Testing, Inspection, and Certification Market Expected to Grow at a CAGR of 4.9% - Exclusive Report by Mordor Intelligence
HYDERABAD, India, Dec. 26, 2019 /PRNewswire/ -- The global testing, inspection, and certification market was valued at USD 172.65 billion in 2018 and is expected to reach USD 233.32 billion by 2023, registering a CAGR of 4.9%, during the forecast period. The advent of new technologies, with stringent environment norms and increasing health safety measures have changed the entire industry viewpoint, with respect to the compliance of standards and regulations.
Testing represents the industrial activities which ensure that manufactured products, individual components, and multicomponent systems are adequate for their intended purposes. 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.
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Highlights of the Market:
- 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.
- 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.
- Various government regulations are making it mandatory for energy 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.
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Asia-Pacific Expected to Witness Rapid Growth
- Asia-Pacific is anticipated to hold major share owing to the emerging 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.
- Currently, China's industrial robot industry has formed five industrial clusters, namely the Beijing, Tianjin, Hebei region, the Northeast region, Yangtze River Delta, Pearl River Delta of China, and the Central region.
- To steadily improve the product quality of robots, as well as to promote the healthy and orderly development of the industry, the Chinese government began to build a robotic testing, inspection, and certification system and encouraged to conduct testing, inspection, and certification activities in the form of alliances, in order to support the sustained, healthy, and orderly development of China's robot industry.
Know more about the Testing, Inspection, and Certification Market
Mordor Intelligence has segmented the Testing, Inspection, and Certification Market on the basis of Service Type, Sourcing Type, End-User, and Geography:
- Service Type
- Testing Service
- Inspection Service
- Certification Service
- Sourcing Type
- In-house
- Outsourced
- End-User Vertical
- Construction and Engineering
- Chemicals
- Energy and Commodities
- Food and Healthcare
- Transportation
- Products and Retail
- Industrial
- Other End-User Verticals
- Geography
- North America
- United States
- Canada
- Europe
- United Kingdom
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
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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.
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About Mordor Intelligence
Mordor Intelligence provides market intelligence and advisory services that empowers enterprises to shape their strategic decisions. With a strong team of in-house experts and a host of industry tie-ups, Mordor offers syndicated and custom market intelligence services that have helped more than 700 clients gain an edge over their competition. Mordor's expertise lies in niche analysis with a quick turnaround time, making it the preferred choice for startups as well as Fortune 500 organizations.
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