Testing and Commissioning Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
The global testing and commissioning market reached a value of more than US$ 178 Billion in 2017. The market is further projected to cross US$ 241 Billion by 2023, at a CAGR of more than 5% during 2018-2023. Testing and commissioning are a set of processes performed for determining if a product follows universal regulatory standards. The certified regulations are related to the quality, performance, and technical safety of the product. Testing and commissioning are conducted in the best interest of the consumers as they offer them assistance for a safe purchase. This process is required at every step of the supply chain, and generally uses analytical instruments and equipment (IES) which are helpful in measuring as well as detecting electrical signals, biological interaction and physical properties. Some of the most common testing and commissioning equipment include product simulation systems, analytical laboratory instruments, diagnostic equipment, and sensors and data acquisition instruments.
Global Testing and Commissioning Market: Drivers
Over the past few years, there has been an increase in the demand for testing and commissioning on account of rising outsourcing of testing, inspection and certification services.
The regulatory standards which concern the health, environment and quality safety of a product have become strict during recent years owing to which manufacturers have become aware about risks and started seeking third party approvals.
Owing to rapid globalisation, there has been a significant rise in trade activities between countries which has, in turn, boosted the requirement for enhanced testing, inspection, and certification services.
Service Type Insights:
On the basis of service type, the market has been segmented into testing, certification and commissioning. Currently, testing represents the largest segment owing to rising concerns regarding the overall quality of the product.
Sourcing Type Insights:
Based on types of sourcing, the global testing and commissioning market has been segregated into in-house and outsourced. In-house sourcing is currently the most common type of sourcing.
Commissioning Type Insights:
The market has been analysed according to the types of commissioning which mainly include initial commissioning, retro commissioning and monitor-based commissioning. Amongst these, initial commissioning represents the most popular commissioning type as it is the basic step which is required for satisfying a product specification.
Currently, there are numerous end-use sectors of testing and commissioning which include construction, industrial, consumer products, life sciences, oil and gas, food and agriculture, marine and offshore, transport and aerospace, energy and power, and chemicals industries. Construction industry dominates the end-use segment, holding the majority of the market share.
On a geographical front, Europe represents the biggest market for testing and commissioning, followed by North America and Asia Pacific. This can be accredited to the presence of strict guidelines and regulations in numerous end-use industries including infrastructure and construction, oil and gas, cosmetics, water and wastewater management, and food and beverages. Some of the other major markets include Latin America, and Middle East and Africa.
The testing and commissioning market consists of numerous small and large manufacturers. Some of the leading players operating in the market are:
This report provides a deep insight into the global testing and commissioning market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the testing and commissioning market in any manner.
Key Questions Answered in This Report:
How has the global testing and commissioning market performed so far and how will it perform in the coming years?
What are the key regions in the global testing and commissioning market?
Which are the popular service types in the global testing and commissioning market?
What are the key sourcing types in the global testing and commissioning market?
What are the key commissioning types in the global testing and commissioning market?
What are the major end-use sectors in the global testing and commissioning market?
What are the various stages in the value chain of the global testing and commissioning market?
What are the key driving factors and challenges in the global testing and commissioning market?
What is the structure of the global testing and commissioning market and who are the key players?
What is the degree of competition in the global testing and commissioning market?
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