Global TIC Market for Aerospace & Aviation Industry is Anticipated to grow at a Significant Pace and was USD 7.5 billion in 2020

Published Date: Oct, 2021

The TIC market for the aerospace & aviation industry is expected to witness a CAGR of 3.5% during the forecast period. TIC services help in improving the quality of the manufacturing process via testing, inspection, and certification according to the regulations and standards globally. Thus, helps in producing high-quality, safe, and reliable aerospace products or components. The primary reasons for the growth of the TIC market for the aerospace and aviation industry include the rising production in aerospace, use of new materials in aircraft, mandatory aviation regulations and certification standards for aircraft safety, growing investment in aerospace industries, increasing demand for good quality and standard products in the industry will fuel the growth of the TIC market.  

The COVID-19 outbreak has adversely impacted the global economy and the aerospace & aviation industry has also been adversely affected by it. However, a digital transformation like virtual inspections, visual inspection, and remote auditing has created opportunities for the growth of the TIC market in the aerospace & aviation industry.

Intertek partnered with VAKT, a UK-based blockchain platform, which will help Intertek to provide assurance solutions and inspection services seamlessly to its clients.

 Browse 53 market data Tables and 35 Figures spread through 250 Pages and in-depth TOC on " TIC Market for Automotive Industry by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by Industry Vertical (Aviation Management & Flight Operations Services, Aviation Ground Services, Aviation & Jet Fuel Training, Aviation Maintenance, Repair & Overhaul (RMO), Aerospace Manufacturing Services, Airport Infrastructure Management Services, Aerospace Quality Management Services, Aviation Risk Management Services, and Aviation HSE Risk Management Solutions), and Region - Global Forecast to 2027"

By service type, testing plays a dominant role in the TIC market for the aerospace & aviation industry during the forecast period.

Based on service type, the TIC market for the aerospace & aviation industry is segmented into testing, inspection, and certification. In order to provide safety, airworthiness, product conformity, and reliability, testing is required because product performance can impact material and parts used in spacecraft. Testing is required to ensure regulatory compliance, access new markets, meet the rising demand of manufacturers in the aerospace industry.

Global TIC Market for Aerospace & Aviation Industry Segmentation Analysis

Segment

Categorization

Leading Category

Sourcing Type

In-House and Outsourced

In-House (Largest)

Outsourcing (Fastest)

Service Type

Testing, Inspection, and Certification

Testing (Largest) Certification

 (High CAGR)

Industry Vertical

Aviation Management & Flight Operations Services, Aviation Ground Services, Aviation & Jet Fuel Training, Aviation Maintenance, Repair & Overhaul (RMO), Aerospace Manufacturing Services, Airport Infrastructure Management Services, Aerospace Quality Management Services, Aviation Risk Management Services, and Aviation HSE Risk Management Solutions

Aerospace Manufacturing Services

(Largest)

 

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America

(Largest)

Asia Pacific (Fastest)

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“Asia Pacific is anticipated to witness the fastest growth during the forecast period in the TIC market for the aerospace & aviation industry.”

Asia Pacific is anticipated to have the fastest growth during the forecast period owing to the huge support from the government to promote the aviation industry, rapid urbanization & industrialization, increasing volume of aviation passengers, rising R&D investment, increasing number of SMEs in the aerospace industry will propel the market growth of TIC market for aerospace & aviation industry in the region. Moreover, the rising inclination of manufacturers to produce aerospace and aeronautical components will propel the growth in the region.

Some of the key players operating in the TIC market in the aerospace & aviation industry: Intertek Group plc, Bureau Veritas, MISTRAS Group, SGS SA, Eurofins Scientific, TUV Rheinland, TUV SUD, DEKRA SE, Applus+, and DNV GL.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Sourcing Type, Service Type, Industry Vertical, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Intertek Group plc, Bureau Veritas, MISTRAS Group, SGS SA, Eurofins Scientific, TUV Rheinland, TUV SUD, DEKRA SE, Applus+, and DNV GL

Global TIC Market for Aerospace & Aviation Industry- Market Coverage

Sourcing Type Insight and Forecast 2015-2027

  • In-House
  • Outsourced

Service Type Insight and Forecast 2015-2027

  • Testing
  • Inspection
  • Certification

Industry Vertical Insight and Forecast 2015-2027

  • Aviation Management & Flight Operations Services
  • Aviation Ground Services
  • Aviation & Jet Fuel Training
  • Aviation Maintenance, Repair & Overhaul (RMO)
  • Aerospace Manufacturing Services
  • Airport Infrastructure Management Services
  • Aerospace Quality Management Services
  • Aviation Risk Management Services
  • Aviation HSE Risk Management Solutions

Geographical Segmentation

TIC Market for Aerospace & Aviation Industry by Region

North America

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – U.S., Canada, and Mexico

Europe

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

 

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Global TIC Market for Aerospace & Aviation Industry is Anticipated to grow at a Significant Pace and was USD 7.5 billion in 2020