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Inspection and testing equipment is the product of measurement methods to classify or detect and cut-off in material, component, or structure. Companies need to have quality certification in harmony with standards such as ISO 9001 quality management system and other quality control confidence endorsements. Moreover, the number of companies utilizing inspection to improvise procedures, reduce waste, and limit responsibility has improved substantially.
Factors such as rigorous government rules affiliated to public security and product quality, enlarged acceptance of inspection and testing equipment and facilities in electronics, automation, and robotics industrial segments, high acceptance of IoT devices, increased demand for appraisal of health of aged assets are anticipated to further assist the growth of the inspection & testing equipment market in the region.
COVID-19 Impact analysis
The COVID-19 pandemic has disrupted the inspection & testing equipment market significantly. It has decreased manufacturing and production activities in several regional due to the enforcement of lockdown by many national governments. Nevertheless, the healthcare division witnessed significant inspection & testing equipment practices due to the rising need to acquire healthcare services and related products, including medicinal supplies. The consumer goods domain also embraced inspection and testing equipment practices during the pandemic due to people's rising demand to access safe and appropriate quality food products.
The spread of COVID-19 led to the acceleration production of medicines and other medical equipment. This has escalated the demand for inspection and testing equipment in the healthcare & pharmaceuticals end-use industry, owing to surged demand for Test and measurement equipment products and solutions.
Top Impacting Factors
Flaring complexity of machinery, growing requirements of precise product utilization specifications, on-going rigorous implementation of government regulations to ensure the workforce's safety, and rising rigorous quality control requirements are the key factors that enhance the growth of the market for inspection & testing equipment and services. Preceding evidence of infrastructure failures such as leakages in nuclear refineries, pipeline explosions, and refinery blasts has shown governments worldwide to impose rigorous safety regulations, which have fueled the demand for inspection and testing of equipment and services.
Developing economies such as India, China, Malaysia, and Brazil are experiencing swift infrastructural advancements such as constructing new bridges, dams, railways, power plants, and refineries. This propels the demand for inspection and testing equipment, which, in turn, is anticipated to escalate the growth of the companies providing inspection and testing equipment.
In addition, it has become important for key players to improve their global presence, and at the same time, make a highly qualified workforce for offering effective inspection and testing equipment. Hence, a qualified workforce with the required for inspection and testing equipment skill-set is a strategic concern for companies.
Market Trends
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