Analysis and Forecasts By Sourcing type (In-House service and Outsourced Services); Service Type (Testing, Inspection, and Certification); and End-User (Food & Beverage, Healthcare & Pharmaceutical, Consumer Goods & Retail, Energy & Power, Manufacturing & Construction, and Others)
No. of Pages:152
Report Code:
TIPRE00006282
Category:
Technology, Media and Telecommunications
The Asia-Pacific testing, inspection & certification market accounted for US$ 79.73 Bn in 2018 and is expected to grow at a CAGR of 6.3% over the forecast period 2018–2027, to account for US$ 136.00 Bn in 2027.
The progression of technological advancement, along with the popularity of the internet of things (IoT) has a profound positive impact over the maintenance and inspection through the introduction of predictive maintenance. Furthermore, the rise in emphasis towards reducing equipment and machinery downtime has added to the demand for frequent maintenance, testing, and inspection of critical assets and systems. As a result, the market players in line with the end-user requirements have adopted as well as modified their market-related offerings for enabling superior customer experience for their large clients. Subsequently, the availability of technologically superior equipment and devices for testing or inspection application has facilitated in enabling accurate and seamless inspection of significant assets and systems compared to conventional approaches.
The existing large number of market players, along with high market competition, has resulted in a surge in the volume of mergers and acquisition across the TIC industry. The leading market players operating in the market have focused heavily on the merger and acquisition strategy for boosting the growth of their group revenue. Furthermore, the selected leading players in the market accounted for the majority share in the mergers & acquisition in the past decade for propelling the revenue growth of the players. Also, the strategies are projected to continue to remain popular across the leading market players during the coming years.
Currently, China is dominating the Asia-Pacific testing, inspection & certification market, which in turn boost the demand for testing, inspection & certification market in Asia-Pacific. The country is also attracting huge FDIs owing to government initiatives such as “Made in China” to propel the manufacturing sector of the company. Compiling to this, several multinationals operating in different sectors are targeting the Chinese market and opening their manufacturing facilities in the country. Attributed to the presence of a robust manufacturing industry in the country, the demand for the TIC market is anticipated to witness robust. Further, there are over 300 certified foreign-invested TIC companies operating in the country. Most of these companies are located in the more developed eastern regions, as per China's Certification and Accreditation Administration. Further, the administration also stated that in 2015-2017, the number of TIC companies increased at an average annual rate of 26%. The figure given below highlights the revenue share of Rest of APAC in the Asia-Pacific testing, inspection & certification market in the forecast period:
How big is the Asia-Pacific Testing, Inspection & Certification Market?
The Asia-Pacific Testing, Inspection & Certification Market is valued at US$ 79.73 Billion in 2018, it is projected to reach US$ 136.00 Billion by 2027.
What is the CAGR for Asia-Pacific Testing, Inspection & Certification Market by (2018 - 2027)?
As per our report Asia-Pacific Testing, Inspection & Certification Market, the market size is valued at US$ 79.73 Billion in 2018, projecting it to reach US$ 136.00 Billion by 2027. This translates to a CAGR of approximately 6.3% during the forecast period.
What segments are covered in this report?
The Asia-Pacific Testing, Inspection & Certification Market report typically cover these key segments-
Sourcing type (In-House service, Outsourced Services)
What is the historic period, base year, and forecast period taken for Asia-Pacific Testing, Inspection & Certification Market?
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia-Pacific Testing, Inspection & Certification Market report:
Historic Period : 2016-2017
Base Year : 2018
Forecast Period : 2019-2027
Who are the major players in Asia-Pacific Testing, Inspection & Certification Market?
The Asia-Pacific Testing, Inspection & Certification Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
ALS Limited
Applus Services, SA
Bureau Veritas
Dekra Automobil GmbH
DNV GL
Eurofins Group
Intertek Group PLC
SGS SA
TÜV Rheinland AG
TÜV SÜD AG
Who should buy this report?
The Asia-Pacific Testing, Inspection & Certification Market report is valuable for diverse stakeholders, including:
Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
Industry Players: Offers competitive intelligence, market sizing, and trend analysis to inform strategic planning, product development, and sales strategies.
Suppliers and Manufacturers: Helps understand market demand for components, materials, and services related to concerned industry.
Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
Financial Institutions: Helps assess risks and opportunities associated with financing or investing in the concerned market.
Essentially, anyone involved in or considering involvement in the Asia-Pacific Testing, Inspection & Certification Market value chain can benefit from the information contained in a comprehensive market report.
Get Free Sample For Asia-Pacific Testing, Inspection & Certification Market
