Testing and Analysis Services Market: Current Analysis and Forecast (2022-2027)

 

The Global Testing and Analysis Services Market is Expected to Display an Elevated CAGR of ~5% over the forecast period (2022-2027)

The global testing, and analysis services market is driven by stringent government regulations & standards across various industry verticals across the globe. Globalization has led to an increase in the number of food imports from other regions. This has resulted in the rising number of testing and analysis activities across countries. This growth in the number of counterfeit goods has driven government authorities to implement various guidelines. The regulations are intended to limit the inflow of counterfeit goods from foreign regions. The lack of commonly accepted standards and the growth in protectionist policies have been the major challenges restraining market growth. These protectionist policies impose high tariffs on imports from foreign regions

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Moreover, the presence of numerous players coupled with the launch of new facilities in the regions is acting as a growth catalyst to the industry. Players are leveraging inorganic growth strategies, such as mergers & acquisitions, to gain market share. These companies are primarily targeting small players to expand their geographical reach and increase profitability. For instance, in June 2018, SGS acquired Polymer Solutions Incorporated (PSI), an independent material testing laboratory specializing in polymer science. This acquisition is aimed at strategically enhancing its global platform of materials science and testing laboratories to support the further expansion of its added-value services in new markets.

ALS, Acuren, Activation Laboratories, Element Materials Technology, Elemental Analysis Inc, EAG, Eurofins Scientific Group, Galbraith Laboratories, Maxxam, Intertek Group, etc . are some of the prominent players operating in the Testing and Analysis Services market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Type, Water segment holds the major share”

Based on type, the market is fragmented into Water, Soil/Sediment, Clay Minerals, Metal Alloy, Biological samples, and Others. The water segment grabbed the major market share and dominated the market in 2020. Water Testing and Analysis Services are used for water quality testing, which includes physical (e.g., turbidity), chemical (e.g., pH), and biological (e.g., coliforms) parameters of the water sample at certain time intervals to determine whether it is safe for drinking purposes or use in any other application. However, the metal segment would witness a considerable CAGR in the forthcoming period as well

“Amongst Application Type, Food and Beverage segment to grab considerable market share”

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 segment grabbed X% market share in 2020. Moreover, the market of this segment would reach USD X Mn by 2027. The key factors attributed to the growing market of this segment are the stringent regulations by FDA, rising health consciousness among end-users, etc. However, the pharma/medical device segment would witness a robust CAGR in the forthcoming years as well.

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“North America represents one of the largest markets of Testing and Analysis Services market”

For a better understanding of the market dynamics of the Testing and Analysis Services market, a detailed analysis was conducted for different regions across the globe including North America, Europe, Asia Pacific, and the Rest of the world. North America dominated the market and generated the leading revenue share in 2020 owing to the availability of Testing and Analysis Services providers in abundance. Also, leading manufacturers of Testing and Analysis Services are currently implementing technologically advanced production processes to increase production efficacy and optimize product offerings

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

Customization Options:

The Testing and Analysis Services Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.