VALLEY COTTAGE, New York, Nov. 15, 2017 (GLOBE NEWSWIRE) —
Growing need to ensure compliance to the product quality and safety has led to an upsurge in demand for environment inspection, testing, and certification services. In addition, rising instances of counterfeiting and piracy activities is projected to impact the global market growth of environment testing, inspection, and certification positively. FMI states that the global market environment testing, inspection, and certification is projected to reflect a healthy CAGR over the forecast period, 2017-2026.
Factors Fuelling Growth of the Global Market
Growth of the global environment testing, inspection, and certification market is mainly bound by various macro-economic and micro-economic factors. With the growing need to ensure product compliance with the stringent standards and regulations set up by the government, demand for the environmental testing, inspection and certification services continue to rev up in the global market. Moreover, surge in consumption of various goods particularly in the developing countries has further contributed towards the global market growth of environment testing, inspection, and certification.
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Leading companies in the global market are focusing on outsourcing services for testing, certification and inspection of the product. With the increasing imposition of the stringent regulations by the government, conducting internal test continues to remain comparatively costly. Services for inspection, testing, and certification services continue to witness a surge in demand among third-party retailers for various applications inclusive of consumer goods and manufacturing.
Before offering various products for imports, manufacturers and the organizations need to ensure that the products comply with international regulations and standards. With the increasing number of imports from the developing countries, demand for the inspection, testing and certification services continue to increase. Increasing launch of various products that have a comparatively short life is further likely to rev up sales of the testing and inspecting services. As demand to maintain the safety and reliability for the passengers and assets in the defense, marine, automotive, rail and aerospace continues to increase, the global market growth of environment testing, inspection, and certification is projected to gain significant momentum.
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On the other hand, surge in the product recalls attributed to the faulty parts and components continue is likely to restrain the global market growth of environment testing, inspection, and certification. Growing need to comply with the strict regulations imposed by the government is further expected to increase the prices, which is projected to impact growth of the global market adversely. Furthermore, imposition of the government regulations against growing use of the asbestos continues to restrain the global market growth of environment testing, inspection, and certification. Lack of certification, inspection, and testing process will continue to result into no documentation regarding construction, poor workmanship, increasing construction costs and methods.
Sales through Testing Products Remain High
Growing need for premium quality and safe products has led to an upsurge in demand for testing the products among the organizations and manufacturers globally. Based on product type, the testing segment is projected to witness significant revenue growth, representing more than US$ 1,000 Mn by 2017-end. In contrast, the certification product type segment is projected to register a robust CAGR throughout 2026. On the basis of end user, the agriculture industry segment is projected to represent the highest revenue growth, accounting more than US$ 1,000 Mn by 2026-end. However, the industrial product manufacturer product type segment is projected to reflect a healthy CAGR over the forecast period.
By test type, the toxins segment is projected to generate significant revenues, representing for more than US$ 800 Mn by 2026-end. In contrary to this, the physical properties test type segment is projected to reflect a healthy CAGR in the global market through 2026. During the forecast period, the water testing sample type segment is projected to represent the highest revenue growth, recording more than US$ 600 Mn by 2017-end. In contrast, the waste testing sample type segment is projected to reflect a strong CAGR throughout the forecast period.
Market Players
Major players operating in the global market of environment testing, inspection, and certification market are Intertek Group, SGS SA, Yara International ASA, Bureau Veritas, Assure Quality, ALS Ltd, SCS Global, Exova Group, APAL Agriculture, RJ Hills Laboratories, Eurofins Scientific, TUV Nord AG, Danaher, GE Healthcare and Life sciences, SAI Global Limited, Agrolab Group, HRL Holdings Ltd, Cawood Scientific, SESL Australia and EnviroLab.
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