Testing, Inspection, And Certification Market Worth $491.3 Billion By 2030

 Testing, Inspection, And Certification Industry Overview

The global testing, inspection, and certification market size is expected to reach USD 491.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.0% from 2022 to 2030. The incremental deployment rates of testing, inspection, and certification systems and solutions can be accredited to the rise in manufacturing activities worldwide. Furthermore, the onset of Industry 5.0 and the rise in connected systems further augment the need to deploy TIC-based technologies in tandem with manufacturing activities. Thus, the manufacturing application segment is expected to expand at a significant growth rate over the forecast period due to the need to optimize manufacturing processes and end products. For instance, in January 2022, SGS, a Swiss international business that provides inspection, verification, testing, and certification services, launched a new Vehicle Over the Air (OTA) performance testing laboratory in Suzhou, China. The lab will assist automotive manufacturers in helping them test, validate, and comply with evolving wireless standards and regulations. It fully integrates beneficial resources in automobile, communication, electronics, and reliability testing to provide commercial customers with technical verification, quality improvement product certification, and technology development services.

 

The integration of cloud technology with the Testing, Inspection, And Certification (TIC) market is one of the significant market drivers. The need to access data instantly, automate certification and issue reports on a real-time basis highlights the importance of storing essential TIC-related data in the cloud. Moreover, cybersecurity concerns such as increasing instances of cyberattacks and data privacy threats further highlight the importance of a safe cloud architecture to safeguard data from people with malicious intent. This is expected to help in general data regulation, security certifications, and software testing. For instance, in February 2022, Intertek Group plc, one of the prominent providers in connectivity testing and cybersecurity, established its Acucert, the first ISO/IEC certified cybersecurity testing lab in Mumbai, India. Acucert has significant expertise in IT system and software testing while meeting stringent quality control standards. Further, opening a new testing lab would help them promote internationally and nationally.

 

Testing, Inspection, And Certification Market Segmentation

Grand View Research has segmented the global testing, inspection, and certification market based on service type, sourcing type, application, and region:

Based on the Service Type Insights, the market is segmented into Testing, Inspection, and Certification.

  • The testing segment accounted for the largest revenue share of over 70.0% in 2021. This is owing to the high use of testing practices in the automotive, energy and utilities, oil and gas and petroleum, and the manufacturing industries. Practical testing of products enables companies to maintain high-quality parameters and meet the needs of customers.
  • The inspection segment is expected to offer significant growth opportunities to the market. This can be attributed to the rise in supply chain activity in countries such as Switzerland, Japan, Germany, and Norway, thereby enabling the deployment of inspection practices. Furthermore, the consumer goods sector contributes to the growth of the inspection segment.
  • The enforcement of extensive government standards and stringent regulations to ensure passenger safety and security while traveling in public transport systems accelerates the demand for testing, inspection, and certification services in the coming years.

 

Based on the Sourcing Type Insights, the market is segmented into In-house, and Outsourced.

  • The in-house type captured the largest revenue share of above 55.0% in 2021. Deploying in-house testing and inspection methods enables companies to practice practical TIC activities as there is on-site availability and the ability to hire talent and set up custom practices according to the need and desires of the company.
  • The outsourced segment is expected to offer significant growth opportunities to the market. The segment is expected to register the highest CAGR over the forecast period. The outsourcing segment promises companies to practice cost-effectiveness and focus on short-term commitments.

 

Based on the Sourcing Application Insights, the market is segmented into Consumer Goods & Retail, Agriculture & Food, Chemicals, Infrastructure, Energy & Power, Education, Government, Manufacturing, Healthcare, Mining, Oil & Gas and Petroleum, Public Sector, Automotive, Aerospace & Defense, Supply Chain & Logistics, and Others.

  • The infrastructure segment dominated the market and accounted for more than 13.0% share of the global revenue in 2021. Rising infrastructural activity in countries such as China, India, and several European countries is facilitating higher adoption rates of TIC services and products in their regions, offering an impetus to market growth. Further, consumer goods and retail, agriculture and food, chemicals, energy and power, education, government, manufacturing, healthcare, mining, oil and gas, and petroleum, public sector, automotive, aerospace and defense, supply chain and logistics, and other applications also impact the growth of the market.
  • The consumer goods and retail sector has gained significant revenue share due to the increasing inspection activities carried out by companies in the segment. Consumer good companies have to comply with several quality regulations and standards to offer the best quality products to their customers. This facilitates the need to deploy highly effective and extensive inspection systems, thereby offering growth opportunities to the market.

 

Testing, Inspection, And Certification Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Significant companies in the TIC market have started diversifying and enhancing their service offerings. The need to mitigate the COVID-19 crisis has prompted companies to offer products and services related to wastewater testing and analysis. For instance, in February 2022, The Centers for Disease Control and Prevention, the United States' national public health organization, said that it would extend efforts to obtain wastewater samples from towns to look for traces of the coronavirus. Presently, the organization gathers daily samples from more than 400 locations across 37 states and two territories. The agency intends to add 250 more sites to the registry in the following weeks. 

Companies have also started opening new development centers in new geographies to increase market penetration. This enables them to form better business relations with customers and clients. Additionally, service providers have started engaging in mergers and acquisitions, which helps in generating new revenue channels. For instance, in February 2022, Applus+, multinational testing, inspection, and certification firm, announced its acquisition of Lightship Security, Inc., a prominent North American supplier of product certification services. This acquisition is a part of Applus+ Laboratories' strategic objective to develop strength in essential technologies and capabilities to assist clients in the global technological shift brought about by energy transition, electrification, and connectivity.

Some prominent players in the global testing, inspection, and certification market include:

  • ALS Limited
  • Applus+
  • Bureau Veritas SA
  • DEKRA SE
  • DNV GL
  • Element Materials Technology
  • Eurofins Scientific
  • Intertek Group plc
  • MISTRAS Group, Inc.
  • SGS SA
  • TÃœV NORD GROUP
  • TÃœV Rheinland
  • TÃœV SÃœD
  • UL LLC

 

Order a free sample PDF of the Testing, Inspection, And Certification Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

Comments

Popular posts from this blog

Drug Addiction - Pipeline Review, H1 2017 Market Overview and trends research report

All Countries Dialyzer Industry 2013-2028 - Market Size, Share, Outlook, Growth, Key Players and Forecast

Insights into the Medical Waste Disposal Category: A Comprehensive Procurement Intelligence Report