DUBLIN--(BUSINESS WIRE )--The "Global Testing, Inspection, and Certification Market with Covid-19 Impact Analysis by Service Type (Testing, Inspection, and Certification), Sourcing Type (In-house, Outsourced), Application and Geography - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The testing, inspection, and certification market is projected to reach USD 268.9 billion by 2027 from USD 221.4 billion in 2022; it is expected to grow at a CAGR of 4.0% from 2022 to 2027.
The growth of the testing, inspection, and certification market in APAC is mainly driven by the increasing adoption of latest technologies in the region and increasing business in construction, electronics and textile industries.
Moreover, the huge capacity to manufacture medical devices, electronics, and consumer goods and high dependence of many European and North American countries on Asia Pacific for goods also drives the growth of the Testing, inspection, and certification market in APAC.
The North American market has increased its adoption of testing, inspection, and certification market due to a growing number of manufacturing plants and R&D centers, as well as stringent regulations, for aerospace components and electronic devices and increasing awareness regarding benefits of certified products and services across domains.
The outbreak of the novel coronavirus affected the Testing, inspection, and certification market, but steady recovery is expected by 2022. Developing countries in APAC have vast growth potential as well as a favorable environment for service providers.
Countries such as Japan and South Korea are already developed economies, and China has been the fastest-growing economy in the world for the last 2 decades. Testing, inspection, and certifications are likely to witness tremendous demand in the region during the forecast period because of high growth.
APAC produces a large amount of apparel and textiles as well as consumer goods, and these applications are expected to increase demand for Testing, inspection, and certification market in this region.
Significant growth in the market for Testing, inspection, and certifications is likely to be observed in medical and life science application due to increasing need for testing, inspection, and certification services because of high effect of Covid-19 pandemic in the region.
Therefore, the Testing, inspection, and certification market in APAC is expected to grow at the highest rate during the forecast period.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900