Key Revenue Pockets - Aerospace and life sciences TIC Market
The aerospace and life sciences TIC market is projected to grow from USD 31.3 billion in 2020 to USD 37.8 billion by 2025, at a CAGR of 3.8%. The market is driven by the adoption of new services considering the worldwide lockdown because of the COVID-19 and advancement in aerospace and life science manufacturing with the amalgamation of new technologies such as AI, ML and digital twin.
The aerospace and life sciences TIC market for outsourced services is expected to grow at the highest CAGR during the forecast period. Outsourced services refer to availing the TIC services from a third-party TIC service provider, this trend has increased since there are advanced testing and auditing capabilities which the manufacturer does not have in their facilities. Moreover, outsourced services ensure transparency and accurate results as innovative and multiple tests are conducted which might not be performed from the manufacturer’s end.
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The testing services is projected to account for a large size in the aerospace and life sciences TIC market during the forecast period. This is increasing as with the introduction of innovative and advancement in aerospace and life sciences industry, to understand if the product is reliable, safe and durable testing services ae performed
The aerospace and life sciences TIC market for the medical and life sciences application is expected to grow at the highest CAGR during the forecast period. With the COVID-19 infections increasing globally, the urge to curb the spread of this virus has led to the increase in the demand for medical equipment, medicines, clinical services, masks and other necessities. These products must go through rigorous testing and certification in order to be eligible to get in the market.
India is projected to grow at the highest CAGR in the aerospace and life sciences TIC market during the forecast period. This growth is expected due to the massive production of medicines, medical equipment to eradicate the virus. Moreover, many countries such h as US, UK, France, Germany etc. are dependent on India for medical facilities and amenities.
Related Reports:
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
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