The Europe TIC market is projected to grow from USD 50.1 million in 2020 to USD 60.4 million by 2025, at a CAGR of 3.8%. The market is driven by the rising demand certified products to ensure safety and reliability and mandates imposed by respective government authorities in order to produce or procure goods from other countries.
The Europe 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 loopholes in the In-house services as the results could be biased and can be manipulated as the experts could be from the same organization. To ensure transparency and accuracy in compliance testing, outsourced services are expecting a boom in the near future.
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The testing services is projected to account for a large size in the Europe TIC market during the forecast period. This is primarily because testing services are the ground or primary activity practiced in order to understand if the product is as per the set standards and norms. Further, product testing helps measure the effects of aging on products, monitoring potential threats from competitor’s products, and ensuring the safety of products.
The Europe TIC market for the agriculture and food application is expected to grow at the highest CAGR during the forecast period. Technological improvements in agriculture and food like drone technology, smart farming machineries and AI enabled equipment has been the reason for the surge in the growth of this application.
Germany is projected account for a large size in the Europe TIC market during the forecast period. This growth is expected due to the massive production of automotive components and ancillaries, electronic devices and accessories and medical equipment. A huge part of revenue is because of the export of these goods, which mandatorily requires compliance testing of these goods in order to be internationally accepted.
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
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