Testing, Inspection, and Certificate Market: Improve Marketability of Product
The global testing, inspection, and certification market is expected to grow at a CAGR of 5.2% during the forecast period of 2019 to 2025.
The testing, inspection, and certificate market include manufacturer and distributors involved in improving the marketability of their products. Testing, inspection, and certificate services enhance product quality, comply with global standards, increase profitability, improve productivity, ensure safety and brand security. These services assure consumers that the company has followed every national and international norm. It ensures safety of public health, and maintain quality of product.
Rise in demand to outsource testing, inspection, and certificate service is a major driver of the global testing, inspection, and certificate market. Emerging technologies such as next generation automation, augmented reality, connected device, block chain, cloud based, big data, Cybersecurity, smart sensor and data analytics are key factors fueling the growth of the global testing, inspection, and certificate market. Whereas, revenue of company dealing with products such as internal combustion vehicles and emissions vehicles are expected to decline with the use of testing, inspection, and certificate services and thereby hindering the growth of this market. However, surge in implementation of renewable energy generation project is anticipated to bring lucrative opportunities for the global testing, inspection, and certificate market to grow in coming years.
Government of various countries initiated its investment in developing renewable energy generation sources. Surge in investment in implementation of renewable energy generation project is expected to fuel the growth of the global testing, inspection, and certificate market as these services play a crucial role in renewable energy generation project. In 2020, China decided to invest $360 billion in renewable energy sector. India announced to set world’s largest expansion plan of 225 GW by 2022 of renewable power which includes 5 GW from small hydropower, 10 GW from biomass power, 100 GW from solar energy, and 60 GW from wind power. Such investments are expected to boost the testing, inspection, and certificate market.
The global testing, inspection, and certificate market is studied among Asia-Pacific, North America, Latin America, Europe, Middle East and Africa. Among which, Europe is expected to hold largest market share in the global testing, inspection, and certificate market during the forecast period owing to implementation of strict rule pertaining to quality and safety of product. On the other hand, North America is anticipated to grow in the coming years. This is attributed to the adoption of advanced technology in the inspection, testing, and certificate services. Asia-Pacific hold 30% share of the global testing, inspection, and certificate market in 2018 due to increase in regulatory and economic factor in this region. It is expected to be the fastest growing market in the global testing, inspection, and certificate market during the forecast period, due to increase in implementation of renewable energy generation product in this region.
Market players included in research study of the global testing, inspection and certificate market are Bureau Veritas, Eurofins Scientific, TÜV SÜD, Intertek, Dekra, TÜV Nord, Applus+, TÜV Rheinland and SGS.
Reference: https://www.reportocean.com/industry-verticals/details?report_id=43468