Environment Testing, Inspection, and Certification Market Testing Products to Generate Significant Revenues - Future Market Insights
VALLEY COTTAGE, New York, November 22, 2017 /PRNewswire/ --
Increasing instances of piracy and counterfeiting activities continues to boost demand for testing and inspection of the offered products in the global market. As consumption of goods in the developing countries continue to increase, manufacturers are increasingly focusing on complying with stringent regulations and standards set by the government. Moreover, surge in the number of imports is further expected to rev up demand for testing and inspection of products. According to Future Market Insights, the global environment testing, inspection, and certification market is expected to represent a value of over US$ 23,000 Mn by the end of 2026.
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Imposition of Government Regulations to Escalate Prices
Major companies are increasingly outsourcing the testing, inspection and certification services. Additional charges levied due to government regulations continue to make the conduct in-house test expensive due to which leading companies are outsourcing their services. Bound to these factors, outsourcing of the testing, inspection and certification services is expected to witness an increasing demand among the third-party vendors for applications in manufacturing and consumer goods.
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Product Import and Safety to Fuel Demand for Services
Surge in the number of imports from the developing countries has led to increasing demand for inspecting and testing the products to ensure compliance of the products with the international standards. Leading companies in the developed countries are mainly focusing on controlling the value chain to ensure inspection of the products before they are exported. In addition, launch of products with short life cycles and different varieties is expected to rev up demand for certification and testing procedures. Growing need to maintain reliability and safety for the assets and passengers in the aerospace, automotive, defense, rail and marine has further contributed towards growth of the global environment testing, inspection and certification market.
Environment Friendly Features to Impact Market Growth
Many times the manufacturers and organizations need to ensure that execution of the products is not causing harm to the environment. In order to ensure safe execution of the products, the manufacturers and the leading companies are focusing on complying with the stringent regulations and standards set by the government. Companies are offering products with the government certified labels that indicate the product has relatively low impact on the health of the end users and is environment friendly. Growing need for preventing the environmental damage, reduce the operational malfunctions and maintain low impact on the environmental impact.
However, increasing number of product recalls is likely to inhibit growth of the global environment testing, inspection, and certification market. This has mainly been due to the faulty components and parts. Growing need to adhere with the stringent quality standards has further led to surge in demand for the testing services. Manufacturers increasingly use asbestos to ensure that the product is resistant to heat or fire. However, imposition of government regulations has continued to inhibit growth of the global market. Absence of inspection may lead to heightened construction costs, poor workmanship, methods and no documents related to construction means.
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Agriculture Industry to Represent a Leading Segment
Growing need to ensure safety and premium quality of the products has led the manufacturers to opt for testing products globally. On the basis of product type, the testing segment is expected to represent the highest revenue share, accounting for a value of over US$ 1,000 Mn by the end of 2017. The certification product type segment is expected to witness a robust CAGR in the global market throughout the forecast period.
Based on end user, the agriculture industry segment is expected to generate significant revenues, recording a value of over US$ 1,000 Mn by the end of 2026. In contrary to this, the industrial product manufacturer product type segment is expected to register the highest CAGR during the forecast period.
By sample type, the water testing segment is expected to witness robust revenue growth, representing a value of over US$ 600 Mn by the end of 2017. However, the waste testing sample type segment is expected to witness a healthy CAGR through 2026. Based on the test type, the toxins segment is expected to generate significant revenues, recording a value of over US$ 800 Mn by the end of 2026. On the other hand, the physical properties test type segment is expected to register an impressive CAGR during the forecast period.
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By test type, the toxins segment is projected to generate significant revenues, representing for more than US$ 800 Mn by 2026-end. In contrary to this, the physical properties test type segment is projected to reflect a healthy CAGR in the global market through 2026. During the forecast period, the water testing sample type segment is projected to represent the highest revenue growth, recording more than US$ 600 Mn by 2017-end. In contrast, the waste testing sample type segment is projected to reflect a strong CAGR throughout the forecast period.