Harrisburg, NC -- (SBWIRE) -- 10/27/2020 -- The Global Testing, Inspection, and Certification Market Research Report 2020-2025 research report offers an in-depth evaluation of each crucial aspect of the Global Testing, Inspection, and Certification industry that relates to market size, share, revenue, demand, sales volume, and development in the market. The report analyzes the Testing, Inspection, and Certification market over the values, historical pricing structure, and volume trends that make it easy to predict growth momentum and precisely estimate forthcoming opportunities in the Testing, Inspection, and Certification Market. The report explores the current outlook in global and key regions (North America, Europe, Asia-Pacific, and Latin America) from the perspective of players, countries (U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc.), product types, and end industries.

The global testing, inspection, and certification market was valued at USD 218.44 billion in 2019, and it is expected to reach USD 294.43 billion by 2025, registering a CAGR of 5.3%, during the forecasted period (2020-2025).

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Global Major Players in Testing, Inspection, and Certification Market are:
SGS, Bureau Veritas, Intertek, and others.

Although the market is fragmented, the market is dominated by three large players, namely, SGS, Bureau Veritas, and Intertek (25% of the total market share), and the top 10 players accounted for less than 40% of the TIC market. Enterprises across industries, like life sciences, utilities, and public sector, are still dependent on in-house TIC services. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability

Market Overview:
The advent of new technologies, and the high demand for inspection and testing at regular intervals across a few industries, such as oil and gas, the TIC market is expected to witness growth, irrespective of the industrial seasonality.

- There is an increase in the volume of international imports and exports, especially for products, such as food and medical products. The Food and beverage, consumer electronics, agriculture, and automotive (electrical vehicles) markets are expected to provide more scope for TIC services.
- Additionally, the environment-focused initiatives are driving the adoption of new testing standards, primarily with the aid of new technologies. For instance, the Detox campaigns, such as Greenpeace's ZDHC (Zero Discharge of Hazardous Chemicals) campaign across Europe and America. This campaign aimed to reduce the usage of harmful chemical substances in the textile industry (the second largest polluter of fresh water worldwide).
- However, trade wars and growth fluctuations have been challenging the end-user industries and with the recent outbreak of COVID 19, testing, inspection and certification market is playing crucial role by providing assurance that the product and services offered, especially in the healthcare sector, to the customers meet the fundamental safety and health requirements. TIC council directed respective countries to continue providing the TIC services for safety of workplace plant and machinery.
- For instance, company such as Dekra and SGS are providing their TIC services with minimum disruption to their supply chain. However, the market is expected to experience slowdown in other sectors especially in transportation and manufacturing industries as the market has been significantly impacted by the lockdown strategy followed by the nations embracing the pandemic.

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What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a Global and regional scale.

-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

-Analytical Tools: The Global Testing, Inspection, and Certification Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

Customization of this Report: This Testing, Inspection, and Certification market report could be customized to the customer's requirements. Please contact our sales professional (sales@marketintelligencedata.com), we will ensure you obtain the report which works for your needs.

The research includes historic data from 2015 to 2020, and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs

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Market Intelligence Data provides syndicated market research on industry verticals including Healthcare, Information, and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc., Market Intelligence Data provides Global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.