Testing and Analysis Services Market to Reach US$29.1B by 2023 - Transparency Market Research

Albany,NY, November 14, 2017 (Newswire.com) - ​​​The presence of several small players operational at regional as well as international front has rendered the vendor landscape of the global testing and analysis services market fairly fragmented and highly competitive, observes Transparency Market Research in a recent report. A vast set of opportunities in the fields of oil and gas analysis and food testing in a number of emerging economies have driven vendors in the direction of geographical expansion of late. Moreover, acquisition and mergers targeted towards the establishment of promising regional markets has also emerged as a key growth strategy in the past few years. Some of the leading companies in the global testing and analysis services market are Maxxam Analytics, ALS Global, Acuren, Koninklijke Philips N.V., Intertek Group plc., LECO Corporation, Bureau Veritas S. A., Exova Group plc., SGS S.A., and Eurofins.

Transparency Market Research estimates that the global testing and analysis services market will exhibit a CAGR of 5.6% from 2015 to 2023, rising from an opportunity of US$17.9 bn in 2014 to US$29.1B by the end of 2023.

North America to Present Promising Demand for Various Testing and Analysis Services

From a geographical standpoint, the market for testing and analysis services in North America is presently the leading revenue grosser and is likely to remain at the top over the report’s forecast period as well. The regional market will be pushed ahead owing to the high demand for a vast variety of chemical, food, and environmental testing and analysis services. Of the key varieties of analysis services, the testing and analysis market presently acquires a large share of its revenue from the segment of elemental analysis. The vast rise in demand for elemental analysis services from a number of small- and medium-scale enterprises will drive the segment in the near future.

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Increased Adherence to Safety and Compliance Norms in Various Industries Bolster Uptake

One of the key factors driving the global testing and analysis services market is the rising demand for these services across industries such as oil and gas, food and beverages, mineral and mining, and pharmaceutical. The stringent regulations on safety in food and pharmaceuticals on safety and compliance will benefit the overall testing and analysis services market. Furthermore, according to several legislations, it is mandatory for domestic and foreign laboratories to adopt appropriate testing and analysis techniques for food testing.

Several companies around the world spend significant sums only on testing and analysis services. The demand for these services is rising in both large companies and SMBs. Testing and analysis services help companies in laboratory testing, increasing manufacturing efficiency, and meeting the global standards. Importantly, these services facilitate risk management and improve the quality, safety, and compliance of a company’s products or services. Besides the rising demand to meet regulations and standards, the global testing and analysis services market is also driven by the rising trend of outsourcing.

On the other hand, the global testing and analysis services market will be suppressed by the high capital requirements of these services. Likewise, the intense competition in the global testing and analysis services market will also challenge the market. Players in the global testing and analysis services market are competing through shortening the product lifecycles and lowering the price.

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Source: Transparency Market Research