The "Certificate Testing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Certificate Testing Market was valued at USD billion in 2020 and is expected to reach USD billion by 2026 at a CAGR of 3.2% during the forecast period 2021 - 2026.
Intertek Group PLC
Bureau Veritas SA
Underwriters Laboratories (UL)
Eurofins Scientific SE
Dekra Certification GmbH
SAI Global Limited
MISTRAS Group, Inc.
Exova Group PLC
TUV SUD AG
Key Market Trends
Products and Retail is Expected to Hold the Largest Market Share during the Forecast Period
The growing adoption of smart and wireless devices in the sector is also attracting many vendors to offer a range of product certification programs, for smart and wireless devices to help customers meet industry standards. These programs address a variety of technologies, including Bluetooth SIG, NFC Forum, LoRa Alliance, Sigfox, and GCF and PTCRB for cellular. These certifications are required if products leverage cellular and wireless technologies.
Products and Retail are expected to remain the fastest-growing segment, mainly due to the global expansion of online retail platforms. Personal care and beauty products, softlines and accessories, electrical and electronics, hard goods, toys, and juvenile products are significant fields, which TIC vendors are targeting.
The expanding scope of online payment services with standards, like EMV Co/ Visa, are also driving the need for TIC services. Mobile and wearables, point of sales terminals, cards and payment vendors, banks, and ICTK Payment & Finetech offer scopes of these services. According to the industry expert, about 25% of all product returns in the online retail market are mainly due to poor or unexpected quality. These factors are attracting market vendors to cater to innovative services for these cases.
APAC is Expected to Account for the Largest Market Share During the Forecast Period
The growth of the certification market in APAC is driven by a combination of regulatory and economic determinants. Furthermore, investments in new technologies are sizeable and are likely to continue growing on the back of the rising global competition. Moreover, the governments of several countries in APAC are boosting investments by private actors in the technology area, which would lead to the enhanced application of independent certification services.
Emerging markets, such as China, have become attractive, through the development of indigenous industries and subsequent acceleration in exports, the introduction of stringent standards, and rapid urbanization. Additionally, the rise of the middle class has led to an increase in private consumption and demand for both safety and product quality. This, in turn, offers growth opportunities in areas, such as food and consumer goods testing. One such example is the acquisition of TUV Rheinland's food analysis laboratories in China.
Similar to many Asia-Pacific countries, South Korea has very limited domestic oil and gas resources. Every year, more than 98% of the fossil needs in the country is met by imported fuels. Sustainability in architecture is one of the critical factors among Korean design and engineering firms. Rising awareness about global warming and the limitation of resources pushed the government to adopt building codes, demanding high energy-efficient buildings for new constructions as well as existing infrastructure, thus fueling the growth of the Certificate Testing market.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Globalization and Digitization
4.3.2 Growing Export Regulations and High Emphasis on Energy Efficient and Environmentally Safety Products
4.4 Market Restraints
4.4.1 Trade Wars and Growth Fluctuations of End-user Industries
4.5 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Sourcing Type
5.2 By End-user Vertical
5.2.1 Construction and Engineering
5.2.3 Food and Healthcare
5.2.4 Energy and Commodities
5.2.6 Products and Retail
5.2.8 Other End-user Vertical
5.3.1 North America
220.127.116.11 Rest of Europe
5.3.3 Asia Pacific
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Intertek Group PLC
6.1.2 SGS SA
6.1.3 Bureau Veritas SA
6.1.4 Underwriters Laboratories (UL)
6.1.5 DNV GL
6.1.6 Eurofins Scientific SE
6.1.7 Dekra Certification GmbH
6.1.8 ALS Limited
6.1.9 BSI Group
6.1.10 SAI Global Limited
6.1.11 MISTRAS Group, Inc.
6.1.12 Exova Group PLC
6.1.13 TUV SUD AG
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ah2391
View source version on businesswire.com: https://www.businesswire.com/news/home/20210408005447/en/
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