Europe TIC Market by Sourcing type (In-house and Outsourced services), Service type (Testing, Inspection and Certification), Application (Consumer Goods and Retail, Automotive, Aerospace) and Country - Forecast to 2025
[217 Pages Report] The Europe TIC market is expected to grow from USD 50.1 billion in 2020 to USD 60.4 billion in 2025, at a CAGR of 3.8%. The primary reasons for this rise in demand are the increasing mandatory certification and compliances by government in order to trade and growing awareness about standards of products among the customers.
Outsourced services, by scanning type, is expected to grow at the highest CAGR during the forecast period.
The market for outsourced services is expected to increase considering the innovative and advanced testing and inspection services performed by third party TIC service providers which gives a sense of trust and reliability to the manufacturer. Moreover, government are considering the results published by third-party service providers as the results are not biased and are accurate.
The market for certification services to grow at highest CAGR in Europe TIC market, by service type, in 2020
Certification services ensure product safety and performance attributes. Certification services mainly include customized audit and certification services with reference to quality, health and safety, environment, and social responsibility. These services aimed at improving business performance.
The Europe TIC market for agriculture and food application to grow at highest CAGR during forecast period
The agriculture and food businesses are built on the ideologies of integrity, safety, and sustainability, and close monitoring of each principle is highly important. TIC services for the agriculture industry are required to ensure quality and improve the productivity of food products. These services also support companies playing a crucial role in trading agricultural commodities and food products by acquiring certifications.
Poland, by region, is expected to grow at the highest CAGR during the forecast period.
Poland is set to witness the highest growth rate during the forecast period due to the numerous manufacturing capabilities of the region. The largest industries in Poland are the agriculture, manufacturing, energy, and tourism industries. The automotive sector in Poland has seen rapid growth since the collapse of the Soviet Union but experienced its most significant growth after the country became part of the European Union in 2004.
Key Market Players
Key players in the Europe TIC market include SGS (Switzerland), Bureau Veritas (France), Intertek (UK), Eurofins Scientific (Luxembourg), DEKRA (Germany). Intertek is a well-known player for providing innovative and customized TIC solutions in the TIC market. Strong brand name and customer base are among the key factors that resulted in the leading position of SGS in the Europe TIC market. Apart from the strong brand name and customer base, the company has strong R&D capabilities and geographic presence. SGS focuses on strategies such as acquisitions and product launches to strengthen its product portfolio and maintain its position in the market.
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
|
Report Metric |
Details |
|
Market size available for years |
2017–2025 |
|
Base year considered |
2019 |
|
Forecast period |
2020–2025 |
|
Forecast units |
Value (USD) |
|
Segments covered |
sourcing type, Service type, Application, and country |
|
Regions covered |
Europe |
|
Companies covered |
SGS (Switzerland), Bureau Veritas (France), Intertek (UK), TÜV NORD (Germany), TÜV SUD (Germany), Eurofins Scientific (Luxembourg), TÜV Rheinland (Germany), CETECOM (Germany), DEKRA (Germany), Applus+ (Spain), Element Material Technology (UK), and DNV GL (Norway) |
This research report categorizes the Europe TIC Market based on offering, end-user application, and region.
Europe TIC Market, By Sourcing Type
- In-house services
- Outsourced services
Europe TIC Market, By Service Type
- Testing
- Inspection
- Certification
- Others
Europe TIC Market, By Application
- Consumer Goods and Retail
- Agriculture and Food
- Chemicals
- Construction and Infrastructure
- Energy and 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
SWIR Market, By Geography
-
Europe
- Germany
- Italy
- France
- UK
- Italy
- Belgium
- Spain
- Switzerland
- Hungary
- Bulgaria
- Morocco
- Austria
- Turkey
- Croatia
- Ireland
- Greece
- Denmark
- Norway
- Netherlands
- Russia
- Poland
- Rest of Europe
Recent Developments
- Bureau Veritas partnered with Cornis (Paris), a leading provider for blade technology, to offer advanced blade inspection services for wind turbines.
- Intertek launched ground-breaking total sustainability assurance services, which include benchmarking, assessment, and verification, along with TIC services.
- Eurofins Scientific acquired Transplant Genomics Inc. to improve its transplantation testing skills, which, in turn, would enhance its diagnostic reliability and reduce the rejection risks.
Frequently Asked Questions (FAQ):
Where will all these developments take the industry in the mid to long term?
It is expected that, the year 2021 will see the development in the industry as the pandemic has halted the trade and commerce activities worldwide. The full track developments is expected to see in the year 2022.
What are the emerging applications of Europe TIC market?
The emerging applications of Europe TIC market in Europe are automotive, consumer goods and retail and IT and Telecom.
How are advancements in consumer electronics and other verticals influencing the Europe TIC market?
As the manufacturing capabilities in the European countries are increasing, the certification for these products have increased tremendously. Moreover, the amalgamation of technologies like IoT, AI, ML and digital twin on electronic and mechanical devices and equipment has provoked the TIC service providers to introduce innovative testing and inspection services.
Which type of equipment is expected to penetrate significantly in the Europe TIC market?
the Europe TIC market is a highly fragmented market as it caters to multiple industries, the testing equipment for medical and food manufacturing industries are expected to show a spike in the demand in the Europe TIC market.
Which countries are expected to witness significant growth in the Europe TIC market?
Considering the pandemic is at its peak, though European countries are taking strict measures is order to break the COVID-19 infection spread, Germany is .
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The study involved 4 major activities in estimating the current size of the Europe TIC market. Exhaustive secondary research was done to collect information on the market and its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation were employed to estimate the market size of the segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources were referred to for identifying and collecting information relevant for this study. These secondary sources include biometric technologies journals, magazines, and IEEE journals; annual reports, press releases, and investor presentations of companies; white papers; certified publications and articles from recognized authors; and directories and databases such as Factiva, Hoovers, and OneSource.
Primary Research
In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information pertinent to this report. The primary sources from the supply side included industry experts such as CEOs, VPs, marketing directors, technology and innovation directors, and related executives from key companies and organizations operating in the Europe TIC market. After a complete market engineering (including calculations regarding market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
In the complete market engineering process, both top-down and bottom-up approaches were implemented, along with several data triangulation methods, to estimate and validate the size of the Europe TIC market and other dependent submarkets listed in this report.
- Key players in the industry and markets were identified through extensive secondary research.
- In terms of value, the industry’s supply chain and market size were determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the global market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, the market breakdown and data triangulation procedures were employed wherever applicable. The data was triangulated by studying various factors and trends identified from both the demand and supply sides—in government, scientific research, healthcare, automotive, and military & defense verticals.
Report Objectives
The following are the primary objectives of the study:
- To define, describe, and forecast the Europe TIC market based on the sourcing type, service type, application, and country
- To forecast the market size of various segments with respect to Europe region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
- To strategically profile the key players and comprehensively analyze their market ranking and core competencies, along with detailing the competitive landscape for market leaders
- To analyze the competitive developments, such as agreements, contracts, partnerships, acquisitions, and product launches & developments, carried out in the SWIR market
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to a company’s specific needs. The following customization options are available for the report:
Company Information:
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Europe TIC Market