Market Research Report
Asia-Pacific Testing, Inspection & Certification Market to 2027 - Regional Analysis and Forecasts By Sourcing type ; Service Type ; and End-User
|Published by||The Insight Partners||Product code||907403|
|Published||Content info||152 Pages
Delivery time: 1-2 business days
|Asia-Pacific Testing, Inspection & Certification Market to 2027 - Regional Analysis and Forecasts By Sourcing type ; Service Type ; and End-User|
|Published: July 31, 2019||Content info: 152 Pages||
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 consistent technological advancement, along with the integration of automated solutions into production and manufacturing processes, has gained attraction for numerous certification, testing, and inspection requirement. Besides, the continuous improvement in industry practice towards achieving superior levels of quality control and workplace safety continues to drive the demand for improved and efficient testing, inspection, and certification based requirements. Factors such as a rise in gross domestic product and industry value add owing to an increase in demand from end-users is also anticipated to provide a steady revenue stream for the market players during the coming years. Thus, technological advancements are expected to positively impact the testing, inspection & certification market in coming years.
The existing large number of regulatory and government agencies along with trade watchdogs based institutional organization has facilitated in the seamless implementation of numerous trade practices and safety norms. Moreover, the limited inter-governmental cooperation, along with different jurisdiction restriction has resulted in the prevalence of a notably significant number of rules, certification, guidelines, and compliances related regulatory norms for various end-users. However, the recent improvement in inter-governmental cooperation through improving international trade flow along with simplification of complicated regulation has gained traction resulting in a rise in the number of outsourced and robust TIC-based regulatory guidelines. Additionally, the prominence of free trade agreements and special economic zones approved through multiple countries deal especially across emerging economies is expected to provide numerous inspection, testing, and certification based market opportunities for the market players operating in the testing, inspection & certification market during the coming years.
The Asia-Pacific testing, inspection & certification market is fragmented with the presence of several industries, and the competitive dynamics in the testing, inspection & certification market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the Asia-Pacific testing, inspection & certification market further. For instance, the governments of various economies of the Asia Pacific region are taking initiatives to boost their country's manufacturing sector. Some of these initiatives include 'Make in India,' and 'Made in China 2025' among others. Also, the governments of various developing economies in the region are providing tax-rebates, funds, subsidiaries, and other such provisions to support the manufacturing industry. Emerging manufacturing hubs in countries of the Asia Pacific region is anticipated to influence the global trade atmosphere; thus, driving the testing, inspection & certification market.
The testing, inspection & certification market by service type is segmented into testing, inspection, and certification. The inspection includes checking of goods for compliance with the required specifications. The process is often conducted at the manufacturing factory and chiefly emphasize checking construction, appearance, and basic product function. Another primary purpose of the inspection is to help identify and address quality defects in the products before final packaging. The process generally uses an acceptance sampling method such as acceptable quality limit (AQL) for inspecting a random sample. The examiner can classify quality defects on the basis of their severity and issue a "pass" or "fail" result for the product using AQL.
The overall Asia-Pacific testing, inspection & certification market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia-Pacific testing, inspection & certification market. It also provides an overview and forecast for the Asia-Pacific testing, inspection & certification market based on all the segmentation provided for the Asia-Pacific region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as V.P.s, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia-Pacific testing, inspection & certification industry. Some of the players present in testing, inspection & certification market is SGS SA, ALS Limited, Applus Services, S.A., Bureau Veritas, DEKRA Automobile GmbH, DNV GL, Eurofins Scientific, Intertek Group PLC, TUV Rheinland AG, and TUV SUD AG among others.