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.
Key Topics Covered:
2 Research Methodology
3 Executive Summary 4 Premium Insights 4.1 Manufacturing of Aerospace and Life Sciences Products Requires Accuracy Due to Their Critical Nature 4.2 Aerospace and Life Sciences TIC Market, by Sourcing Type 4.3 Aerospace and Life Sciences TIC Market, by Service Type 4.4 Aerospace and Life Sciences TIC Market, by Type 4.5 Aerospace and Life Sciences TIC Market, by Region 5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 18.104.22.168 Adoption of Advanced Technologies in Aerospace and Life Sciences Manufacturing Operations 22.214.171.124 Emergence of New TIC Services and Solutions Amidst Covid-19 5.2.2 Restraints 126.96.36.199 Cascading Effect of Covid-19 on TIC Industry 5.2.3 Opportunities 188.8.131.52 Diversification of Businesses Due to Covid-19 to Generate New Revenue Pockets 5.2.4 Challenges 184.108.40.206 Disruptions in Supply Chains and Logistics 220.127.116.11 Lack of Skilled Workforce 5.3 Value Chain Analysis 5.4 Important Regulations for Aerospace and Life Sciences TIC Market 5.5 Technology Analysis 5.6 Patents 5.6.1 Patent 1 5.6.2 Patent 2 5.7 Key Industry Trends 5.8 Covid-19 Impact Analysis 5.9 Impact on Value Chain 5.10 Impact on Market Dynamics 5.10.1 Country-Level Impact Analysis 18.104.22.168 Current Scenario 22.214.171.124 Expected Impact Analysis 5.11 Use Cases 5.11.1 Use Case 1: LFV 5.11.2 Use Case 2: Leading Food Manufacturer
6 Aerospace and Life Sciences TIC Market, by Sourcing Type 6.1 Introduction 6.2 In-House Services 6.2.1 In-House Testing Services to Continue to Capture Larger Market Share During Forecast Period 6.3 Outsourced Services 6.3.1 Market for Outsourced Services to Grow at Higher CAGR During 2020-2025 7 Aerospace and Life Sciences TIC Market, by Service Type 7.1 Introduction 7.2 Testing Services 7.2.1 Safety and Security Concerns Have Led to An Increase in Testing Services Portfolio of TIC Players 7.3 Inspection Services 7.3.1 Disruptions in Technologies Have Led to Increase in Introduction and Adoption of New Inspection Services 7.4 Certification Services 7.4.1 Mandatory Compliances for Aircraft Parts and Medical Devices Drive Certification Market 7.5 Other Services 7.5.1 Comprehensive Services Pertaining to Health and Hygiene Are Critical to Aerospace and Life Sciences Sectors
8 Aerospace and Life Sciences TIC Market, by Application 8.1 Introduction 8.2 Aerospace 8.2.1 Flight Tests, Traceability-To-Certification Management, and Certification Within Aviation Management Application Drive Aerospace TIC Market 8.2.2 Aerospace Manufacturing Services 8.2.3 Aviation Management Services 8.2.4 Others 8.3 Medical & Life Sciences 8.3.1 Demand for Tic-Approved Advanced Medical Devices Drives Growth of Medical & Life Sciences Applications 8.3.2 Medical Devices 8.3.3 Health, Beauty, and Wellness 8.3.4 Clinical Services 8.3.5 Laboratory Services 8.3.6 Biopharmaceuticals and Pharmaceuticals Services 8.3.7 Others
9 Geographic Analysis 9.1 Introduction 9.2 North America 9.3 Europe 9.4 Asia-Pacific 9.5 Rest of the World 10 Competitive Landscape 10.1 Overview 10.2 Market Share Analysis 10.3 Competitive Leadership Mapping, 2019 10.3.1 Visionary Leaders 10.3.2 Dynamic Differentiators 10.3.3 Innovators 10.3.4 Emerging Companies 10.4 Strength of Service Portfolio 10.5 Business Strategy Excellence 10.6 Competitive Situation and Trends 10.6.1 Expansions 10.6.2 Product/Service Launches and Developments 10.6.3 Acquisitions 10.6.4 Agreements and Partnerships
11 Company Profiles 11.1 Introduction 11.2 Key Players 11.2.1 SGS Group 11.2.2 Bureau Veritas 11.2.3 Intertek 11.2.4 Eurofins Scientific 11.2.5 Tv Sd 11.2.6 DNV Gl 11.2.7 Tv Rheinland 11.2.8 Applus+ 11.2.9 Tv Nord Group 11.2.10 Element Materials Technology 11.2.11 ALS Limited 11.2.12 UL LLC 11.2.13 Mistras 11.3 Key Innovators 11.3.1 Avomeen Analytical Services 11.3.2 Element Materials Technology (Exova) 11.3.3 Envigo 11.3.4 Medistri Sa 11.3.5 Gateway Analytical 12 Appendix