Aerospace and Life Sciences TIC Market

Aerospace and Life Sciences TIC Market

Market Synopsis:

Global Aerospace and Life Sciences TIC market is valued at USD 32122.03 Million in 2022 and is projected to reach a value of USD 41327.64 Million by 2030 at a CAGR of 3.20% over the forecast period. The rising adoption of advanced technologies in the aerospace and life sciences is the prime factor boosting the growth of the Aerospace and Life Sciences TIC market during the forecast period. The increasing demand for Aerospace and Life Sciences TIC is primarily attributed to the incorporation of new technologies in the manufacturing operations of the aerospace and life science industry, and increasing mandatory certification and are expected to witness the highest growth in upcoming years. Moreover, rising investments in the life sciences and aerospace industries, and the growing demand for standard and good quality products across the industry are further presumed to drive the growth of aerospace in the life science TIC market. Besides, the increasing emergence of the latest and improved TIC services during the covid-19 pandemic have further created profitable opportunities for the growth of the Aerospace and Life Sciences TIC market. Moreover, the increasing disbursement on research and development abilities for the technology included in the safety devices are also boosting the growth of the Aerospace and Life Sciences TIC market. Additionally, TIC services improve the manufacturing process quality by inspecting, testing, and verifying in compliance with standards globally which is expected to increase the demand for Aerospace and Life Sciences TIC in coming years. Moreover, this supports the production of high quality, reliable, and safe aerospace products or components, pharmaceuticals and medical science, and other life science products which are expected to enhance the market growth during the forecast period.

Market Segmentation:

The Aerospace and Life Sciences TIC market is segmented on the basis of Sourcing, Service, and application. Based on sourcing the market is segmented as in-house services, and outsourced services. On the basis of service type, the market is segmented as Testing, Inspection, Certification, and others. On the basis of application, the market is segmented as Medical and Life Sciences, Aerospace, and Aerospace and life sci.

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The out-sourcing services are accounted to hold the largest share of the market in 2021

The outsourcing service segment in the Aerospace and Life Sciences TIC market is projected to hold the largest market share in the year 2021. The out-sourcing services depend on several factors such as industry's necessities, the country’s federal structure, and administrative rules. These factors are expected to have a positive impact on the market size, irrespective of the fundamental microeconomic conditions. Moreover, the external TIC service providers support companies to achieve high-quality products as they provide personnel testing along with the expertise on a wide range of TIC methodologies which is presumed to drive the growth of outsourcing services in the Aerospace and Life Sciences TIC market in the coming years. This also facilitates high-quality assurance across equipment and products.

Medical devices application is expected to grow at the highest CAGR during the forecast period

The TIC market for the medical device’s application is projected to grow at the highest CAGR during the forecast period. By taking into consideration the surge in the demand for medical equipment, ventilators, and the requirement of medical devices to fight against the coronavirus. Moreover, many of the automotive, aerospace and fast-moving consumer durable companies are expanding their business portfolio to accommodate countries where they find a shortage of medical devices and supplies which is expected to increase the demand for medical devices in the Aerospace and Life Sciences TIC market during the forecast period.

North America is expected to grow at the highest CAGR by the year 2024

In 2021, North America is estimated to dominate the Aerospace and Life Sciences TIC market owing to the numerous manufacturing capabilities available in the region. Moreover, the growth of medical devices and manufacturing companies have supported the expansion of the life science industry which is presumed to boost the growth of the Aerospace and Life Sciences TIC market in the upcoming years.

Asia-Pacific is expected to witness significant growth in the Aerospace and Life Sciences TIC market due to the existence of manufacturing capabilities in almost all the domains such as manufacturing accessories and parts of the aerospace industry, pharmaceutical, and medical devices. Moreover, the growth in research and development from the region has assisted in the growth of the market share of the TIC services which is projected to drive the Aerospace and Life Sciences TIC market growth. Increasing urbanization, improved regulatory system, and growth in the demand for high quality and low cost and safety products in the life sciences industry are serving TIC services in order to experience significant growth in the APAC region.

Competitive Landscape:

The major players in the Aerospace and Life Sciences TIC market are mainly focusing on strategies like acquisition and product launch in order to strengthen their product portfolio and maintain their position in the market. Some of the key players in the market are SGS (Switzerland), Bureau Veritas (France), Intertek (UK), TÜV NORD (Germany), TÜV SUD (Germany), Eurofins Scientific (Luxembourg), TÜV Rheinland (Germany), Applus+ (Spain), Element Material Technology (UK), DNV GL (Norway), UL (US), ALS Ltd. (Australia) and MISTRAS (US).

Aerospace and Life Sciences TIC Market is segmented as follows:

Aerospace and Life Sciences TIC Market is tabulated as follows: