Testing and Commissioning Market Outlook, 2023 - IMARCGroup.com

NEW YORK - May 27, 2019 - PRLog -- According to the latest report by IMARC Group, titled "Testing and Commissioning Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023", the global testing and commissioning market (https://www.imarcgroup.com/testing-commissioning-market) reached a value of US$ 178 Billion in 2017. Testing and commissioning refer to the processes designed to validate performance, quality and technical safety of a product and to discover and correct problems. They are a systematic and rigorous set of tests performed to determine if a product follows the universal regulatory standards. Testing, inspection and certification companies ensure that their clients meet the required health, safety and quality requirements. They even engage in the provision of inspection, verification, testing and certification services to increase productivity, help local manufacturers meet global standards, manage risk, and improve the quality, safety and compliance of the company and their products or services. On the other hand, testing and commissioning are required to assist in the delivery of a construction project which provides an efficient, safe and healthy facility; optimizes energy use; and reduces operating costs.

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Market Trends:

Due to strict regulations, several large companies are outsourcing inspection and testing to reduce the high costs of in-house testing. Further, the testing and commissioning market has the potential to grow at a rapid pace in the developing regions due to increasing exports compliant with western standards, and imposition of new rules and standards in the infrastructure, and oil and gas sectors. Moreover, retro-commissioning has provided a positive impact on the testing and commissioning market as it helps in identifying problems in existing buildings and reducing waste energy, thereby saving energy costs for the owners. The leading players are also engaging in merger and acquisition activities to broaden and reinforce their service matrix and expand their geographical footprint. Owing to these factors, the market is projected to reach a value of US$ 241 Billion by 2023, expanding at a CAGR of more than 5% during 2018-2023.

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Market Summary:

• Based on service types, testing represents the largest segment, accounting for the majority of the global share. Testing is followed by commissioning and certification.
• On the basis of sourcing types, the global testing and commissioning market has been segregated into in-house and outsourced segments. Currently, in-house sourcing is the most popular segment.
• The market has been categorized on the basis of commissioning types into initial commissioning, retro commissioning and monitor-based commissioning. Amongst these, initial commissioning dominates the market, holding the largest share.
• Based on end-users, the market has been segregated into construction, industrial, consumer products, life sciences, oil and gas, food and agriculture, marine and offshore, transport and aerospace, energy and power, and chemicals industries. Amongst these, the construction industry is the largest end-use sector.
• Region-wise, Europe enjoys the leading position in the global testing and commissioning market, followed by North America and Asia Pacific. The other major markets include Latin America, and Middle East and Africa.
• The competitive landscape of the market has also been examined with some of the key players being SGS, Bureau Veritas, Intertek, Dekra and TUV SUD.

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