North America Testing and Commissioning Market to Reach US$ 73 Billion by 2024 – IMARC Group

April 17 16:44 2019
North America Testing and Commissioning Market to Reach US$ 73 Billion by 2024 - IMARC Group

North America Testing and Commissioning Market Bolstered by Rising Trade Activities in the Region: IMARC Group
Over the past few years, the North America testing and commissioning market has witnessed moderate growth. Rising demand for high-quality products, stringent regulations related to product safety and a significant increase in trade activities across the region are influencing the market growth.

According to the latest report by IMARC Group, titled “North America Testing and Commissioning Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the North America testing and commissioning market reached a value of more than US$ 53.2 Billion in 2018. Testing and commissioning refer to a set of systematic tests used to check the quality and technical safety as well as to validate the performance of a product. This process verifies that the product follows universal regulatory standards by performing a set of systematic tests. Testing and commissioning ensure product safety for the consumers by meeting the health, quality and safety requirements. This process employs analytical instruments and equipment (IES) for the detection of and measuring electrical signals and the biological and physical properties of any product. This helps manufacturers to improve the safety and compliance of a company and its products by inspecting, verifying, testing and offering certification services.

Market Trends:

The growing concerns for quality products and intense competition in the market have encouraged the manufacturers to opt for testing and commissioning services. These processes not only enable the production of superior grade products while reducing system failures but also aid in following certain regulatory norms pertaining to the health, environment, quality and safety of a product across industries like construction, chemicals, and oil and gas. Moreover, owing to the rise in the number of machine installations in industrial plants along with an increase in outsourcing of testing, inspection and certification services, the demand for these services is accelerating. Apart from this, a substantial rise in trade activities across the North American region has been witnessed leading to the requirement of enhanced testing, inspection, and certification services. Owing to these factors, the North America testing and commissioning market size is expected to reach US$ 72.7 Billion by 2024, exhibiting a CAGR of 5.2% during 2019-2024.

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Market Summary:

Market Breakup by Service Type

1. Testing
2. Certification
3. Commissioning

On the basis of the service type, testing services account for the largest market share. Other major segments include certification and commissioning.

Market Breakup Sourcing Type

1. Inhouse
2. Outsource

Based on the sourcing type, the market has been bifurcated into in-house and outsourced. Amongst these, in-house represents the most popular sourcing type.

Market Breakup by Commissioning Type

1. Initial Commissioning
2. Retro Commissioning
3. Monitor Based Commissioning

To know more about the North America Testing and Commissioning market, visit: https://www.imarcgroup.com/north-america-testing-commissioning-market

On the basis of the commissioning type, initial commissioning represents the most popular type of commissioning. Other major segments include retro commissioning and monitor-based commissioning.

Market Breakup by End Use

1. Oil and Gas
2. Consumer and Retail
3. Food and Agriculture
4. Construction
5. Chemicals
6. Manufacturing
7. Automotive
8. Others

Based on the end use, the market has been classified into oil and gas; consumer and retail; food and agriculture; construction; chemicals; manufacturing and automotive. Oil and gas currently hold the majority of the market share.

Market Breakup by Region

1. USA
2. Canada
3. Others

On the geographical front, the United States is currently leading the market with the dominant share, followed by Canada.

Competitive Landscape

The competitive landscape of the market has been studied with the detailed profiles of the key players operating in the market. Some of them include SGS, Intertek, Eurofins, Bureau Veritas, DNV GL, Applus, ALS Global, TUV Rheinland, TUV SUD and BSI Group.

Explore Related Research Reports: https://www.imarcgroup.com/categories/other-research-reports

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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