Northbrook, IL 60062 -- (SBWIRE) -- 04/29/2022 -- The testing, inspection, and certification market is projected to reach USD 268.9 billion by 2027 from USD 221.4 billion in 2022; it is expected to grow at a CAGR of 4.0% from 2022 to 2027.
The European testing, inspection, and certification market is propelled by the growing trend of outsourcing testing, inspection, and certification services to various third-party service providers. Manufacturing facilities and large corporations are gradually outsourcing testing, inspection, and certification services to reduce operating costs and focus more on their core business competencies.
The agriculture and food industry are expected to grow at a faster CAGR during the forecast period. The rising focus of government establishments to improve food safety is a primary factor in promoting testing, inspection, and certification services in the agriculture and food sector.
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The increasing number of food contamination occurrences is forcing regulatory bodies to develop compliance regulations to curb the number of foodborne diseases. Moreover, the surge in trade between countries and the emergence of global food supply chains further add to the demand for testing, inspection, and certification services in the sector.
The North American market has increasing adoption of testing, inspection, and certification market due to Growing number of manufacturing plants and R&D centres, as well as stringent regulations, for aerospace components and electronic devices and increasing awareness regarding benefits of certified products and services across domains. The outbreak of the novel coronavirus affected the testing, inspection, and certification market, but steady recovery is expected by 2022.
The testing, inspection, and certification market in the Asia Pacific was extensively affected by the complete and partial lockdown across emerging economies in Asia Pacific, namely China and India. Though these economies continue to be the drivers for testing, inspection, and certification market growth in the region, these are also responsible for the global slowdown. Loss in the production capacity, though is less relevant as a result of outright curbs to movement, had a considerable impact on the economic growth in the initial days, leading to a ripple effect in 2021. On the other hand, low spending activities initially led to a decrease in demand for consumer goods and retail products but are now expected to bring in new market opportunities due to improved consumer spending behaviour in the region. Financially, during the peak of COVID-19, the equity markets in the Asia Pacific region lost almost one-third of their value due to capital investments being pulled out from both emerging markets and directly impacted economies.
The testing, inspection, and certification market is further expected to witness improved demand largely from the consumer goods and retail, agriculture and food, and construction and infrastructure market that are expected to exhibit high growth rates during the forecast period.
The Testing, inspection, and certification market is segmented based on service type into testing, inspection, and certification services. The market is also segmented according to application. Based on sourcing type, the market has been classified into in-house sourcing type and outsourced type. Based on region, the testing, inspection, and certification market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). The testing, inspection, and certification market in these regions is further segmented into different countries.