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Testing Inspection & Certification (TIC) Market - Key Revenue Pockets
The TIC services usually comprise testing, verification, auditing, inspection, and certification, which are done either in-house or outsourced to third party service providers. Economic developments, growth in international trade, migration of manufacturers to emerging economics, and stringent regulatory mandates are driving the overall TIC market. Currently, the industry is fragmented and the top players operating in this eco-system have been on an acquisition spree to expand their services in emerging economies, namely, China, India, and Brazil which have significant growth prospects. Growing consumer awareness about the importance of the certified products is increasing the demand for third party certification.
With most of the top TIC companies based in Europe, the majority of the TIC market is dominated by the European region. However, Asia-Pacific is witnessing the highest growth among all the regions, owing to the governments’ stringent regulations to ensure health & safety, rising disposable income, and overall industrial growth is further contributing to the growth of certificate testing market. Asia-Pacific is home to many life science companies and has witnessed continuous developments in the field, which is further increasing the demand for healthcare related TIC services. The aerospace sector in this region is one of the fastest growing sectors.
In aerospace applications, airframes and avionics are the leading segments and both the segments together accounted for more than 50% of the market share in the aerospace segment. The commercial avionics market relies highly on the commercial aviation market and particularly on the number of aircraft being delivered and flying. The aviation market is growing because the development of efficient wide-body airplanes is helping the airlines enter new markets that would not have been economically feasible in the past. The key segments in life sciences applications include healthcare, pharmaceutical, medical devices, and environmental services. Healthcare, pharmaceutical, and medical devices segments are interlinked and the major driving factor for the growth of these segments pertains to various developments in terms of technology, product advancements, regulation, government policy, and connected devices.
Testing Inspection and Certification (TIC) Market by Application; Aerospace (Airframe, Avionics, Rotor System, PSU, Lighting), Life Sciences (Healthcare, Agriculture, Pharma, Medical, Personal Care, Environmental), and Geography - Global Forecast to 2020
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