Global Aerospace and Life Sciences TIC Market (2020 to 2025) - Diversification of Businesses Due to COVID-19 Presents Opportunities

Dublin, Sept. 18, 2020 (GLOBE NEWSWIRE) -- 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.

Key Topics Covered:

1 Introduction

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
5.2.1.1 Adoption of Advanced Technologies in Aerospace and Life Sciences Manufacturing Operations
5.2.1.2 Emergence of New TIC Services and Solutions Amidst Covid-19
5.2.2 Restraints
5.2.2.1 Cascading Effect of Covid-19 on TIC Industry
5.2.3 Opportunities
5.2.3.1 Diversification of Businesses Due to Covid-19 to Generate New Revenue Pockets
5.2.4 Challenges
5.2.4.1 Disruptions in Supply Chains and Logistics
5.2.4.2 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
5.10.1.1 Current Scenario
5.10.1.2 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

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