Global China Testing, Inspection, And Certification Market Size, Share, Forecast Report, 2020-2027
The report provides rational insights along with historical and forecast data to aid in better understanding of the Global China Testing, Inspection, And Certification Market. The report provides a comprehensive analysis of key factors that are expected to drive the growth of the China Testing, Inspection, And Certification market. This study also provides a detailed overview of the opportunities along with the current trends observed in the target market.
The China Testing, Inspection & Certification market size was valued at USD 33.1 billion in 2019 and is anticipated to witness a CAGR of 7.8% from 2020 to 2027. Increasing foreign investments are expected to drive the growth of the TIC market in China. In an attempt to achieve progressive liberalization, the China government has laid down favorable policies for international players to establish their presence in the country. Moreover, increasing adoption and development of alternative fuel vehicles such as electric vehicles and hybrid vehicles are anticipated to increase the testing and inspection activities for such vehicles, thus, driving the growth of the market in China over the forecast period.
The market for testing, inspection, and certification is expected to grow at a faster pace in China. This is attributed to increasing number of government investments that are focused on the growth of the transportation and energy sectors, as well as the construction industry. The rising standard of living of citizens in China led to the rising demand for consumer goods, consequently catalyzing the growth of the market. Furthermore, the growth in outsourcing of testing, inspection, and certification services by prominent companies operating in the manufacturing, automotive, and consumer goods arenas is projected to propel market growth.
The government of China has eased the entry of foreign players by uplifting the barriers for international companies offering testing, inspection, and certification solutions in the market, which is being dominated by domestic players. Moreover, the market is expected to grow at a substantial rate owing to the investments made by international players in China The growing popularity of testing and certification services for accelerating and developing smart technologies such as smart cities and smart vehicles is anticipated to support the growth of the market. Increasing government alliances, implementation of new standards and regulations, and the increasing need for third-party inspection services are the some of the key drivers that are estimated to propel market growth over the forecast period.
A wide number of companies in the market are strategizing to acquire various companies in order to expand their footprints in the market for testing, inspection, and certification. For instance, in April 2018, Intertek Group PLC agreed to acquire Proasem, a Colombia-based service provider of testing, inspection, and metrology services. This acquisition would benefit Intertek Group PLC in increasing its sales/expanding in Colombia and Latin America with the help of Proasem’s expertise and established customer base. In March 2018, the Lloyd's Register Group Limited acquired Nettitude, a cybersecurity solution provider in U.K. This acquisition has enabled Lloyd's Register Group Limited to strengthen its cybersecurity services and certification
The report covers major players operating in the market along with the key strategies implemented to achieve a competitive edge against a majority of the vendors which provides a competitive outlook of the industry. The competitive landscape further includes details about different players and their position on a global and a local level is also explained in detail in this compiled study. These insights were prepared through mapping business strategies and products that offer high revenue generation capacities. Key players of the global China Testing, Inspection, And Certification market are included as given below:
The key industry participants include AsureQuality Limited; Bureau Veritas SA; DEKRA SE; DNV GL Group AS; Intertek Group PLC; Lloyd’s Register Group Limited; SGS S.A; TUV Rheinland AG Group; Underwriters Laboratories Inc.; Asia Quality Focus; HQTS Group Ltd.; InTouch Services Ltd.; China Inspection Co., Ltd.; Centre Testing International; China Certification and Inspection Group; Asia Quality Control; V-Trust; TUV SUD; TUV Nord; American Bureau of Shipping; Hartford Steam Boiler; Larsen and Toubro; Asia Inspection; China Building Material Test and Certification Group Co. Ltd.; China Special Equipment Inspection and Research Institute; and China Classification Society.
The market players in China are entering into mergers and collaborations for expanding and exploring growth opportunities in the market. In March 2018, Bureau Veritas SA completed the acquisition of EMG Corporation (U.S.), a company that provides solutions for construction assessment and project management. The former company aimed at expanding and developing infrastructure services in U.S. through the acquisition
The global China Testing, Inspection, And Certification market has been segmented as below:
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