DUBLIN, Oct. 30, 2019 /PRNewswire/ -- The "Europe Testing, Inspection & Certification Market to 2027 - Regional Analysis and Forecasts By Sourcing type; Service Type; and End-User" report has been added to ResearchAndMarkets.com's offering.
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.
Key Topics Covered:
2. Key Takeaways
3. Europe Testing, Inspection & Certification Market Landscape
3.1 Market Overview
3.2 Market Segmentation
3.3 PEST Analysis
3.4 Ecosystem Analysis
3.5 Expert Opinion
4. Europe Testing, Inspection & Certification Market - Key Industry Dynamics
4.1 Key Market Drivers
4.1.1 Growing popularity of technologically advanced TIC solutions among market players
4.1.2 Evolving technology and economic prosperity
4.2 Key Market Restraints
4.2.1 Increasing number of counterfeit products and lack of technical staff
4.3 Key Market Opportunities
4.3.1 Growing popularity of merger & acquisition strategy among the market players
4.4 Future Trends
4.4.1 Rise in general consensus across regulatory agencies
4.5 Impact Analysis of Drivers and Restraints
5. Europe Testing, Inspection & Certification -Market Analysis
5.1 Europe Testing, Inspection & Certification Market Overview
5.2 Europe Testing, Inspection & Certification Market Forecast and Analysis
6. Europe Testing, Inspection & Certification Market Analysis - By Sourcing Type
6.2 Europe Testing, Inspection & Certification Market Breakdown, By Sourcing Type, 2018 & 2027
6.3 In-House Service
6.4 Outsourced Services
7. Europe Testing, Inspection & Certification Market Analysis - By Service Type
7.2 Europe Testing, Inspection & Certification Market Breakdown, By Service Type, 2018 & 2027
8. Europe Testing, Inspection & Certification Market Analysis - By End-User
8.2 Europe Testing, Inspection & Certification Market Breakdown, By End-User, 2018 & 2027
8.3 Food & Beverage (F&B)
8.4 Healthcare & Pharmaceutical
8.5 Consumer Goods & Retail
8.6 Energy & Power
8.7 Manufacturing & Construction
9. Europe Testing, Inspection & Certification Market- Country Analysis
10. Industry Landscape
10.1 Market Initiatives
10.2 Mergers and Acquisitions
10.3 New Developments
11. Testing, Inspection & Certification Market - Company Profiles
- ALS Limited
- Applus Services, SA
- Bureau Veritas
- Dekra Automobile GmbH
- DNV GL
- Eurofins Group
- Intertek Group PLC
- SGS SA
- TV Rheinland AG
- TV SD AG
For more information about this report visit https://www.researchandmarkets.com/r/bqqdhm
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