The Global Market for Testing Laboratories is Projected to Reach US$118.4 Billion by 2024
Focus On Product Quality and Safety and the Need to
Adhere to Industry Standards and Regulatory Specifications to Drive Growth in
the Testing Laboratories Market, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size and
demand forecasts on the global Testing Laboratories market. The global Testing Laboratories market is projected to
reach US$118.4 billion by 2024,
driven by the globalization of trade, the ensuing operational focus on product quality
and safety to ensure competitiveness, and implementation of new and stringent
regulations.
Testing Laboratories
industry comprises establishments, both independent and those operating as part
of a corporate entity, offering a wide range of chemical, physical and
analytical testing services, including vibration or acoustics testing,
biological testing, mechanical testing, certification and calibration, food
testing; thermal testing, product testing; geotechnical testing and
nondestructive testing, among others. Such laboratories perform chemical and
physical tests on products or processes to provide analytical information on
the quality of concerned objects. Testing laboratories are associated with
testing products or processes to ascertain their safety and to provide
certifications. Such testing often involves measuring the flow of fluids,
water, steam, propellants and chemicals. Results obtained through these tests
are compared to environmental, product, and industrial standards, and checked
to ensure compliance with government regulations. Labs perform testing either
onsite, which involve field studies, or in an independent laboratory offsite.
Over the years, role of
testing laboratory services has gained prominence in several industry sectors,
driven by the considerable benefits offered to these businesses. Globalization
of trade, rising concerns over product quality and safety, implementation of
new standards and stringent regulations, and the trend towards outsourcing of
testing operations are driving growth in the global testing laboratories
market. Development of new and advanced testing technologies and processes and
growing awareness among industry participants and consumers about product quality
and safety, specifically with regard to food products that carry high health
risks, are necessitating various industries to opt for testing services. Rising
demand for a wide range of consumer products and significant diversity of
products are providing substantial impetus to product testing and certification
services. Other factors contributing to the growth in testing services are the
escalating cost of product liability insurance, lack of comparable testing
facilities within smaller facilities, and continued desire from large
corporations to rely on independent testing facilities for securing independent
results. The development of increasingly advanced products and growing
complexity of supply chains are also enhancing the significance of testing laboratories.
Manufacturers also opt for testing services to protect their highly valuable
brand assets, amidst rising consumer awareness and constant scrutiny.
As stated by the new
market research report on Testing Laboratories, the United States represents the largest market, worldwide, supported
by growing R&D investments by government and industry players for
developing new products and services. Asia-Pacific is forecast to grow at the
fastest CAGR of 8.5% over the analysis period, led by rapid pace of
industrialization and infrastructure development activities; rise of China,
India and Taiwan and South Korea as global hubs for manufacturing and
production activity; trend towards outsourcing testing services to low cost
Asian countries; legislation of stringent product safety protocols and
standards, and growing pressure on manufacturing for export oriented economies
like China and Taiwan to ensure competitiveness with global players and international
standards.
Major players in the market
include Bureau Veritas Group, CSA Group, ELCA Laboratories, Eurofins Scientific
Group, Eurofins GeneScan, 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., TÜVRheinland®, TÜV SÜD
America Inc., and Underwriters Laboratories Inc., among others.
The research report titled
“Testing Laboratories: A Global Strategic Business
Report” announced by Global Industry
Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market
estimates and projections 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 and Rest of Asia-Pacific) and Rest of World.
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