Global Testing, Inspection, And Certifications Market Report, published by Variant Market Research, forecast that the global market is expected to reach $351 billion by 2024 from $229 billion in 2016; growing at a CAGR of 5.5% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 6% and 5.6%, respectively, during the forecast period.
The factors supporting the growth of the global testing, inspection, and certifications market include, rapid globalization, growing need for outsourcing the work, and stringent regulations on health and environment safety. Additionally, technological advancement and growing demand in emerging economies would provide market opportunities in the coming years. However, lack of international standards would hamper the market growth.
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The global testing, inspection, and certifications market has been bifurcated on the basis of type, and application. By type the market is further segmented into testing, inspection, and certification. Testing accounted for the largest market share among type segment in 2016, and is expected to dominate over the forecast period. Application segment is categorized into medical devices, oil & gas, food & beverages, telecommunication, aerospace, automotive, defense, automation, textile, and others.
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Geographically, the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Europe held the largest market share of 32% in 2016, due to stringent health regulations in the region. North America accounted for the second largest market share of 27.9%. In terms of growth, Asia-Pacific is to attain the fastest CAGR of 6% during the forecast period 2016-2024, owing to the blooming industrial sector and momentous rise in affluent consumers.
The major players in the market include ALS Ltd., Intertek Group PLC, Dekra SE, Bureau Veritas SA, Underwriters Laboratories Inc, AsureQuality Ltd., Element Materials Technology, SGS Group, Lloyd's Register Group Limited and ASTM International, among others.
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