PersistenceMarketResearch states that the global Testing, Inspection and Certification Market is expected to grow at the rate of more than 17% between 2020 and 2030.
The conformity assessment bodies that make provisions for services like quality assurance and verification, verification, testing, inspection, and auditing fall in the category of testing, inspection and certification sector. The testing, inspection and certification services are witnessing an upsurge due to need for reducing the recall costs and improvement in production efficiency in non-core tasks, processes, jobs, or operations to the external 3rd-party specialist (s) for long. These factors are there to catalyze the testing, inspection and certification market. At the same time, conformation to local laws is bound to restrain the market for testing, inspection and certification market.
Dominance of the Asia-Pacific
The Asia-Pacific is expected to hold the largest market share due to expansion of consumer base in countries like South Korea, Japan, India, and China. Also, in Japan, the goods imported are subject to approval by various agencies like DENAN & PSE Approval, SG Seal of Safety Approval for Mechanical Products, and Optional S Mark Certification.
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Besides, South Korea and Indonesia, in Nov 2019, did table CEPA (a type of free trade deal) for removal of tariffs on textile, steel, autos, and machine parts. The likelihood of 93% of the market of Indonesia being exposed to Korea can’t be ruled out.
The key market participants include SGS SA, Bureau Veritas SA, DEKRA, Intertek Group plc, DNV GL, Applus, TUV Rheinland AG, ATRAC Group, MISTRAS Group Inc., ALS Global, Apave International, Compoende Beneficiamento De Pecas Ltd., ASTM International, LENOR Group, Standardization and Certification NYCE, S.C., Cugnier, Element Materials & Technology, OPUS Group AB, Genesis Group, Favareto SA, OIL TEST INTERNACIONAL, DEKRA, and Bureau Veritas SA.
Coming to developments, SGS, in Jan 2020, did complete acquisition of Thomas J. Stephens & Associates Inc. This acquisition helped SGS in expansion of its consumer and retail service portfolio in clinical testing sector regarding personal care and cosmetic products.