Allied Market Research, titled, “US Consumer Product Safety Testing Market Size By Offering, Sourcing Type and Industry Vertical: Opportunity Analysis and Industry Forecast, 2021–2030,” the US Consumer Product Safety Testing Market size was valued at $7,453.5 million in 2020, and is projected to reach $10,546.4 million by 2030, registering a CAGR of 3.6%.
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The key factor that drives the growth of the U.S. consumer product safety testing industry includes the 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 factor that affects the US Consumer Product Safety Testing Market size is the high cost of product safety testing services, due to diverse standards and regulations across different regions. The opportunity lies in the digital transformation of customer services and the rapid adoption of breakthrough technologies. Such US Consumer Product Safety Testing Market trends are expected to boost the market in the future.
According to the current US Consumer Product Safety Testing Market trends, the most widely used testing services are the Consumer Product Safety Commission (CPSC) third-party testing and the Consumer Product Safety Improvement Act (CPSIA) compliance testing. The demand for these services is expected to grow steadily in the forecasted period.
By offering, the US Consumer Product Safety Testing Market is divided into electromagnetic compatibility, electrical safety, connectivity, electronics testing, energy efficiency testing, and others. The electronics testing segment was the highest revenue contributor, accounting for $1,822.4 million in 2020, and is estimated to reach $2,050.2 million by 2030, with a CAGR of 1.2%. This is due to rapid technological advancement and the adoption of smart wireless devices.
By sourcing type, the US Consumer Product Safety Testing Market is bifurcated into in-house and outsourced. The in-house testing administrations give organizations unlimited authority over the whole testing procedure, and thus, it is widely adopted across the U.S. The in-house segment was the highest revenue contributor, accounting for $4,147.2 million in 2020, and is estimated to reach $5,284.8 million by 2030, with a CAGR of 2.5%. By industry vertical, the market is analyzed across communications, semiconductors, aerospace and defense, consumer electronics, automotive, healthcare, industrial, food and beverages, and others. The food and beverages segment was the highest revenue contributor, accounting for $1,511.6 million in 2020, and is estimated to reach $2,051.3 million by 2030, with a CAGR of 3.2%. This is due to stringent regulations imposed by regulatory bodies on manufacturers to ensure consumer safety as well as the quality of food.
COVID-19 has caused the overall semiconductor industry to mobilize quickly and to make short-term decisions with long-term implications. Semiconductor companies operate in a complex ecosystem, working across the value chain with numerous raw materials, assembly, test, package, and equipment suppliers & partners globally. The ongoing COVID-19 pandemic has abruptly reshaped the global economy. A sudden decline in infrastructure development and installation projects is expected to hamper the US Consumer Product Safety Testing Market analysis for commercial, government, industrial, residential, and other verticals.
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US Consumer Product Safety Testing Market Report Highlights
By Offering
Electromagnetic Compatibility
Electrical safety
Connectivity
Electronics Testing
Energy Efficiency Testing
Others
By Sourcing Type
In-House
Outsource
By Industry Vertical
Communications
Semiconductors
Aerospace and Defense
Consumer Electronics
Automotive
Healthcare
Industrial
Food and Beverages
Others
Key Findings of the Study
- In 2020, the electronics testing modem segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 1.2% during the forecast period.
- The in-house segment is projected to grow at a CAGR of 2.5% during the forecast period.
- The food and beverages segment is projected to grow at a CAGR of 3.2% during the forecast period.
The key players profiled in the report include ALS Limited, BSI Group, Bureau Veritas SA, DEKRA, DNV, Element Materials Technology, Intertek Group PLC, ISO, and TUV. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the market.
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