Surging Construction Activities Boosts Testing, Inspection, and Certification Market

The testing, inspection, and certification market was USD 224.1 billion in 2022, which will touch USD 289.8 billion, powering at a 3.3% compound annual growth rate, by 2030. The growth is because of the rising need for quality products, advancing healthcare systems, increasing construction activities, rising engagement of enterprises in effective and safe TIC methods, and surging types of public transport. The medical & life sciences category, based on application, will advance at the fastest rate, of over 4%, in the years to come. This is because of the growing requirement for medical equipment, such as ventilators, PPE kits, sterilizers, masks, oxygen cylinders, and more. Moreover, the food & beverages category was a significant contributor to the industry. This can be primarily because this industry requires dept monitoring of quality adherence, product lifecycle, and dependability. The outsourced services category, on the basis of sourcing type, will advance at a faster rate during this decade. This is because of its cost-effectiveness, the rising trend for outsourcing services, and less resource necessity, coupled with a surging count of outsourcing businesses.

In 2022, the in-house services category dominated the testing, inspection, and certification market, with more than 60% share, and it will continue this trend throughout this decade. This is because of its numerous benefits like on-site accessibility, setting up specific procedures per an administration’s conditions and intentions, and flexibility to use expertise.

The certification category, on the basis of service type, will advance at the fastest rate during this decade. This is because of the surging need for product certification and the rising count of authorities that approve certifications in the associated field of operation.

Moreover, the testing category led the industry in 2022, and it will remain leading throughout this decade. This can be because of the extensive acceptance of these services in the energy & utilities, manufacturing, automotive, and oil & gas sectors. In 2022, APAC led the industry, with approximately 40% share, and it will remain leading in the years to come.

This can be because of the rising economic expansion in India, China, South Korea, and Japan; coupled with the increasing end-use sectors. North America is likely to advance at a significant rate in the years to come. This is because of the existence of numerous industry players, a developed healthcare sector, rising trading activities, the developing mining sector, and high expenses in the aerospace sector on this continent.

It is because of the surging construction activities and growing requirements for quality products, the testing, inspection, and certification industry will continue to advance in the years to come. 

SOURCE: P&S Intelligence