North America’s Testing & Commissioning Market to Reach $72.7 Billion by 2024 - Driven by the Rising Outsourcing of Testing, Inspection and Certification Services - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 7, 2019--The “North America Testing and Commissioning Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024” report has been added to ResearchAndMarkets.com’s offering.
The North America testing and commissioning market was worth US$ 53.2 Billion in 2018. Looking forward, the North America testing and commissioning market is expected to reach a value of US$ 72.7 Billion by 2024, exhibiting a CAGR of around 5.2% during 2019-2024.
In recent years, there has been an increase in the demand for testing and commissioning as a result of rising outsourcing of testing, inspection and certification services.
The regulatory standards, which concern the health, environment, quality and safety of a product, have become stringent in the last few years, as a result of which manufacturers have become more aware about product safety and have started seeking third party approvals.
As a result of rapid globalisation, there has been a significant rise in trade activities in North America which has, in turn, catalyzed the requirement for enhanced testing, inspection, and certification services.
Breakup by Service Type:
Testing services currently represent the largest segment owing to rising concerns regarding the overall quality of the product.
Sourcing Type Insights:
In-house sourcing is currently the most popular type of sourcing.
Commissioning Type Insights:
- Initial Commissioning
- Retro Commissioning
- Monitor-Based Commissioning
Initial commissioning represents the most popular commissioning type as it is the basic step which is required for satisfying a product specification.
- Oil and Gas
- Consumer and Retail
- Food and Agriculture
- Construction and Chemicals
Oil and Gas industry dominates the end-use segment, holding the majority of the market share.
- United States
The United States currently represents the biggest market for testing and commissioning in North America, followed by Canada. This can be accredited to the presence of strict guidelines and regulations in numerous end-use industries including infrastructure and construction, oil and gas, and Chemical industries.
The North America testing and commissioning market consists of numerous small and large manufacturers. Some of the leading players operating in the market are:
- Bureau Veritas
- DNV GL
- ALS Global
- TUV Rheinland
- TUV SUD
- BSI Group
Key Questions Answered
- How has the North America testing and commissioning market performed so far and how will it perform in the coming years?
- What are the key regions in the North America testing and commissioning market?
- Which are the popular service types in the North America testing and commissioning market?
- What are the key sourcing types in the North America testing and commissioning market?
- What are the key commissioning types in the North America testing and commissioning market?
- What are the major end-use sectors in the North America testing and commissioning market?
- What is the structure of the global testing and commissioning market and who are the key players?
- What is the degree of competition in the North America testing and commissioning market?
2 Scope and Methodology
2.1 Objectives of the Study
2.3 Data Sources
2.4 Market Estimation
2.5 Forecasting Methodology
3 Executive Summary
4.2 Key Industry Trends
5 North America Testing and Commissioning Market
5.1 Market Overview
5.2 Market Performance
5.3 Market Breakup by Service Type
5.4 Market Breakup by Commissioning Type
5.5 Market Breakup by Sourcing Type
5.6 Market Breakup by End Use
5.7 Market Breakup by Region
5.8 Market Forecast
5.9 SWOT Analysis
5.10 Value Chain Analysis
5.11 Porters Five Forces Analysis
6 Market Breakup by Service Type
7 Market Breakup by Commissioning Type
7.1 Initial Commissioning
7.2 Retro Commissioning
7.3 Monitor Based Commissioning
8 Market Breakup Sourcing Type
9 Market Breakup by End Use
9.1 Oil and Gas
9.2 Consumer and Retail
9.3 Food and Agriculture
10 Market Breakup by Region
11 Competitive Landscape
11.1 Market Structure
11.2 Key Players
11.3 Key Player Profiles
11.3.4 Bureau Veritas
11.3.5 DNV GL
11.3.7 ALS Global
11.3.8 TUV Rheinland
11.3.9 TUV SUD
11.3.10 BSI Group
For more information about this report visit https://www.researchandmarkets.com/r/cw7i8y
View source version on businesswire.com:https://www.businesswire.com/news/home/20190507005715/en/
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Related Topics:Production and Quality Management
KEYWORD: NORTH AMERICA
INDUSTRY KEYWORD: MANUFACTURING OTHER MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 05/07/2019 10:28 AM/DISC: 05/07/2019 10:28 AM