DUBLIN--(BUSINESS WIRE)--The "Aerospace and Life Sciences TIC Market by Sourcing type (In-house and Outsourced services), Service Type (Testing, Inspection and Certification), Application (Aerospace and Life Sciences) and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global 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. 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.
- Adoption of Advanced Technologies in Aerospace and Life Sciences Manufacturing Operations
- Emergence of New TIC Services and Solutions Amidst Covid-19
- Cascading Effect of Covid-19 on TIC Industry
- Diversification of Businesses Due to Covid-19 to Generate New Revenue Pockets
- Disruptions in Supply Chains and Logistics
- Lack of Skilled Workforce
- SGS Group
- Bureau Veritas
- Eurofins Scientific
- Tv Sd
- DNV Gl
- Tv Rheinland
- Tv Nord Group
- Element Materials Technology
- ALS Limited
- UL LLC
- Avomeen Analytical Services
- Element Materials Technology (Exova)
- Medistri Sa
- Gateway Analytical
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