Testing, Inspection & Certification Market - Forecasts from 2021 to 2026

The global testing inspection & certification market is expected to grow at a compound annual growth rate of 6.01% over the forecast period to reach a market size of US$338.567 billion in 2026, from US$225.018 billion in 2019. The shift towards a tougher and complex regulation and standard across a variety of industries is driving the testing, inspection, and certification market. Moreover, the increasing trend of globalization along with the rapid growth in the exported goods from the developing to the developed nation is further driving the market. The rising urbanization and increasing disposable income are also expected to play a major role in the market growth, in the coming years. According to the World Bank, 68% of the world's population is expected to reside in urban areas by the year 2050, up from 55% in 2019. The demand for high-quality products has been surging at an exponential rate, in the past few years. Major developing countries have been enhancing and improving their testing, inspection, and certification measures. India and China are expected to play a major role in the market growth, in the coming years.

Growth in agriculture trade.

The market is expected to surge in the coming years, due to the rise in agricultural trade, worldwide. According to the data given by the World Trade Organization, global agricultural exports have more than doubled in volume and tripled in value, since the year 1995, and had exceeded US$1.8 trillion in the year 2019. There has been a rise in share in imports and exports from developing nations. According to the data given by UNCTAD, the share of total food exports and imports accounted for by developing nations rose from 31% to around 40%, and 26% to around 39%, between the years 1995 to 2016. The increase in testing and certification has to the rise in the quality of food products, which is expected to play a major role in the market growth. Major companies have been making significant developments in the market. For instance, Intertek, one of the key players in the market, assist during production inspection, final inspection, and loading supervision to ensure that all safety and quality requirements have been met.

Growth in the oil & gas sector.

The market is expected to surge in the coming years, due to the growth in the oil & gas sector, worldwide. According to the data given by the International Energy Agency, global oil demand rose by 1.1 million barrels per day, in the third quarter of the year 2019. Countries, such as the United States, Russia, and Saudi Arabia have been making significant developments in the market. The United States has been expected to export more oil than Russia, by the year 2024. In the year 2019, The United States shale oil had been powering the global oil market transformation. The increasing trade is expected to be a major factor in the overall testing, inspection, and certification market growth. Major companies have been making significant developments in the market. For instance, Bureau Veritas, one of the key players in the market, provides an experienced team of IFIA certified surveyors working at refineries, ports, and storage locations, worldwide. The company has been offering proper and accurate testing and inspection of petroleum cargo. These trends and developments are expected to play a major role in the market growth, in the coming years.

Latest Developments.

Major companies have been making significant developments in the market.

• In July 2021, SGS, testing, inspection, and certification firm had announced that it had joined forces with Uniqlo to launch and release the retailer's novel and first independently checked mark (IC Mark) for infants clothing in China. The company's IC Mark has been a major and voluntary product certification that offers producers and retailers a wider ability to show their focus on performance and quality.
• In July 2021, Intertek Group, a major player in the market, had announced the acquisition of JLA Brazil, which had been providing Agri, food, and environmental testing solutions, based in Brazil. This acquisition would allow Intertek to enter the food testing sector in Brazil. This development is expected to play a major role in the market growth, in the coming years.

Growth in the automotive sector.

The market is expected to surge in the coming years, due to the growth in the automotive sector, worldwide. According to the data given by the International Organization of Motor Vehicle Manufacturers, around 91.7 million vehicles were produced in the year 2019. Major companies have been making significant developments in the market. For instance, TUV SUD, one of the key players in the market, provides OEMs, government and transport authorities, automotive suppliers, leasing and fleet companies, car dealers with a wider and comprehensive set of mobility services to ensure that the vehicle or the product has been in compliant with highest automotive quality and safety standards.

Segmentation:

• By Type
• Testing
• Inspection
• Certification

By End-User

• Agriculture
• Automotive
• Healthcare
• Oil & Gas
• Food & Beverage
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Italy
• Others
• Middle East and Africa
• Saudi Arabia
• South Africa
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Thailand
• Taiwan
• Indonesia
• Australia
• Others