Testing, Inspection and Certification Industry
Description
Testing, Inspection, and Certification represent a massive industry as every manufacturing company needs to go through a series of rigorous tests before it could be released into the market. The latest reports talk about facts and figures about the industry, what are the crucial key companies of the industry and what will the size of the industry at the end of 2026.
The facts and figures about the industry
As per the reports from the WGR, the testing, inspection, and certification industry represented a whopping $184.2 billion in the year 2017. The figures are lucrative, and the industry is about to expand at a compound annual growth rate of 6 percent in the period 2017 to 2026. By the end of 2026, the net size of the industry would reach $312.25 billion. The growth prospects bring some positive signs as more and more investors are investing a substantial amount in the industry.
Understanding the crucial factors of the industry
Multiple factors characterize the growth of the testing, inspection, and certification industry. Some of the primary factors that have affected the growth prospects of the trade involve an increase in several goods in the developing nations, standardization and stringent regulations by the government bodies, rise in product recalls along with the rising need of certification. However, the industry is flawed by a significant number of reasons. The primary factors include a lack of universal standard and strict regulations along with the complex nature of the supply chains of different companies.
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Important geographies
The European Union represents the lion share when it comes to the global testing, inspection, and certification industry. Tight regulations, along with strict punishments, has helped the industry flourish in unfathomable ways. Other vital factors include regular updates in the energy efficiency for manufacturing of products along with an increasing focus on outsourcing. The Asia Pacific regions have seen significant growth in the same timeframe. The rise in the manufacturing industry has propelled the growth rates in countries like China and India. Other prominent markets include nations like The United States, Canada, Mexico, and other European countries have reported great numbers too.
Crucial companies in the domain
The great figures, coupled with the rapid development of the industry, has drawn the attention of many multinational brands. Some of the leading names in the list are the DNV GL Group AS, ALS Limited, Eurofins Scientific, Mistras, TUV Noord, SGS among many other names. These companies represent some global icons who have in the industries for decades altogether.
Other key facts about the industry
Based on the type of sourcing, the entire testing, inspection, and certification industry can be broadly categorized into two segments – Outsourcing and In-house. The service provided to the end customers includes inspection, testing, and certification of the products manufactured by the companies.
On the other hand, the major industries that require services include industrial and manufacturing industry, consumer goods and retail industry, oil, gas, and petroleum industry along with almost all sectors that require testing services.
Continued…
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