Europe 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)
The Europe testing, inspection & certification market accounted for US$ 69.10 Bn in 2018 and is expected to grow at a CAGR of 4.9% over the forecast period 2018–2027, to account for US$ 104.85 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. Thus technological advancements are positively influencing the testing, inspection & certification market.
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 testing, inspection & certification 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.
The Europe testing, inspection & certification market is fragmented with the presence of several industries, and the competitive dynamics in the testing, inspection & certification market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the Europe testing, inspection & certification market further. For instance, The EU had taken several initiatives, including Smart Anything Everywhere (SAE) and ICT Innovations for Manufacturing SMEs (I4MS) for the SMEs in the region to test and implement digital innovations in their business processes. This was introduced in collaboration with the Digital Innovation Hubs, Research & Technology Organizations, and Academic Institutions. Such factors are expected to create the demand for TIC services from diverse products and processes and support the growth of testing, inspection & certification market in the region.
The testing, inspection & certification market by sourcing type is segmented into in-house and outsourced. In-house service includes performing TIC activities or operations within a company. It includes the company’s employees as well as time by keeping a division or business activity, in-house. In-house services are implemented within the same business utilizing the company’s employees and assets. In-house testing has several benefits, including, cost savings by not paying for external testing, saving on shipping costs, time-saving, and more flexibility. Additionally, it may enable the company to use higher levels of control for the activities performed by the testing divisions by observing the services and employees indirect control. Moreover, the security risks are less in comparison to outsourcing, which requires providing kinds of information and data to the outside party.
The overall Europe testing, inspection & certification market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Europe testing, inspection & certification market. It also provides an overview and forecast for the Europe testing, inspection & certification market based on all the segmentation provided for the Europe region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as V.P.s, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe testing, inspection & certification industry. Some of the players present in testing, inspection & certification market are SGS SA, ALS Limited, Applus Services, S.A., Bureau Veritas, DEKRA Automobile GmbH, DNV GL, Eurofins Scientific, Intertek Group PLC, TÜV Rheinland AG, and TÜV SÜD AG among others.
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