Pune, India, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The global testing, inspection, and certification market size was valued at USD 208.43 billion in 2021 and is projected to reach USD 328.23 billion by 2029, exhibiting a CAGR of 6.1% during the forecast period. Fortune Business Insights provide this information in its report titled “Global Testing, Inspection, and Certification Market Forecast, 2024-2029.”
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Key Industry Development
Intertek Group PLC launched advanced analytical testing services for determining allergens in cosmetics that were refined for increased specificity, efficiency, and accuracy. This service assists clients in meeting regulatory requirements and ensuring safer products.
Key Takeaways
- Testing, Inspection, and Certification experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.
- The strategy aims to keep consumers on track during travel and restrict in-person encounters.
- Integration of Emerging Technologies, such as Blockchain and AI with TIC Services, Aids Market Growth
- Increasingly stringent laws & regulations for manufacturers worldwide to follow to ensure human and environmental safety propels growth.
Discover the Leading Players Featured in the Report:
“Companies leading the Testing, Inspection, and Certification Market share are SGS SA (Switzerland), Bureau Veritas (BV) (France), Dekra Certification B.V. (Netherlands), Intertek Group PLC (U.K.), TUV SUD AG (Germany), APPLUS+ (Spain), ALS Limited (Australia), Eurofins Scientific SE (Belgium), DNV GL (Norway), Socotec Group (U.K.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.1% |
| 2029 Value Projection | USD 328.23 Billion |
| Base Year | 2022 |
| Testing, Inspection, and Certification Market Size in 2021 | USD 208.43 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments Covered | Service Type, Sourcing Type, Industry and Geography |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/testing-inspection-certification-tic-market-104939
Drivers & Restraints-
Regulations for Manufacturers that Adhere to Human and Environmental Safety Standards Will Drive the Market. Consumer products must pass safety testing done by an independent lab to meet legal standards. The service expansion is fueled by increasingly stringent rules and regulations requiring manufacturers worldwide to adhere to human and environmental safety standards. Several countries' governments have made testing and inspection certification mandatory to ensure that items are safe and high quality. The cost of the services varies depending on the industry, geographical area, and product pricing.
However, these services are costly in wealthy countries and may hinder the testing, inspection, and certification market growth.
Segments
By Service Type
- Testing
- Inspection
- Certification
By Sourcing Type
- In-House
- Outsource
By Industry
- Consumer Goods & Retail
- Agriculture & Food
- Chemicals
- Oil & Gas
- Manufacturing
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
Europe to Hold the Largest Market Share Owing to the Presence of Prominent Players
During the projection period, Europe is expected to hold the greatest testing, inspection, and certification market share. Several major players, including Bureau Veritas (BV), SGS SA, TUV SUD AG, Intertek Group PLC, DEKRA Certification B.V., and others, are responsible for the region’s growth. TÜV Rheinland, for example, established the Hydrogen Competence Center in June 2021 to provide testing services for the safe storage, production, transportation, and use of hydrogen energy around the world. TÜV Rheinland has opened an international facility to provide testing services throughout Europe.
North America is expected to increase at a stable pace during the predicted period due to a rise in consumer awareness of standard and customized items. According to the 2020 CSA Group Testing & Certification Organization Survey, almost 69% of North American customers buy products with the CSA and other certification marks. As consumer awareness of standard and certified items grows, the market is expected to rise.
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Competitive Landscape-
Key Players to Use Strategic Business Tactics to Expand Services in Several Nations
Through business tactics such as acquisitions, mergers, and partnerships, key players such as DEKRA Certification B.V., Bureau Veritas (BV), SGS SA, TÜV SÜD AG, Intertek Group PLC, and others are focusing on growing their services in several nations throughout the world. For instance, in March 2021, advanced analytical testing services for identifying allergens in cosmetics were released by Intertek Group PLC, which were refined for increased specificity, efficiency, and accuracy. This solution helps businesses achieve regulatory standards while also guaranteeing that their products are safer.
FAQ
How big is the Testing, Inspection, and Certification Market?
The Testing, Inspection, and Certification Market size was USD 208.43 billion in 2021.
How fast is the Testing, Inspection, and Certification Market growing?
The Testing, Inspection, and Certification Market will exhibit a CAGR of 6.1% during the forecast period, 2023-2029.
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