The high demand for quality assurance provided by the international safety standards has resulted in the rising prominence of testing, inspection, and certification services worldwide. Due to the globalization, geographical borders are blurred to a level that import and export relations between countries have strengthened for good. While these activities are considered indispensable economically, they have also spurred the need for stringent quality standards, to keep potential malpractices at bay.
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Manufacturers are thus compelled to adhere to strict quality standards and inspection. Procuring universally accepted certifications are deemed essential for participating in the international trade. This factor is forecast to encourage manufacturers across industries such as automotive, food and beverages, oil and gas, textile, and aerospace opt for prominent testing, inspection, and certification services.
The global testing, inspection, and certification market is predicted to report a CAGR of 5.7% between 2016 and 2024. At this rate, the market is poised to reach US$285.34 bn by 2024 from a valuation of US$178.65 bn in 2015.
Oil and Gas Industry to Continue Exhibiting Lucrative Sales Opportunities
Among the prominent end-use industries, the oil and gas industry has emerged dominant in the market. The industry held around 35% of the global market in 2015 since testing, inspection, and certification are considered essential across the lifecycle of any exploration and processing project. Hence due to the rising number of oil and gas exploration activities worldwide, the demand for testing, inspection, and certification services is projected to rise. The oil industry is thus forecast to continue providing lucrative opportunities for the market and report a CAGR of 5.6% from 2016 to 2024.
Robust Food and Beverages Industry to Aid Expansion of the Market in Asia Pacific
Regionally, developing countries, especially those located across Asia Pacific and Latin America, have been exhibiting lucrative prospects for the market. Besides having a flourishing industrial sector, a considerable increase in the number of affluent customers is noted, which has made the region a hub for international trade. To ensure that products are compliant with the diverse quality standards of foreign importing countries, vendors domiciled in Latin America and Asia Pacific are attaching much significance to the testing, inspection, and certification services.
The growth witnessed by the market in Asia Pacific is thus expected to be the fastest through 2024. The robust food and beverages industry and with consumer in the region becoming more conscious about the quality standards, the demand for appropriate testing, inspection, and certification services is expected to rise.
Concentration of Leading Companies Makes Europe the Dominant Regional Market
With the cumulative share of the top four companies in the market adding up to nearly 29%, the global testing, inspection, and certification market exhibits a highly fragmented vendor landscape. The market is considerably influenced by the policies and strategies adopted by the small and mid-sized companies. However, Europe’s prominent position in the vendor landscape has resulted in the high concentration of some of the leading vendors in the region. This has also made the region the largest contributor to the overall revenue generated by the market, accounting for over 30% share in 2015.
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Some of the prominent companies operating in the market are SGS Group, Bureau Veritas SA, ASTM International, ALS Ltd., Intertek Group PLC, andAsureQuality Ltd.