According to the latest report by IMARC Group, titled "Testing and Commissioning Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global testing and commissioning market size reached US$ 231.5 Billion in 2022. Testing and commissioning is the set of procedures that are designed to validate the safety and performance of a product. It is crucial for ensuring that the product meets the design requirements, the mandated national and international regulations, and industry quality and safety standards. Also known as testing, inspection, and certification (TIC), it comprises a systematic set of tests, including inspections, documentary checks, data consistency verification, on-site or laboratory testing, and management process audits, that are performed throughout the supply chain and across diverse industry verticals. This is done in order to warrant that the end users receive optimal quality products and services with excellent functioning.
Global Testing and Commissioning Market Trends:
The market is primarily driven by the rapid globalization that has resulted in a significant increase in trade activities between different countries. This, consequently, has led to the emergence of complex supply chains and subsequently to the rising demand for enhanced testing, inspection, and certification services that comply with international standards. There has also been an increase in the requirement of outsourcing testing, inspection and certification services across various industries in an attempt to minimize the costs associated with in-house testing. This, along with the implementation of revised strict regulatory standards concerning the health, environment and quality safety of products, is providing a thrust to the market growth. Moreover, key market players are now providing premium testing and commissioning services to end users by integrating advanced tools, such as big data and digital processing. They are also engaging in merger and acquisition (M&A) activities to expand their geographical footprint and offer improved services with the utilization of advanced tools, which is expected to create a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 4.87% during 2023-2028.
- Based on the service type, testing represents the most popular service type. Some of the other segments include commissioning and certification.
- On the basis of the sourcing types, the market has been bifurcated into in-house and outsourced segments, wherein in-house sourcing exhibits a clear dominance in the market.
- Based on the commissioning type, the market has been divided into initial, retro and monitor-based commissioning. Amongst these, initial commissioning dominates the market, holding the largest share.
- On the basis of the end use sector, the market has been classified into construction, industrial, consumer products, life sciences, oil and gas, food and agriculture, marine and offshore, transport and aerospace, energy and power, chemicals and other industries. At present, the construction industry accounts for the majority of the total market share.
- Region-wise, Europe holds the leading position in the market. Some of the other regions include North America, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these players include being SGS SA, Bureau Veritas SA, Intertek Group plc, DEKRA SE, and TUV SUD AG.
|Base Year of the Analysis
||Service Type, Commissioning Type, Sourcing Type, End Use Sector, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||SGS SA, Bureau Veritas SA, Intertek Group plc, DEKRA SE, and TUV SUD AG
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