HOME Research Insight SGS (Switzerland) and Bureau Veritas (France) are the Leading Players in the Aerospace & Life Sciences Testing, Inspection, and Certification Market

SGS (Switzerland) and Bureau Veritas (France) are the Leading Players in the Aerospace & Life Sciences Testing, Inspection, and Certification Market

The global aerospace & life sciences Testing, Inspection, and Certification (TIC) market is expected to grow from USD 30.45 Billion in 2017 to USD 41.60 Billion by 2023, at a CAGR of 5.34% between 2017 and 2023. Some of the key factors driving this market are growing consumption of goods in emerging countries, increasing incidents of product recalls globally, the surge in global counterfeiting and piracy activities, and the imposition of rigorous government regulations and standards across various sectors.

Key players in the aerospace & life sciences TIC market include SGS (Switzerland), Bureau Veritas (France), Intertek (UK), Eurofins Scientific (Luxembourg), and TÜV SÜD (Germany). Most of the leading companies have adopted inorganic growth strategies such as mergers & acquisitions. This market is evolving globally with the increasing competition to offer niche aerospace & life sciences TIC services.

Leading players in the aerospace & life sciences TIC market:

SGS is a global market leader in providing inspection, verification, testing, and certification services. With its global business services strategy, the company seeks to simplify, streamline, and optimize the processes and systems of its back-office departments, as well as leverage the best practices across its internal business services. SGS Group is acquiring companies and establishing partnerships with state-owned stakeholders with the necessary regulatory permissions and licenses, which would allow it to leverage their national and global network, thus giving it an early-mover advantage. For example, in July 2016, SGS Group acquired Compliance Certification Services, Inc. (Taiwan), which would strengthen its presence in Asia Pacific (APAC). The company is highly focused on its continued growth through acquisitions, strategic partnerships, and expansions to gain a competitive advantage.

Bureau Veritas caters to its clients through a well-developed network, particularly in industrialized countries such as France, the US, Canada, Japan, and the UK. The company plans to further penetrate its traditional markets by providing a broader range of services to expand its market coverage through key growth initiatives. The company is also developing in-house initiatives and efficient models to improve its deployment, agility, and productivity. The company is adopting an acquisition strategy to accelerate its growth in potential markets. For example, in 2017, Bureau Veritas acquired SIEMIC, Inc., a US-based testing and certification body for electrical and electronic equipment. The acquisition is expected to allow Bureau Veritas to gain a strategic hold in the Silicon Valley.

Related Reports:

Aerospace & Life Sciences Testing, Inspection, and Certification Market by Service Type (Testing, Inspection, Certification), Sourcing Type (In-house, Outsourced), Application (Aerospace, Medical & Life Sciences), and Geography - Global Forecast to 2023

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