Global TIC Market for Marine Industry is Anticipated to grow at a Significant Pace and was about USD 10 Billion in 2020

Published Date: Sep, 2021

The TIC market for marine industry is expected to witness a CAGR of 4% during the forecast period. Marine industry is important because around 90% of the global trade is transported by sea. So, marine industry needs to be regulated and it is important for the business to ensure that ships and cargo are compliant with the stringent regulations and are safe for the stakeholders and environment. TIC services help improve the standards of the manufacturing process by conducting tests, inspections, and certifications in accordance with regulations around the world. This will help in the production of quality, safe, and reliable products/components in the marine industry. Moreover, rapid urbanization, globalisation, mandatory safety regulations, advancement in networking and communication technology, digitalization, need to have credibility and image, reduced turnover of employees, increased level of cost control improvement, and rapid improvement of various processes will fuel the growth of TIC in the marine industry. Nevertheless, there is a need to ensure vessels safe, compliant, and environment friendly throughout its operating life, resulting in the need for TIC services in the marine industry,

The COVID-19 outbreak had an adverse impact on the marine industry owing to port closures, less demand for cargos, and the workforce has been shut down for safety and prevention which as resulted in a standstill of all types of cargos via water and air. . However, owing to its sustainability and digitalization, marine industry has a potential to recover from this pandemic which will create opportunities for growth of TIC market for marine industry

TÜV Rheinland and ClassNK signed a partnership agreement to expand their business relationship in areas of cybersecurity services and certification for the maritime industry to ensure safety of vessels and marine structures.

Browse 53 market data Tables and 35 Figures spread through 195 Pages and in-depth TOC on TIC Market for Marine Industry by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by Industry Vertical (Marine (Ships (Commercial, Specialized, Passenger, Yachts, and Naval) and Vessels) and Offshore), and Region - Global Forecast to 2027"

By service type, certification segment is anticipated to have a high CAGR during the forecast period 2021-2027.

Based on service type, the TIC market for the marine industry is segmented into testing, inspection, and certification. Inspection segment is anticipated to have high CAGR during the forecast period as inspection services include feasibility studies, detail design engineering, as-built inspections, vendor inspections. Moreover, testing and inspection is required for bunker fuel, lubricants, portable water, firefighting foam, etc.

Global TIC Market for Marine Industry Segmentation Analysis

Segment

Categorization

Leading Category

Sourcing Type

In-House and Outsourced

In-House (Largest)

Service Type

Testing, Inspection, and Certification

Testing (Largest)

Certification (high CAGR)

 Industry Vertical

Marine (Ships (Commercial, Specialized, Passenger, Yachts, and Naval) and Vessels) and Offshore

Offshore (Significant Share)

Region

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

Asia-Pacific (High CAGR)

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“APAC is anticipated to witness the fastest growth during the forecast period in the TIC market for marine industry.”

APAC is anticipated to witness fast growth owing to widespread industrialization and urbanization in countries such as China, India, and Japan which has provided huge investment in marine industry. Moreover, an increase in the number of TIC start-ups supported by government investment and mandatory government regulations on safety and quality will create opportunities of growth of TIC market for marine industry.

Some of the key players operating in the TIC market in the marine industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, Lloyd Register Group Limited, 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, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, Lloyd Register Group Limited, DEKRA SE, Applus+, and DNV GL

 

Global TIC Market for Marine 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

  • Marine
    • Ships
      • Commercial
      • Specialized
      • Passenger
      • Yacht
      • Naval
    • Vessels
  • Offsore

Geographical Segmentation

TIC Market for Marine 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 Marine Industry is Anticipated to grow at a Significant Pace and was about USD 10 Billion in 2020