Testing, Inspection and Certification Market: An Objective Assessment Of The Trajectory Of The Market 2020 - 2027

According to a new market research report published by Transparency Market Research entitled “Global Testing, Inspection and Certification Market  – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 - 2027,” the global testing, inspection and certification market is projected to reach US$ 367,336.4 Mn by 2027. The market is expected to expand at a CAGR of 8.0% during the period from 2020 to 2027. Expanding testing, inspection and certification in the emerging market is boosted by global trade, new infrastructure standards.

Europe dominates the testing, inspection and certification market with a market share of 33% in 2019. This is primarily due to continual introduction of new regulations such as energy efficiency in construction. Testing, inspection and certification services continue to gain traction in the Europe market due to rising focus on outsourcing. The Europe testing, inspection and certification market is primarily driven by factors such as increase in demand for modernization of water & wastewater, oil & gas, and power infrastructures. Moreover, changing eating preferences along with consumer health consciousness are driving the demand for food certification in Europe.

Testing, inspection, and certification services are aimed at providing assurance to the end users that the product is accredited with international and national regulations and industry standards pertaining to quality and safety. The testing, inspection, and certification market is dependent on a mix of international and local rules and regulations. The market is witnessing growth as a result of globalization, regulations getting stricter, and increasing focus on outsourcing.

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Globally, testing and inspection segment held approximately 95% market share in the testing, inspection and certification market in 2019. This is primarily due to the growing focus on monitoring and maintaining hygienic, healthy and conducive environments along the supply chain in order to safeguard the safety and quality of products. Moreover, certification segment is expected to create huge opportunities for testing, inspection and certification market over the forecast period.

Outsourcing segment is anticipated to witness healthy growth in the testing, inspection and certification market over the forecast period. There is continuous increase in outsourcing of testing and inspection services in attempt to reduce cost. Rising levels of regulations make TIC services progressively costlier, as it requires more cost for in-house testing, is acting as major growth driver for testing, inspection and certification market. Apart from this, energy & utilities segment is also expected to witness lucrative growth opportunities during the forecast period.