Testing and Analysis Services Market to Log 5.6% CAGR from 2015 to 2023

Testing and Analysis Services Market to Log 5.6% CAGR from 2015 to 2023 Transparency Market Research has published a new market report titled, “Testing and Analysis Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 2023.� According to the report, the global testing and analysis services market in was valued at US$17.9 bn in 2014 and is projected to expand at a CAGR of 5.6% from 2015 to 2023 to reach US$29.1 bn in 2023.

Testing analysis services are precarious element in many industries and has the potential to save time and money by performing critical analysis throughout the product life cycle and improve customer satisfaction by delivering defect-free product.

Testing laboratories are significantly increasing these capabilities to better serve prospective businesses as they continue to pursue ways to decrease cost, enhance analytical testing, and increase the flexibility of their testing analysis programs.

The key objectives of testing and analysis companies include ensuring that their products reach the best possible quality and safety levels in all markets in which they operate. The companies also intend to continue development and acquire the most inclusive range of advanced testing technologies as well as expand geographical reach in order to support clients’ increasingly stringent quality and safety standards and expanding demand of regulatory authorities across the world.

The testing and analysis services market has been segmented on the basis of sample type, analysis type, industry and geography. Food and beverages samples accounted for the largest share of the global testing and analysis market by sample type in 2014 due to presence of large number of small and medium food companies which outsource most of the testing services.

Moreover, the food and beverage segment is likely to expand at the highest growth rate from 2015 to 2023 due to increasing awareness among people about food safety and rising demand for quality food among people globally.

Browse Full Research Report on Testing and Analysis Services Market: http://www.transparencymarketresearch.com/testing-analysis-services-market.html Based on analysis type, the market has been classified into elemental, organic, isotopic, particle size, mineralogical, metallurgical, petroleum and petrochemical, biomedical and

biopharmaceutical, and others analysis. In 2014, elemental analysis segment is projected to account for the largest share of the testing and analysis services market. Around 44% of businesses (SMEs) outsource elemental analysis services to analytical testing companies.

Furthermore, approximately 70% of outsourced elemental analysis services are provided by the industry and 30% of services are delivered by institutions (public and private).

Based on industry, the market is segmented as food/beverages, pharmaceuticals/medical device, energy, minerals, chemicals and other commodities, environment and metal and alloy. In 2014, the food and beverages industry segment is estimated to account for the largest share of the global testing and analysis services market. Furthermore, the food and beverage industry is one of the major contributors to growth of the testing and analysis services market and has historically witnessed consistent growth.

On the basis of geography, the market has been segmented into: North America, Europe, Asia Pacific, Latin America, Middle East and North Africa (MENA), Rest of the World (RoW). North America was the largest regional market for testing and analysis services market in 2014, followed by Europe. The dominance of these two regions is attributed to growing demand for technologically advanced elemental analysis services and financial capability of SMEs (manufacturing sector) to avail and afford expensive services.

Furthermore, increasing demand and high preference for environmental and chemical testing services is likely to fuel the market growth in this region from 2015 to 2023. Asia Pacific is anticipated to witness the fastest growth rate during the forecast period due to manufacturing migration to Asian countries and increased penetration European and American testing companies in the region.

Major players operating in the testing and analysis service market include Bureau Veritas , SGS S.A., Intertek Group plc, ALS Global, Eurofins, Exova, TÜV Rheinland, Acuren, Maxxam, Koninklijke Philips N.V., TÜV SÜD, Applus, and LECO Corporation.

Browse Full Press Release on Testing and Analysis Services Market: Press Release

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