DUBLIN--(BUSINESS WIRE)--The "Global Testing Equipment and Services Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The global testing equipment and services market was valued at US$443.651 billion in 2019.
Strict regulations regarding quality inspection and testing services is the major driver of this market. Additionally, penalties are imposed on firms for not conforming to the guidelines and regulations that are in place by government organizations to prevent any mishap or accident that can be caused to the consumer due to poor quality products. For example, federal law in the U.S. requires both manufacturers and importers to test consumer products for compliance with consumer product safety requirements and must certify that product as compliant with the applicable consumer product safety requirements in an electronic or a written certificate.
As such, these laws across different regions/countries are pushing manufacturers to make products in compliance with the set regulations and guidelines by using required testing equipment and services, thereby bolstering the global testing and equipment services market growth. Companies across various end-user industries are increasingly demanding testing equipment and services in order to ensure that the product manufactured is of premium and utmost quality so that it does not deteriorate easily and is able to meet the needs of the consumer.
Consumer Electronics to hold a significant market share
The consumer electronics industry is expected to hold a significant market share over the forecast period, which is attributable to the fact that there is an increasing demand for advanced consumer electronics devices among consumers due to increasing disposable income. Additionally, miniaturization of electronics and electrical components is also boosting the demand for testing equipment and services to test the working and efficiency of these small and complex parts. The global automotive industry is estimated to witness a decent CAGR between 2020 and 2025 on the account of the major technological changes in the automobiles, with the growing number to complex parts, which require effective testing equipment and services in order to test the safety and durability of the new and advanced features.
APAC to experience noteworthy CAGR during the projected period
Geographically, global testing equipment and services market is segmented as North America, South America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). The North American regional market is estimated to hold a significant market share throughout the forecast period on account of strict regulations regarding equipment testing in countries like the U.S. and Canada. Strict regulations regarding quality and testing inspection across various industry verticals is attracting market players to keep expanding their reach in this country.
The high adoption rate of industrial automation coupled with growing industries such as automotive, aerospace, and oil and gas in North American countries is attracting market players to expand their customer base in this region, thereby driving the regional market growth of testing equipment and services. For example, in January 2019, the global testing, inspection, and certification company Applus+ acquired US-based NDT specialist for the aerospace sector, Talon Test Laboratories, to strengthen its presence in the country while broadening its network and range of NDT products and services in this strategic field.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Testing Equipment and Services Market Analysis, By Offering
6. Global Testing Equipment and Services Market Analysis, By End-User Industry
6.3. Consumer Electronics
6.4. Energy and Power
7. Global Testing Equipment and Services Market Analysis, By Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.6. Asia Pacific
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. MTS Systems Corporation
9.2. National Instruments.
9.3. ATA Engineering, Inc.
9.4. SGS SA
9.5. HORIBA MIRA Ltd
9.6. Brel & Kjr
9.9. ATESTEO GmbH & Co. KG
9.10. ETI Precision
For more information about this report visit https://www.researchandmarkets.com/r/m6oxch