Testing, inspection and certification services are becoming increasingly important for companies spanning a vast number of industries as these services ensure the maintenance of health, safety, and quality requirements of the concerned products. Increasing focus of the enterprise sector on safety legislations and standards, diversified requirement of products, and standard regulations are some of the factors responsible for the growth of the market.
Furthermore, increasing trade between countries as a result of globalization has also impacted the growth of this market positively. Considering these positive factors, the demand for testing, inspection, and certification services is set to rise during the forecast period from 2017 – 2025. The global testing, inspection and certification market was valued at US$184,545.5 mn in 2016 and is anticipated to expand at a CAGR of 5.8 % from 2017 to 2025.
In the European Union, for instance, the General Safety Regulation (EC) No 661/2009 in 2014 mandated advanced safety features in every new van, car, bus and truck sold in the European Union. The new features included ISOFIX child seat anchorages, tire pressure monitoring systems and driver seatbelt reminders. Moreover new buses and trucks must also be armed with lane departure warning systems as well as advanced emergency braking systems.
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Increased outsourcing of TIC services is expected to emerge as a key opportunities for companies in the global testing, inspection and certification market over the forecast period. The testing, inspection and certification are unceasingly adopted by the emerging economies such as Asia Pacific and South America, which is further anticipated to drive the growth of testing, inspection and certification over the forecast period.
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Some of the leading players in the global testing, inspection, and certification market are Intertek Group PLC, Bureau Veritas SA, SGS Group, ASTM International, ALS Ltd., TUV SUD AG, DNV GL Group AS, AsureQuality Ltd., Underwriters Laboratories Inc, Dekra SE, Lloyd’s Register Group Limited, and TÜV Rheinland Group.