Europe TIC market is projected to grow at CAGR of 3.8%
NEW YORK, Sept. 1, 2020 /PRNewswire/ -- Europe TIC market is projected to grow at CAGR of 3.8% from 2020 to 2025
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The Europe TIC market is expected to grow at a CAGR of 3.8% from USD 50.1 billion in 2020 to USD 60.4 billion. Factors such as a surge in the illicit trade of counterfeit and pirated goods, the inclination toward outsourcing TIC services, and the high demand for testing services to ensure effective interoperability of connected devices and networks have led to increased demand for TIC services in Europe.
Europe TIC market for certification services expected to grow at highest CAGR during forecast period
The growing demand for certification services due to the mounting number of specified standards by governments and international standardization institutions.Certification demonstrates a company's credibility in the market.
To deliver trustworthiness, companies in this market maintain wide-range accreditations and recognitions for certification services.As markets grow and expand, consumers seek safe, reliable, and eco-conscious products.
Certification services ensure product safety and performance attributes. Certification services mainly include customized audit and certification services with reference to quality, health & safety, environment, and social responsibility.
Europe 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.
The push toward outsourcing by manufacturing companies and, in specific instances, the privatization of state-owned laboratories will continue to be a strong factor driving the growth of the Europe TIC market for outsourced services.
Europe TIC market for agriculture and food application to grow at highest CAGR during forecast period
The TIC market for agriculture and food application is expected to grow at the highest CAGR during the forecast period.TIC services for the agriculture industry are required to ensure quality and improve product efficiency.
These services also support companies playing a crucial role in trading agricultural commodities and food products by acquiring international certifications. Moreover, changing regulations, especially in the agriculture space, across the world would drive the adoption of TIC services by manufacturers.
Poland is expected to be the fastest-growing market for TIC during forecast period
The TIC market in Poland 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 aerospace, automobiles, consumer goods and durables, food, IT and software.
Moreover, the exports from Poland has helped the increasing the market share of TIC services in the Europe 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%
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)
• DEKRA (Germany)
• DNV GL (Norway)
• Applus+ (Spain)
• MISTRAS (US)
• Element Materials Technology (US)
Research Coverage
The study segments the Europe TIC market report into sourcing type (In-house services and outsourced services), service type(testing, inspection and certification), application (consumer goods and retail, agriculture and food, chemicals, construction and infrastructure, energy & power, industrial manufacturing, medical and life sciences, mining, oil & gas and petroleum, public sector, automotive, aerospace, marine, railways, supply chain and logistics, IT and telecommunications, sports & entertainment). The study also provides market size for various segments regarding European countries.
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 Europe 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 Europe 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 Europe TIC market.
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