Aerospace and Life Science TIC Market Scope
Aerospace and Life Science TIC are used for testing, inspection, and certification services to make sure the safety of people when traveling by airplane. Life Science TIC improves the quality of the production process by testing, inspecting, and certifying coupled with regulations and standards throughout the world. Increasing the consumption of products and outsourcing of TIC services by the aerospace industry has projected the growth of the aerospace and life science TIC market in the forecast period.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Eurofin Scientific (Luxembourg), SGS SA (Switzerland), Intertek Group (United Kingdom), Mistras Group (United States), ALS Limited (Australia), Applus+ (Spain), Bureau Veritas (France) and TUV SUD (Germany) |
CAGR | % |
Aerospace and Life Science TIC is a fragmented market due to the presence of a large number of established competitors. The key players focus on developing and innovating new strategies to maintain their market position and customer base. The companies are also planning strategic activities like partnerships, collaboration, mergers, and acquisitions to help them sustain themselves in the market and maintain their competitive edge.The Players having a strong hold in the market are Eurofin Scientific, SGS SA, Intertek Group, and Mistras Group. Research Analyst at AMA estimates that European Players will contribute to the maximum growth of Global Aerospace and Life Science TIC market throughout the predicted period.
Eurofin Scientific (Luxembourg), SGS SA (Switzerland), Intertek Group (United Kingdom), Mistras Group (United States), ALS Limited (Australia), Applus+ (Spain), Bureau Veritas (France) and TUV SUD (Germany) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Aerospace and Life Science TIC market by Type , by Application (Aerospace and Medical & Life Sciences) and Region with country level break-up.
On the basis of geography, the market of Aerospace and Life Science TIC has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In July 2022, Eurofins Discovery, the leading brand with over 35 years of success providing a completed solution of products and services for drug discovery, acquired DiscoveryBioMed, a contract research organization (CRO) focused on developing novel human bioassays utilizing cells from diseased and normal human tissues.
Influencing Trend:
Governments of Emerging Economies have promoted the Development of Aviation Industry
Market Growth Drivers:
Rising Production and investment in Aerospace & life sciences Industry and Increasing growing number of Small and Medium Enterprises (SME) in Aerospace Industry
Challenges:
High Cost Associated with Aerospace and Life Science TIC
Restraints:
Stringent Regulations and Different Standards across the Regions
Opportunities:
Increasing Initiatives to Support Innovative Research and Expand Professional Networks
Key Target Audience
Aerospace Part Manufacturers, Raw Material and Testing Equipment Suppliers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Other