Testing, Inspection, and Certification Market 2021 Precise Outlook – Intertek Group PLC, SGS SA, Bureau Veritas SA, Underwriters Laboratories (UL)

The report presents an in-depth assessment of the Testing, Inspection, and Certification Market including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Testing, Inspection, and Certification investments from 2021 till 2025.

The global testing, inspection, and certification market was valued at USD 218.44 billion in 2019, and it is expected to reach USD 294.43 billion by 2025, registering a CAGR of 5.3%, during the forecasted period (2020-2025).

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The Testing, Inspection, and Certification market is highly competitive and consists of a number of major players. Top Companies like Intertek Group PLC, SGS SA, Bureau Veritas SA, Underwriters Laboratories (UL), DNV GL, Eurofins Scientific SE, Dekra Certification GmbH, ALS Limited, BSI Group, SAI Global Limited, MISTRAS Group, Inc., Exova Group PLC, TUV SUD AG

Industry News And Developments:

– January 2020 – SGS acquired Thomas J. Stephens & Associates Inc. (Stephens), a US-based clinical research organization that serves the cosmetic and personal care industry. The latter is recognized as one of the leading providers of safety and efficacy testing and contract research serviced. With this acquisition, SGS expanded its Consumer and Retail service portfolio in the clinical testing sector for cosmetic and personal care products.

– December 2019 – UL Inc. entered into an agreement with the United States Business Council for Sustainable Development (US BCSD) to support the expansion of Materials Marketplace by securing recognition for reuse through third-party certification.

– October 2019 – Intertek announced expansion of its corrosion testing at Sharjah Laboratory Complex, in order to help clientele in the UAE, Saudi Arabia, Kuwait, Oman, Bahrain and Egypt. This further allows Intertek to offer enhanced local services in a laboratory devoted to the testing of corrosion inhibitors under highly sour conditions, such as fluids containing high levels of corrosive hydrogen sulfide (H2S).

Scope of the Report

the environment-focused initiatives are driving the adoption of new testing standards, primarily with the aid of new technologies. For instance, the Detox campaigns, such as Greenpeace’s ZDHC (Zero Discharge of Hazardous Chemicals) campaign across Europe and America. This campaign aimed to reduce the usage of harmful chemical substances in the textile industry (the second largest polluter of fresh water worldwide).

Key Market Trends

Energy and Chemicals is Expected to Hold a Significant Share

– The main scope of TIC services applications in the energy sector is to help ensure the safety, integrity, and reliability of plants and its equipment. These services are helping energy and hard commodity sector undergoing a massive transformation from existing systems to better ways of consumption, production, and distribution.

– Exploration and production, refining and processing, transportation and storage are some of the significant scopes where companies are offering services like risk analysis, environmental impact assessments to mitigation plans, construction assistance, and integrity of assets and equipment in operation.

Asia-Pacific Expected to Witness Rapid Growth

– Semiconductor manufacturing being the major factors driving the growth of the Japanese economy, in July 2019, Hamamatsu Photonics constructed a new factory building at the Shingai Factory in Japan. It supports the company in meeting with increasing sales demand for opto-semiconductors, X-ray image sensors, and X-ray flat panel sensors.

– Similarly, involvement of the South Korea in various trade agreements are helping in increasing the scope of TIC activities to other end-user industries. For instance, in November 2019, Indonesia and South Korea announced a free trade deal (CEPA), to remove tariffs on steel, textile, machine parts, and autos. 93% of Indonesia’s market may be open to South Korea.

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What are the market factors that are explained in the report?

Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

Analytical Tools: Testing, Inspection, and Certification Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market. 

The research includes historic data from 2015 to 2020 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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