The Global Market for Testing Laboratories is Projected to Reach US$90 Billion by 2020

Globalization & Concerns over Product Quality & Safety Drive Growth in the Testing Laboratories Market, According to a New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Testing Laboratories. The global market for Testing Laboratories is projected to reach US$90 billion by 2020, driven by mounting concerns over product quality and safety, implementation of new standards and regulations, and the growing trend towards outsourcing testing operations.

Testing Laboratories comprise establishments, both independent and those operating as part of a corporate entity, to offer a wide range of chemical, physical and analytical testing services. Over the years, testing laboratories have gained huge significance, driven by the benefits offered to businesses clients. While existing laboratories are expanding their service offerings, new laboratories are being established to meet the growing demand for these services. Stringent regulations such as REACH, GHS (Globally Harmonized System of Classification and Labeling of Chemicals), the EU Energy Using Products directive, are spurring demand for third-party testing services. Development of advanced testing technologies, uncompromising focus on product quality and safety, rising demand for a wide range of consumer products, globalization in sourcing and distribution, and significant diversity of products are providing substantial impetus to product testing and certification services. The development of increasingly advanced products and growing complexity of supply chains are also enhancing the significance of testing laboratories.

Food testing laboratories are one of the most common types of testing laboratories. Increasing food production, tightening regulations, standardization of food safety regulations and continuing shift in technology towards more expensive rapid tests are driving increased demand for food safety testing. Non-Destructive Test (NDT) services are finding increased demand across a wide range of end-use markets, owing to the need to adhere to stringent product usage specifications and tight quality control measures governing industry operations.  In the automotive industry, testing approaches that assist manufacturers in component validation are expected to receive a boost. Apart from testing for safety, performance and quality assurance, advanced testing methods allow auto makers to evaluate the quality of components produced.

As stated by the new market research report on Testing Laboratories, Europe represents the largest market worldwide. Asia-Pacific is forecast to post the fastest CAGR of 8.8% over the analysis period. Rapid pace of industrialization and infrastructure development activities, and increased awareness about product safety and quality in countries such as China, India and Brazil are expected to spur demand for testing services in the region.

Major players in the marketplace include Bureau Veritas Group, CSA Group, ELCA Laboratories, Eurofins Scientific Group, FM Approvals, Foodtest Laboratories Ltd., Genetic ID, Geotechnical Engineering Ltd., Intertek Group plc., Mérieux Nutrisciences Corporation, MET Laboratories, Inc., National Technical Systems, Inc., NGC Testing Services, Retlif Testing Laboratories, SGS S.A., SGS North America, Inc., SGS Consumer Testing, TÜVRheinland®, TÜV SÜD America Inc. and Underwriters Laboratories, Inc.

The research report titled “Testing Laboratories: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of industry trends, growth drivers, challenges, and end-use market analysis. The report also offers coverage on mergers, acquisitions, product launches and other strategic industry activities of major global and regional players. The report provides market estimates and projections in US$ Million for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, Rest of Asia-Pacific), and Rest of World.