The market for global testing and analysis services stood at US$17.9 bn in 2014 and is anticipated to rise at a CAGR of 5.6% from 2015 to 2023. The opportunities in the market are projected to reach US$29.1 bn by the end of the forecast period.
The testing and analysis services market is driven by their demand for testing in various end-use industries such as oil and gas, mineral and mining, food and beverages, and pharmaceutical industries. The growing uptake of these services is fueled by several benefits. Testing and analysis services help end users augment manufacturing efficiency, enable local producers to meet global standards, and help companies manage risks. Furthermore, the drive for testing and analysis services in companies stems for the need of meeting the compliance of their processes and safety of their products.
Regionally, the global testing and analysis services market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East and North Africa (MENA), Rest of the World (RoW). Of these, currently, North America leads the regional market. The growth of this regional market is anticipated to be driven by the burgeoning demand for a variety of environmental and chemical testing services.
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The testing and analysis services market is fairly fragmented with the presence of a number of small players offering services at competitive pricing, notes Transparency Market Research (TMR). Some of the leading players in the global testing and analysis services market are LECO Corporation, Koninklijke Philips N.V., Maxxam Analytics, Acuren, Eurofins, ALS Global, Intertek Group plc., SGS S.A., Exova Group plc., and Bureau Veritas S. A. Several key players are adopting organic growth strategy and capitalizing on emerging opportunities in the areas of food testing and in the oil and gas analysis, in order to strengthen their presence across various end-use industries. In addition, several major global players and mid-sized companies opt for acquisitions as the key strategy to consolidate their shares, observes TMR.