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Aerospace and Life Sciences TIC Market 2019 Research: Technology, Top Players Analysis and 2025 Industry Growing with a CAGR of 5.6% | Key Players: Eurofins Scientific, TUV SUD, SGS SA, ALS Limited, Applus+, TUV Nord
Aerospace and Life Sciences TIC Market
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According to this latest publication from Meticulous Research, the global aerospace & life sciences TIC market is projected to reach $42.2 billion in 2025 from $30.3 billion in 2019, growing at a CAGR of 5.6%. The growth of this market will be driven by factors such as increasing production in aerospace & life sciences, adoption of new materials in aircraft, and stringent aviation regulations & certification standards for the aircraft safety; and rising investments in the life sciences & aerospace industries, and growing demand for good-quality and standard products across the industry.
On the basis of service type, the global aerospace & life sciences TIC market is segmented into testing, inspection, and certification. Testing segment holds the largest share of the aerospace & life sciences TIC services market. However, inspection segment is expected to grow at the fastest growth rate owing to growing number of product recalls due to product related issues, such as faulty components & parts in aerospace, and product contamination & product mix up in life sciences industry. This further favors the growth of inspection services segment in TIC market.
On the basis of sourcing, aerospace & life sciences TIC market is segmented into in-house and outsourcing. In-house segment accounted for major share of the global aerospace & life sciences TIC market in 2018. However, outsourcing segment will witness faster growth during the forecast period owing to growing trend of increasing number of companies to outsource TIC services to specialized service providers.
On the basis of application, aerospace & life sciences TIC market is segmented into life sciences and aerospace industries. Life sciences industry is further segmented into biopharmaceutical/pharmaceutical & medical devices services; clinical & laboratory services; health, beauty & wellness; and others. Biopharmaceutical/pharmaceutical & medical devices services segment accounted for the largest share of life sciences segment in 2018 due to increasing spending in pharmaceutical/biopharmaceutical research and development from the pharma/biotech companies & government across the globe, growing concerns over the safety & quality of medical device implants, and increased product recalls during 2017. However, clinical & laboratory services segment witnessed highest growth owing to existence of huge number of products under different clinical trial stages. In addition, regulatory authorities are strongly recommending the manufacturers to ensure the product safety and quality. Aerospace application segment is further segmented into aerospace manufacturing services, aviation management services, and others. Aerospace manufacturing services attained the largest share in 2018 mainly due to increasing aircraft deliveries, adoption of new materials in aircraft, and stringent aviation regulations & certification standards for the aircraft safety.
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Scope of the Report:
Market by Service
Testing
Inspection
Certification
Market by Sourcing
In-house
Outsourcing
Market by Application
Life sciences
Biopharma/Pharmaceutical & Medical Devices Services
Clinical & Laboratory Services
Health, Beauty & Wellness
Others
Aerospace
Aerospace Manufacturing Services
Aviation Management Services
Others
Market by Geography
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe (RoE)
Asia Pacific (APAC)
China
Japan
Korea
India
Rest of APAC (RoAPAC)
Latin America and Middle East Africa
Geographic Review:
This research report analyzes major geographies and provides comprehensive analysis of North America (U.S. and Canada), Europe (Germany, UK, France, Italy, Spain, and RoE), Asia Pacific (China, Japan, Korea, India, and RoAPAC), Latin America, and Middle East & Africa. North America accounted for the largest share of the global aerospace & life sciences TIC market in 2018. Factors such as existence of large number of SMEs in the U.S. & Canada; rising expenditure in manufacturing R&D in life sciences & aerospace industries; increasing production of spacecraft/aircraft, medical devices and pharmaceuticals/biopharmaceuticals; and presence of structured regulatory frameworks are expected to drive the growth of aerospace & life sciences TIC market in this region. However, APAC region is expected to witness highest growth rate during the forecast period with a strong support from the government to promote development of aviation industry, growing volume of aviation passengers, increasing initiatives to support innovative research and expand professional networks, growing number of small and medium enterprises (SME) in aerospace industry, rising funds/investments in life sciences, and rapid urbanization and improved regulatory system.
Key Players:
The key players operating in the global Aerospace & Life sciences TIC market are Eurofins Scientific, TUV SUD, SGS SA, ALS Limited, Applus+, TUV Nord, Intertek Group Plc, Bureau Veritas, DNV GL, and MISTRAS Group, Inc., among others.
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Key questions answered in the report-
Which are the high growth market segments in terms of services, sourcing, application, and region/countries?
What was the historical market for aerospace & life sciences TIC across the globe?
What are the market forecasts and estimates for the period 2019-2025?
What are the major drivers, restraints, opportunities, and challenges in the global aerospace & life sciences TIC market?
Who are the major players in the global aerospace & life sciences TIC market?
How is the competitive landscape and who are the market leaders in the global aerospace & life sciences TIC market?
What are the recent developments in the global aerospace & life sciences TIC market?
What are the different strategies adopted by the major players in the global aerospace & life sciences TIC market?
What are the geographical trends and high growth regions/ countries?
Who are the local emerging players in the global aerospace & life sciences TIC market and how do they compete with the global players?
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Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, with the help of its unique research methodologies, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions.
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