trend bolstering the expansion of avenues in the Europe testing, inspection and certification market.

Rising Demand in Infrastructure & Construction and Energy & Utilities Sectors to Offer Vast Revenue Gains to Market Players

Of the various key industries, infrastructure and construction and energy & utilities sectors have witnessed vast uptake of TIC tools and services, finds a TMR study on the testing, inspection and certification market. The increasing number of third party and accredited certification bodies that offer these services is enriching the landscape. Aspiring players in the market are focusing on constantly upgrading their facilities with state-of-the-art laboratory equipment and technical expertise.

Slew of Mergers and Acquisitions to Shape Competitive Landscape

A clutch of companies across regions have leveraged the synergistic potential of mergers and acquisitions to consolidate their shares in the testing, inspection and certification market. Second-tier players are particularly optimistic of the impact of aggressive mergers in helping them compete with established players. On the broader scale, all these strategic moves will unleash a high intensity of competition among the players in the testing, inspection and certification market. Hub-and-spoke model is expected to gather traction among established players to maintain their stronghold.

Some of the key players in the testing, inspection and certification market aree Intertek Group PLC, TÜV Rheinland Group, Dekra SE, AsureQuality Ltd., and Bureau Veritas.

Testing, Inspection and Certification Market: Segmentation

By Service Type

  • Testing and Inspection
  • Certification

By Sourcing Type

  • In-house Sourcing
  • Outsourcing

By Industry

  • Infrastructure & Construction
  • Transformational & Contract Manufacturing
  • Food & Beverages
  • Agriculture & Forest
  • Information Technologies
  • Chemical
  • Healthcare & Pharmaceutical
  • Transportation &Logistics
  • Travel & Tourism
  • Energy & Utilities
  • Water & Wastewater Management
  • Government
  • Education
  • Textile
  • Cosmetics
  • Others

By Region

  • Europe
  • North America
  • Asia Pacific
  • Middle East and Africa
  • South America

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