Asia Pacific Testing, Inspection & Certification Market to Reach US$ 136.00 Bn at CAGR of 6.3% in 2027

Asia-Pacific Testing, Inspection & Certification Market to 2027 - Regional 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)

Publication Month : Jul 2019

  • Report Code : TIPRE00006282
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 152
Inquire Before Buy

PRICING

$3000

$1800

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:

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities

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.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Sourcing type, Service Type, and End-User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Australia, China, Japan, South Korea

The List of Companies

  1. ALS Limited
  2. Applus Services, SA
  3. Bureau Veritas
  4. Dekra Automobil GmbH
  5. DNV GL
  6. Eurofins Group
  7. Intertek Group PLC
  8. SGS SA
  9. TÜV Rheinland AG
  10. TÜV SÜD AG

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Trends and growth analysis reports related to Asia-Pacific Testing, Inspection & Certification Market