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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


Published: July 2017

REPORT STATISTICS


  • Code: MCP-6335
  • Pages: 320
  • Tables: 51
  • Companies: 34


TESTING LABORATORIES: A RESEARCH BRIEF

The global Testing Laboratories market is projected to reach US$118.4 billion by 2024, driven by globalization of trade, the ensuing operational focus on product quality and safety to ensure competitiveness, and implementation of new and stringent regulations. The single most important factor driving adoption of testing laboratory services is the high tangible and intangible costs associated with failure in product quality. In addition to the escalating cost of internal product failure before it reaches mass production stage and external product failure after it reaches the customer, companies also have to bear the accompanying damage to brand reputation, business competitiveness, and loss of shareholder value. The United States represents the largest market worldwide, supported by the heavy reliance of large corporations on independent third party testing services. Asia-Pacific is forecast to grow at the fastest CAGR of 8.5% over the analysis period, led by rapid pace of industrialization; rise of China, India, Taiwan and South Korea as global hubs for manufacturing and production activity; trend towards outsourcing testing services to low cost Asian countries; and growing pressure on manufacturing for export oriented economies to ensure competitiveness om par with international quality standards.  

    Summary of Findings

  • Focus on Operational Productivity Drives Demand for Expensive Rapid Tests Among Food Testing Laboratories
  • High Component Reliability Needs in Aerospace, Automobiles, Shipbuilding and Infrastructure Applications such as Bridges and Fuel Pipelines Drives Demand for Non Destructive Testing Services
  • Portable Appliance Testers Gain Rapid Adoption in the Electrical Appliance Manufacturing Industry
  • Development of Advanced Products and Growing Complexity of Supply Chains Enhance the Significance of Testing Laboratories
  • Development of New and Advanced Testing Technologies and Processes to Drive Growth in the Market

    Timeline for Analysis

  • Market Estimates and Forecasts for 2016-2024
  • Historic Review 2011-2015

    Geographic Markets Analyzed

  • 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

MAJOR PLAYERS

  • Bureau Veritas Group
  • CSA Group
  • ELCA Laboratories
  • Eurofins Scientific Group
  • FM Approvals
  • Foodtest Laboratories Ltd.

KEY RESEARCH DELIVERABLES

  • Review of Industry/Market Structure
  • Analysis of Trends & Drivers
  • Insights on Macro Market Scenarios
  • Market SWOT Analysis
  • Latent Demand Forecasts & Projections
  • Comprehensive Geographic Market Analysis
  • Presentation Ready Facts & Statistical Data Findings
  • Coverage of Major/Niche Players, Market Shares & Competition
  • Coverage of major Company/Technology/Product/Financial Stories
  • Extensive Product/Service/End-Use/Technology Coverage Where Applicable