AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
LONDON, GREATER LONDON, UK, November 3, 2023 /EINPresswire.com/ -- The global testing, inspection, and certification market, with an estimated value of $223.54 billion in 2022, is poised to reach $232.8 billion in 2023, indicating a steady compound annual growth rate (CAGR) of 4.1%. Ongoing disruptions resulting from the Russia-Ukraine war, including economic sanctions, supply chain disruptions, and commodity price surges, have influenced inflation across industries, presenting challenges to global economic recovery. Despite these challenges, the market is projected to expand further, reaching $275.16 billion by 2027, with a CAGR of 4.3%.
Market Segmentation and Key Players
•Service Type: Testing Service, Inspection Service, Certification Service
•Sourcing Type: In-House, Outsourced
•Application: Quality And Safety, Production Evaluation, Industrial Inspection, System Certification
•End-User: Consumer Goods And Retail, Food And Agriculture, Oil And Gas, Construction And Engineering, Energy And Chemicals, Manufacturing, Transportation, Industrial And Automotive, Other End-Users
Leading testing and certification companies such as SGS Group, Bureau Veritas, and Intertek, among others, are driving the testing, inspection, and certification market through a commitment to high-quality service offerings and adherence to evolving industry standards and regulations.
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Regulatory Standards Driving Market Growth
The stringent regulatory standards enforced by governments to ensure product safety and environmental protection are anticipated to propel the expansion of the testing, inspection, and certification market. With increased awareness of risks to human life and the environment, consumers are seeking reliable, high-quality products. To address safety and quality concerns, organizations worldwide are implementing safety testing, inspection, and certification services, aligning with legislative protocols. Notably, the European Commission's CO2 emission performance standards for cars and vans implemented in January 2020, regulation (EU) 2019/631, set performance standards for new passenger vehicles to reduce average CO2 emissions, exemplifying the significance of regulatory compliance in fostering market growth.
Technological Advancements Transforming Market Dynamics
The introduction of new technologies in testing, inspection, and certification products and services represents a notable trend influencing the testing, inspection, and certification market. The integration of artificial intelligence (AI) is reshaping operations across various sectors, including testing, inspection, and certification. Automated inspection techniques are being leveraged to address challenges associated with physically demanding inspection environments. A prime example is the establishment of the world's first automated laboratory for testing, inspection, and certification in Shanghai in November 2020. This landmark development, underpinned by robotic arms, autonomous guided vehicles, AI, and deep learning models, signifies a significant shift from traditional manual operations, marking a new era of technological advancements in the sector.
Regional Analysis and Market Expansion
In 2022, Asia-Pacific emerged as the largest region in the testing, inspection, and certification market, with the region expected to sustain significant growth momentum during the forecast period. The comprehensive market report encompasses detailed analyses of market dynamics across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, providing stakeholders and industry participants with valuable insights into regional market trends.
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Testing, Inspection, And Certification Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Testing, Inspection, And Certification Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on testing, inspection, and certification market size, testing, inspection, and certification market drivers and trends, testing, inspection, and certification market major players, testing, inspection, and certification market competitors' revenues, testing, inspection, and certification market positioning, and testing, inspection, and certification market growth across geographies. The testing, inspection, and certification market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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