Latest Research Study on Testing Inspection and Certification Market
Testing Inspection and Certification Market is expected to reach at a CAGR of 5.5% during the forecast period (2024-2031).
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Market Growth Drivers:
Rising instances of counterfeiting and adulteration
As global trade expands, businesses are rushing to enter international markets, leading to intense competition and slimmer profit margins. However, meeting the required testing standards and certifications for manufacturing products is costly and often impacts profitability. This creates an increased temptation for counterfeiting and adulteration.
Counterfeiting and adulteration typically occur as companies seek to boost profits by producing substandard goods that are cheaper to make.
Even well-established companies have been caught faking quality certifications to bypass regulations. For instance, in 2018, Kobe Steel Ltd was exposed for falsifying the quality and strength data of steel used by automotive manufacturers. Similarly, pharmaceutical adulteration remains a concern due to lax manufacturing practices.
High cost of testing procedures
Obtaining market access certification requires rigorous and detailed testing, inspection, and certification processes, which can take weeks or even months to complete. Legal reviews add to the complexity, further lengthening the timeline. The cost, which can reach thousands of dollars, is typically borne entirely by the business.
As a result, only large multinational companies can afford the significant capital investment required to enter new markets. These high costs present a major barrier, making it difficult for small and medium-sized businesses to expand into global markets. The hefty procedural expenses remain a key challenge in the testing, inspection, and certification industry.
Market Segments:
- By Service: Testing, Inspection, Certification
- By Sourcing: Inhouse Sourcing, Out Sourcing
- By Application: Consumer Goods, Agriculture, Chemicals, Construction, Energy and Power, Industrial, Health Care, Automotive, Mining, Oil and Gas, Others
- By Region: North America, Latin America, Europe, Asia Pacific, Middle East and Africa
Top Key Players:
- SGS SA
- Eurofins Scientific
- Bureau Veritas
- DEKRA:
- Intertek Group plc
- DNV
- ALS Limited
- BSI Group
- MISTRAS Group
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Regional Growth
The growth of domestic industries, higher product standards, and increased exports are set to drive profitable opportunities in the testing, inspection, and certification market.
The Asia-Pacific region leads the global market, driven by rapidly growing economies like China, Japan, India, and South Korea. These countries are attracting consumers with expanding domestic industries, higher product standards, and a boost in exports. In South Korea, the government plans to make robotics a US$ 25 million industry by 2023, positioning the country as a key player in the field and supporting the rise of robotic companies. However, companies must meet both global and local certification standards for industrial robots before they can be used in manufacturing.
In China’s automotive chip industry, major players have pointed out the lengthy and costly testing and certification processes. For example, achieving the AEC-Q100 automotive-level certification, managed by European and US agencies, can take up to 18 months. A new domestic standard in China will soon require global TIC companies to shift their compliance strategies.
Key Development
On January 25, 2022, Temasek, in partnership with Bridgepoint, successfully acquired Element Materials Technology Group. The financial details of the transaction have not been disclosed and are pending standard regulatory approvals.
