Global Testing and Analysis Services Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
- Vikas Kumar
- January 10, 2022
- CHEMICAL, NEWS
- Testing and Analysis Services Market, Testing and Analysis Services Market Growth, Testing and Analysis Services Market news, Testing and Analysis Services Market share, Testing and Analysis Services Market size, Testing and Analysis Services Market Trend
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The global Testing and Analysis Services market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 5% during the forecast period (2021-2027).
Surging industrial automation across industries is one of the prominent factors driving the testing and analysis services market. Industrial robots can be deployed for a wide range of tasks in a growing number of industries. Various industries across the world are deploying automation for handling different processes and machinery in an industry to replace a human being and improve the efficiency of their manufacturing operations; therefore, demanding the testing and analysis services
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Moreover, industries such as electrical/electronics, automotive, metal & machinery, food, among others, are focused on automating their functions leading to a rise in robots’ installation across various industries. For instance, in 2020, the electrical/electronic industry installed some 1,09,000 units of industrial robots worldwide, making it the industry with the most industrial robot installations that year. Also, the automotive industry installed around 80,000 units of industrial robots in 2020. this increase in industrial automation is leading to a surge in demand for testing and analysis services to ensure quality operations, product quality, etc.,
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The rapidly growing urban population leading to the rise in industrial activities across the globe are some of the leading factors responsible for the growth of the testing and analysis services market globally. For instance, in 2020, almost 56.15% of the total population was living in urban areas, up from 52% in 2011. Also, the world’s population reached 7.7 billion in mid-2019, having added one billion people since 2007 and two billion since 1994. Furthermore, the increasing industrial applications across industries requires justification of quality, reliability, performance, or safety of a product., due to which the demand for the testing and analysis services is uplifting
Based on the Type, the market is fragmented into Water, Soil/Sediment, Clay Minerals, Metal Alloy, Biological samples, and Others. The water segment grabbed XX% market share and the market would reach USD XX M by 2027. Increasing awareness for water quality in various application industries such as food & beverage, pharmaceuticals, chemical, energy & power, electronics & semiconductors, along with the wastewater treatment industry is leading to the growing share of this segment. However, the soil/sediment segment would register a CAGR of XX% during the forthcoming years.
The global Testing and Analysis Services market Have been negatively impacted over the last few months. This can be attributed to significant disruptions experienced by their respective manufacturing and supply-chain operations because of various precautionary lockdowns, as well as other restrictions that were enforced by governing authorities across the globe. Moreover, consumer demand has also subsequently reduced as individuals are now keener on eliminating non-essential expenses from their respective budgets as the general economic status of most individuals has been severely affected by this outbreak. These elements are expected to burden the revenue trajectory of the global Testing and Analysis Services market over the forecast timeline
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Based on the Application, the market is fragmented into Food & Beverages, Pharma/Medical Devices, Oil & Gas Energy, Automobile and Transportation, Chemicals, Environment and Agriculture, Metal and Alloy, Architecture and Infrastructure. The food and beverage sector grabbed the major market share in 2020 and dominated the market. The testing and analysis services in the food & beverage industry are performed to ensure safe consumption, product quality, and product integrity. It is a re-requisite for safeguarding correct food labeling, as well as protection of consumers against adulteration, misbranding of food, and unsafe beverages.
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Additionally, the report provides detailed initiatives that are being taken in the field of Artificial Plants. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. North America region dominated the market and grabbed major market share in 2020. Growing R&D investments across industries coupled with the presence of numerous Testing and Analysis service providers in the countries such as the united states and Canada is leading to the growth of the Testing and Analysis services market in North America. However, the Asia Pacific region is expected to witness the highest CAGR during the forecast period.
Global Testing and Analysis Services Market Segmentation
Market Insight, by Type
- Water
- Soil/Sediment
- Clay Minerals
- Metal Alloy
- Biological Sample
- Others
Market Insight, by Application
- Food & Beverages
- Pharma/Medical Device
- Oil & Gas Energy
- Automobile and Transportation
- Chemicals
- Environment and Agriculture
- Metal and Alloys
- Architecture and Infrastructure
Market Insight, by Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- France
- Germany
- Spain
- Italy
- United Kingdom
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- ALS
- Acuren
- Activation Laboratories
- Element Materials Technology
- Elemental Analysis Inc
- EAG
- Eurofins Scientific Group
- Galbraith Laboratories
- Maxxam
- Intertek Group
