Asia-Pacific Testing, Inspection & Certification Market Drivers and Forecasts by 2027

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:

ASIA-PACIFIC TESTING, INSPECTION & CERTIFICATION MARKET - SEGMENTATION

Asia-Pacific Testing, Inspection & Certification Market by Service Type

• Testing
• Inspection
• Certification

Asia-Pacific Testing, Inspection & Certification Market by Sourcing Type

• In-house
• Outsourced

Asia-Pacific Testing, Inspection & Certification Market by End-User Industry

• Food & Beverage
• Healthcare & Pharmaceutical
• Consumer Goods & Retail
• Energy & Power
• Manufacturing & Construction
• Others

Asia-Pacific Testing, Inspection & Certification Market by Country

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Companies Mentioned

• 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.

Asia-Pacific Testing, Inspection & Certification Report Scope