Testing and Commissioning Market Projected to Reach a Value of US$ 241 Billion by 2023

Testing and Commissioning Market Report, Historical Growth & Analysis of Top Key Players

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Report Description and Highlights

Report Description

Testing and Commissioning Market Report By Service Type (Testing, Certification and Commissioning), Commissioning Type (Initial Commissioning, Retro Commissioning and MonitorBased Commissioning), Sourcing Type, End-Use Sector, Region The global testing and commissioning market has experienced positive growth over the past few years.

This can be attributed to the growing collaborations between leading manufacturers to expand their geographical presence along with increasing demand for these services in the emerging export markets.

Market Overview: According to the latest report by IMARC Group, titled “Testing and Commissioning Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global testing and commissioning market reached a value of US$ 178 Billion in 2017. Testing and commissioning refer to the processes designed to validate performance, quality and technical safety of a product and to discover and correct problems. They are a systematic and rigorous set of tests performed to determine if a product follows the universal regulatory standards. Testing, inspection and certification companies ensure that their clients meet the required health, safety and quality requirements.

Report Description and Highlights

Report Description

They even engage in the provision of inspection, verification, testing and certification services to increase productivity, help local manufacturers meet global standards, manage risk, and improve the quality, safety and compliance of the company and their products or services. On the other hand, testing and commissioning are required to assist in the delivery of a construction project which provides an efficient, safe and healthy facility; optimizes energy use; and reduces operating costs.

Market Trends: Due to strict regulations, several large companies are outsourcing inspection and testing to reduce the high costs of in-house testing. Further, the testing and commissioning market has the potential to grow at a rapid pace in the developing regions due to increasing exports compliant with western standards, and imposition of new rules and standards in the infrastructure, and oil and gas sectors. Moreover, retro-commissioning has provided a positive impact on the testing and commissioning market as it helps in identifying problems in existing buildings and reducing waste energy, thereby saving energy costs for the owners. The leading players are also engaging in merger and acquisition activities to broaden and reinforce their service matrix and expand their geographical footprint. Owing to these factors, the market is projected to reach a value of US$ 241 Billion by 2023, expanding at a CAGR of more than 5% during 2018-2023.

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Market Forecast

Sample Figure: Global: Testing and Commissioning Market Forecast: Sales Value (in Billion US$), 2018-2023

184.3

191.7

199.3

207.3

2018

2019

2020

2021

215.6

224.2

2022

2023

Market Segmentation

Report Description

Testing and Commissioning Market Segmentation: Market Segmentation by Service Type o Testing o Certification o Commissioning Based on service types, testing represents the largest segment, accounting for the majority of the global share. Testing is followed by commissioning and certification.

Market Segmentation by Commissioning Type o Initial Commissioning o Retro Commissioning o Monitor-Based Commissioning The market has been categorized on the basis of commissioning types into initial commissioning, retro commissioning and monitor-based commissioning. Amongst these, initial commissioning dominates the market, holding the largest share.

Market Segmentation

Report Description

For more information, click here: https://www.imarcgroup.com/testing-commissioning-market Market Segmentation by Sourcing Type • •

Inhouse Outsourced

On the basis of sourcing types, the global testing and commissioning market has been segregated into inhouse and outsourced segments. Currently, in-house sourcing is the most popular segment.

Market Segmentation by End-Use Sector • • • • • • • •

Construction Industrial Consumer Products Life Sciences Oil and Gas Food and Agriculture Marine and Offshore Transport and Aerospace

Regional Segmentation

North America

Europ e

Asia- Pacific

Latin America

Middle East and Africa

Market Segmentation

Report Description • • •

Energy and Power Chemicals Others

Based on end-users, the market has been segregated into construction, industrial, consumer products, life sciences, oil and gas, food and agriculture, marine and offshore, transport and aerospace, energy and power, and chemicals industries. Amongst these, the construction industry is the largest end-use sector.

Market Segmentation by Region • • • • •

Europe Asia Pacific North America Middle East and Africa Latin America

Region-wise, Europe enjoys the leading position in the global testing and commissioning market, followed

by North America and Asia Pacific. The other major markets include Latin America, and Middle East and Africa.

Market Segmentation

Report Description Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players.

• • • • •

SGS Bureau Veritas Intertek Dekra TUV SUD

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Report Description and Highlights

Report Description

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