In a recent published report, Kenneth Research has updated the market report for Testing, Inspection, and Certification Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Testing, Inspection, and Certification Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
Global Testing, Inspection and Certification Market is estimated to reach $351 billion by 2024; growing at a CAGR of 5.5% from 2016 to 2024. Testing, inspection and certification companies provide services to a wide range of industries such as textile, food & beverages, aerospace, automotive and others. This service provides with high consumer protection, builds confidence on a product, reduces costs and others. Rising government interests and consumer concerns over the availability of below standard goods have led to augment the quality and safety services.
Growing third party TIC services and stringent rules & regulations are the major factors driving the testing, inspection and certification market. Though, lack of international standards may hinder the growth of the market. Nevertheless, advanced technologies and huge potential in emerging economies would provide growth opportunities in coming years.
The global testing, inspection and certifications market has been segmented on the basis of type and application. By type the market is further segmented into testing, inspection and certification. By application, the global testing, inspection, and certifications market is segmented into defense, aerospace, food & beverages, medical devices, oil & gas, telecommunication, automotive, automation, textile, and others.
Based on geography, the global testing, inspection, and certification market has been segmented into North America, Europe, Asia-Pacific and RoW. The U.S., Mexico and Canada are covered under North America wherein Europe covers Germany, France, UK, Italy, and others. Asia-Pacific covers China, India, Japan, and others. Rest of the World (RoW) covers South America, Middle East and Africa.
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Major companies operating in this market are SGS Group, Intertek Group PLC, AsureQuality Ltd., Dekra SE, Underwriters Laboratories Inc, Element Materials Technology ALS Ltd., Lloyd’s Register Group Limited, Bureau Veritas SA, and ASTM International, among others.
The key takeaways from the report:
The report will provide detailed analysis of Testing, Inspection, and Certification Market with respect to major segments such as type and application. The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024. Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report. An exhaustive regional analysis of Testing, Inspection, and Certification Market has been included in the report.
Profile of the key players of the Testing, Inspection, and Certification Market will be provided, which include key financials, product & services, new developments and business strategies.
Scope of Testing, Inspection, and Certification Market
Type Segment
Testing
Inspection
Certification
Application Segment
Defense
Aerospace
Food & Beverages
Medical Devices
Oil & Gas
Telecommunication
Automotive
Automation
Textile
Others
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Geographical Segments
North America
US
Canada
Mexico
Europe
Germany
France
UK
Italy
Others
Asia-Pacific
China
India
Japan
Others
RoW
South America
Middle East
Africa
About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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