Testing, Inspection and Certification Market Size in APAC and Forecast Report
Posted by soham patil on December 30th, 2020
Testing, inspection, and certification are essential to ensure safety and quality of different products. Recently, China is dominating the APAC testing, inspection, and Certification market which is expected to propel the demand for testing, inspection, and certification market. Around 300 certified foreign-invested Testing, inspection, and certification companies operating in China. Most of these companies are located in developed eastern region.
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Increasing Outsourcing of TIC Services and Introduction of Stringent Regulations
Rise in outsourcing of TIC functions and ever-tightening regulations are among the key factors that will push the demand for testing, inspection and certification services over the near future. As per the estimations, nearly 40% of the market is currently outsourced, while the remaining of TIC services carried out in-house
Push towards the outsourcing and also the privatization of state-owned laboratories will continue to be a strong driver of the growth. Continues progression of technological advancement along with popularity of Internet of Things will have the positive impact on market growth. Furthermore, rise in emphasis towards reducing equipment and machinery downtime will enhance the demand for maintenance, testing, and inspection of critical assets and systems.
Market Restraints Lack of Internationally Accepted Standards among Different Geographies
Lack of internationally accepted standards is one of the key restraining factor impacting the expansion of testing, inspection and certification market. Various countries have their own set of standards. This factors influences the decision-making of the manufacturer, whether to export or not to a given country
Standards and regulations vary between different types of services and product. Meeting the international standards often results in a increased cost, as it is likely to lead to the changing of design of a particular product or service. For instance, environmental regulations regarding the type and amount of packaging used for products is expected to be strict in some countries as compared to the others.
However, different standards and regulation of various countries is the challenging factor which is expected to hinder the APAC testing, inspection, and Certification Market Growth.
Market Key Players
Various key players are discussed in this report such as ALS Limited, Applus Services, SA, Bureau Veritas, DEKRA Automobil GmbH, DNV GL, Eurofins Group, Intertek Group plc, SGS SA, and TÜV Rheinland AG
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About the Authorsoham patil
Joined: September 1st, 2020
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