WASHINGTON, March 30, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research published a report, titled, "Aerospace and Life Sciences TIC Market Size, Share & Trends Analysis Report by Sourcing Type (In-house services, Outsourced services), by Service Type (Testing, Inspection, Certification, Others), by Application (Medical and Life Sciences, Aerospace, Aerospace and life sciences), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)". According to the report, the global Aerospace and Life Sciences TIC industry generated $ 31,126.50 Million in 2021, and is anticipated to generate $ 38,262.42 Million by 2028, witnessing a CAGR of 3.50% from 2022 to 2028.
Synopsis:
The increasing demand for Aerospace and Life Sciences TIC is primarily attributed to the incorporation of new technologies in the manufacturing operations of the aerospace and life science industry, and increasing mandatory certification and are expected to witness the highest growth in upcoming years. The rising adoption of advanced technologies in the aerospace and life sciences is the prime factor boosting the growth of the Aerospace and Life Sciences TIC market during the forecast period. Additionally, TIC services improve the manufacturing process quality by inspecting, testing, and verifying in compliance with standards globally which is expected to increase the demand for Aerospace and Life Sciences TIC in coming years. Moreover, this supports the production of high quality, reliable, and safe aerospace products or components, pharmaceuticals and medical science, and other life science products which are expected to enhance the market growth during the forecast period. Whereas, rising investments in the life sciences and aerospace industries, and the growing demand for standard and good quality products across the industry are further presumed to drive the growth of aerospace in the life science TIC market. The increasing emergence of the latest and improved TIC services during the covid-19 pandemic have further created profitable opportunities for the growth of the Aerospace and Life Sciences TIC market. Moreover, the increasing disbursement on research and development abilities for the technology included in the safety devices are also boosting the growth of the Aerospace and Life Sciences TIC market.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Aerospace in life science TIC market is predicted to grow at a CAGR of roughly 3.50% during the forecast period.
- The Aerospace in life science TIC market was estimated to be worth roughly USD 31,126.50 Million in 2021 and is expected to reach USD 38,262.42 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Aerospace in life science TIC market.
List of Prominent Players in the Aerospace in life science TIC Market:
- SGS (Switzerland)
- Bureau Veritas (France)
- Intertek (UK)
- TÜV NORD (Germany)
- TÜV SUD (Germany)
- Eurofins Scientific (Luxembourg)
- TÜV Rheinland (Germany)
- Applus+ (Spain)
- Element Material Technology (UK)
- DNV GL (Norway)
- UL (US)
- ALS Ltd. (Australia)
- MISTRAS (US)
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Market Dynamics:
Drivers:
Modification of businesses due to the covid-19 pandemic in order to generate new revenue pockets is the major key factor driving the growth of aerospace in the life science TIC market during the forecast period. Adoption of advanced technologies in the aerospace and life science manufacturing operations, and the emergence of the latest TIC solutions and services during the covid-19 pandemic are the other major factors boosting the aerospace in life science market growth.
Challenges:
Disturbance in the supply chain and logistics, and lack of skilled employees/workers are the most important factors hindering the growth of aerospace in the life science TIC market.
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Regional Trends:
In 2021, North America is estimated to dominate the Aerospace and Life Sciences TIC market owing to the numerous manufacturing capabilities available in the region. Moreover, the growth of medical devices and manufacturing companies have supported the expansion of the life science industry which is presumed to boost the growth of the Aerospace and Life Sciences TIC market in the upcoming years.
Asia-Pacific is expected to witness significant growth in the Aerospace and Life Sciences TIC market due to the existence of manufacturing capabilities in almost all the domains such as manufacturing accessories and parts of the aerospace industry, pharmaceutical, and medical devices. Moreover, the growth in research and development from the region has assisted in the growth of the market share of the TIC services which is projected to drive the Aerospace and Life Sciences TIC market growth. Increasing urbanization, improved regulatory system, and growth in the demand for high quality and low cost and safety products in the life sciences industry are serving TIC services in order to experience significant growth in the APAC region.
Recent Developments:
• In 2020, Intertek combined with VAKT, is the United State based blockchain platform, which will support Intertek to deliver assurance solutions and inspection services effortlessly to its clients.
• In 2019, Bureau Veritas combined with Cornis (Paris), a foremost benefactor for blade technology, to provide advanced blade inspection services for the wind turbines.
• In 2019, Eurofins Scientific acquired Transplant Genomics Inc. to advance its transplantation testing skills, which would further enhance its diagnostic reliability and decrease the rejection risk.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on "Aerospace and Life Sciences TIC Market Size, Share & Trends Analysis Report by Sourcing Type (In-house services, Outsourced services), by Service Type (Testing, Inspection, Certification, Others), by Application (Medical and Life Sciences, Aerospace, Aerospace and life sciences), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/aerospace-and-life-sciences-tic-market-market-946698
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Aerospace and Life Sciences TIC Market?
- How will the Aerospace and Life Sciences TIC Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Aerospace and Life Sciences TIC Market?
- What is the Aerospace and Life Sciences TIC market drivers and restrictions?
- What will be the CAGR and size of the Aerospace and Life Sciences TIC Market throughout the forecast period?
The report on the Aerospace and Life Sciences TIC Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
This market titled “Aerospace and Life Sciences TIC Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size in 2021 | USD 31,126.50 Million |
| Projected Market Size in 2028 | USD 38,262.42 Million |
| CAGR Growth Rate | CAGR of 3.50% From 2022 – 2028 |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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