Allied Market Research
Loading...
0

Testing, Inspection and Certification Market Expected to Reach $349.27 Billion By 2030

 

Report Code : A09890

quote the testing, inspection and certification market in Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to high investments in the agro industry sector. Moreover, economically developed nations tend to witness high penetration of testing, inspection and certification products in food and chemical industry sectors, which is projected to significantly contribute toward growth of the market. quote

Asavari Patil
Lead Analyst, Semiconductor and Electronics

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Testing, inspection and certification Market by Service Type, Sourcing Type, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global testing, inspection and certification market size was valued at $213.60 billion in 2020, and is projected to reach $349.27 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030. Testing accounted more market share in 2020 and is expected to maintain this trend during the forecast period.

The key factor that drives the growth of the TIC device market include increasing focus of manufacturing companies to improve customer retention by offering quality products and surging demand for interoperability testing for connected devices and IoT. The key factors that hamper the growth of this market is the high cost of TIC services due to diverse standards and regulations across different geographies. The opportunity lies in the digital transformation of customer services and rapid adoption of breakthrough technologies.

By service type, it is fragmented into testing, inspection, and certification. Among all testing were the highest revenue generating segment that accounted for $112,751.9 million in 2020. However, the inspection segment is expected to witness the fastest growth at a CAGR of 6.0% during the forecast period.

By industry vertical, the market is divided into agro industry, food industry, pharmaceuticals, chemical industry, oil and gas, and others. The agro industry is the fastest growing segment, to register a CAGR of 9.2%, during the forecast period. However, the food industry segment is the highest revenue contributor that accounted for $55,065.8 million in 2020.

By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor that was valued at $73,585.2 million in 2020. This region is further expected to attain a market value of $75,719.4 million by 2022, to grow at a CAGR of 3.5%. Moreover, Asia-Pacific is expected to maintain its dominant position during the forecast period.

Covid-19 Impact Analysis

The outbreak of COVID-19 has significantly affected the electronics and semiconductor sector. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases and are expected to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted global supply chain posing challenges for manufactures to reach customers.

The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the overall business globally. The crisis is creating uncertainty in the stock market and is resulting in falling business confidence, massive slowing of supply chain, and increasing panic among customer segments.

Asian and European countries under lockdowns have suffered major loss of business and revenue, owing to the shutdown of manufacturing units. Operations of production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, which further impacted the growth of the testing, inspection and certification market growth.

In addition, the COVID-19 pandemic has impacted the electronics sector as production facilities have stalled, which, in turn, have increased demand for electronics and semiconductor products in these industries. Its major impact includes a large manufacturing interruption across Europe and interruption in Chinese parts exports, which hinder the testing, inspection and certification market trends.

Key Findings Of The Study

  • The food industry segment is projected to be the major end user, followed by pharmaceuticals.
  • Asia-Pacific and North America collectively accounted for more than 59% of the testing, inspection and certification market share in 2020.
  • Japan is anticipated to witness highest growth rate during the forecast period.
  • U.S. was the major shareholder in the North America testing, inspection and certification market analysis, accounting for approximately 69% share in 2020.
  • Depending on sourcing type, the In House segment generated the highest revenue in 2020. However, the outsource segment is expected to witness the highest growth rate in the future.
  • Region wise, the testing, inspection and certification market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.

The key players profiled in the report include ABS, ALS Global, ASTM, BSI Group, Bureau Veritas, DEKRA, DNV, Intertek, ISO, Lloyds Register, SAI Global, SGS Group, and TUV. These players have adopted various strategies such as acquisitions, mergers, and product launch to strengthen their foothold in the testing, inspection and certification industry.   

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Testing, Inspection and Certification Market By Service Type (Testing, Inspection, and Certification), Sourcing Type (In House, and Outsource), Application (Quality and Safety, Production Evaluation, Industrial Inspection, System Certification, and Others), Industry Vertical (Agro Industry, Food Industry, Pharmaceuticals, Chemical Industry, Oil and Gas, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 4,023 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jan 2021

Surgical Equipment Market

Download Sample
rep-img

Published Date Nov 2020

Medical Implant Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Testing, Inspection and Certification Market"
Purchase Enquiry