from 2020 to 2025. The aerospace and life sciences TIC market is expected to grow at a CAGR of 3. 8% from USD 31. 3 billion in 2020 to USD 37. 8 billion. Some of the Factors such as implementation of advanced technologies such as AI, ML and 3D printing in aerospace and life sciences manufacturing operations and emergence to new services and solutions amidst COVID-19 such as virtual visual inspection, remote audit etc.
New York, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aerospace and Life Sciences TIC Market by Sourcing type, Service Type, Application and Region - Forecast to 2025" - https://www.reportlinker.com/p05246328/?utm_source=GNW
in aerospace and life sciences components and equipment.
Aerospace and life sciences TIC market for testing services accounted for largest share in 2020
The growing demand for testing services due to the increasing number of specified standards by governments and international standardization institutions.The testing process is important because it allows inspection authorities and producers to identify faults before an actual stress test, where personnel and environmental safety are at risk.
There are testing practices for every part used in aerospace manufacturing.As it is a critical industry, a single error can result in huge disasters and deaths.
To avoid such mishaps, companies are conducting stress tests on aircraft using advanced testing capabilities.
Aerospace and life sciences TIC market for outsourced services offering accounted for largest share in 2020
The outsourced services depends on factors such as the industry’s requirements and a country’s federal structure and administrative rules.Over time, these factors may have a significant impact on the market size, irrespective of the underlying macroeconomic conditions.
External TIC service providers help companies achieve higher product quality, as they employ testing personnel having expertise in a wide range of TIC methodologies. This facilitates high-quality assurance across products and equipment.
Aerospace and life sciences TIC market for medical devices application to grow at highest CAGR during forecast period
The TIC market for medical devices application is expected to grow at the highest CAGR during the forecast period considering the surge in the demand for medical equipment, ventilators, necessities in the pandemic to fight against the virus. Many automotive, aerospace and fast-moving consumer durables companies are diversifying their business portfolio in order to cater to counties where there are shortage of medical devices and necessities.
India is expected to be the fastest-growing market for TIC during forecast period
The TIC market in India is projected to grow at the highest CAGR during the forecast period.The highest CAGR is because of the presence of manufacturing capabilities in almost all domains such as maintenance parts and accessories of aerospace industry and pharmaceutical and medical devices.
Moreover, the R&D from India has helped the increasing the market share of TIC services in the aerospace and life sciences TIC market.
Breakdown of the profile of primary participants:
• By Company Type: Tier 1 – 60 %, Tier 2 – 25%, and Tier 3 – 15%
• By Designation: C-level Executives – 50%, Directors - 30%, and Others -20%
• By Region: APAC – 40 %, NA – 25%, Europe – 20%, and RoW – 15%
The major players profiled in this report include:
• SGS (Switzerland)
• Bureau Veritas (France)
• Intertek (UK)
• Eurofins Scientific (Luxembourg)
• TÜV SÜD (Germany)
• TÜV Rheinland (Germany)
• TÜV Nord (Germany)
• DNV GL (Norway)
• Applus+ (Spain)
• MISTRAS (US)
• Element Materials Technology (US)
• UL (US)
• ALS Ltd. (Australia)
The study segments the aerospace and life sciences TIC market report into sourcing type (In-house services and outsourced services), service type (testing, inspection and certification), application (medical and life sciences and aerospace). The study also provides market size for various segments regarding global regions.
Reasons to buy the report
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the aerospace and life sciences TIC market comprehensively provides the closest approximations of the overall market size and those of the subsegments across different applications and regions.
2. The report provides a detailed analysis of the aerospace and life sciences TIC market with the help of competitive leadership mapping, including crucial companies in the market and their relations in the ecosystem.
3. The report helps stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
4. This report would help stakeholders understand their competitors better and gain insights to enhance their position in the business. The competitive landscape section includes the competitor ecosystem, product developments, partnerships, and mergers & acquisitions in the aerospace and life sciences TIC market.
Read the full report: https://www.reportlinker.com/p05246328/?utm_source=GNW
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