Global material testing equipment market 2014 2018

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Global material testing equipment market 2014 2018

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Company Snapshot Figure 45 Bureau Veritas: Company Snapshot Figure 46 Intertek: Company Snapshot Figure 47 Dekra: Company Snapshot Figure 48 Eurofins Scientific: Company Snapshot Figure 52 Applus: Company Snapshot Figure 55 Mistras: The growth of this market is mainly driven by harmonization of standards, growing consumption of goods in emerging countries, increasing incidents of product recalls globally, surge in global counterfeiting and piracy activities, and imposition of rigorous government regulations and standards across various sectors.

The TIC market for testing services accounted for the largest share in There is an increasing demand for testing services in most applications owing to the rising demand for good-quality and standard products across the industry.

Manufacturers are required to ensure the products have met the quality, technical, safety, and performance regulatory standards to increase the marketability of their products.

The TIC market for in-house sourcing type accounted for the largest share in Earlier, the manufacturers and organizations had to adhere to limited standards and regulations; hence, it was possible for companies to build their in-house testing and inspection capabilities.

The TIC market for the transportation application held the largest share in There has been a significant demand for pre-owned vehicles in several countries, which has led to the increase in the demand for vehicle inspection services. Moreover, the annual vehicle production capacity is increasing.

This factor holds the potential for increase in TIC services worldwide. Industrially advanced countries such as China, Japan, South Korea, and Taiwan possess a significant export capacity.

Major industries in these countries include consumer electronics, processed foods, and agriculture. These industries have a significant demand for TIC services, which would help them to comply with international standards. Divergent standards and regulations across geographies is the restraining factor for the growth of the TIC market.

TIC companies are subject to local laws and have to abide by the regulations and jurisdiction of each region and country in which they operate, thereby reducing their effectiveness. SGS Switzerland is one of the leading companies in the TIC market, followed by Bureau Veritas France with a large contribution to the parent market share and high financial power, and provides a broad service portfolio in the TIC market with strong technical expertise.

SGS is highly focused on its continued growth through acquisitions, strategic partnerships, and expansions to gain a competitive advantage. Bureau Veritas is focusing on an aggressive inorganic growth strategy by acquiring small companies.

It has acquired more than companies in the past 10 years.

Global material testing equipment market 2014 2018

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