Global TIC Market for Railway Industry is Anticipated to grow at a Significant Pace and was USD 4.5 billion in 2020

Published Date: Oct, 2021

The TIC market for the railway industry is expected to witness a CAGR of 2.6% during the forecast period. TIC services help improve the standards of the manufacturing process by conducting testing, 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 railway industry.  Rail transport is witnessing significant changes due to the growing demand for fast transport between and within cities and countries. Factors contributing to the growth of The TIC market in the railway industry include the increasing trend for drones and smart sensors to inspect railway tracks, digital communication platforms, and automatic train control (ATC). Therefore, rail companies are working to provide various solutions that offer biometric information, AI, and cloud computing, propelling the growth of TIC services in the industry. Nevertheless, new industry rail trends like rolling stock hybridization and high-speed rail will provide lucrative opportunities for the growth of TIC market in the railway industry. Growing urbanization and people migrating from rural areas to urban areas are driving the growth of the TIC market for the railway industry. Moreover, 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 railway industry.

The COVID-19 outbreak has had an unprecedented impact on the railway industry which has disrupted the supply chain globally. So, companies need to focus on operational efficiency, asset optimization, digitalization, encouraging innovative solutions like the establishment of green lanes for medicine products, cost management and take strategic initiatives in major functional areas such as R&D, technology, resulting in the growth of TIC services in the railway industry. Moreover, the TIC market is witnessing growth during the COVID 19 pandemic owing to the introduction of new services like virtual inspections, visual inspection, and remote auditing.  

Alstom appointed Dekra, a testing inspection and certification company, as a test leader to complete the testing of its hydrogen fuel train in the Northern Netherlands. These strategic initiatives will boost the growth opportunities of companies operating in the market.

Browse 53 market data Tables and 35 Figures spread through 300 Pages and in-depth TOC on " TIC Market for Railway Industry by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by Industry Vertical (Oil Condition Monitoring, Fuel Testing, Materials Testing & Analysis, Battery Testing, Product Endurance & Performance Testing, EMC, Accelerated Stress Testing, Engine Component and Durability Testing, Lubricant and Fuel System Testing, Railway Stray Current Management, Crude Oil Rail Car Service, and Others), and Region - Global Forecast to 2027"

By service type, the testing segment holds the largest market share in the TIC market for railway industry during the forecast period.

Based on service type, the TIC market for the railway industry is segmented into testing, inspection, and certification. The testing segment is anticipated to hold the largest share during the forecast period as there is a need to test various verticals in the railway industry. Testing of railways is crucial to ensure the safety of products and develop new, high-tech materials. Rail testing services in the TIC market includes mechanical testing, metallurgical testing, environmental and corrosion testing, polymers, and composite materials testing, electrical and electronic equipment testing, electromagnetic compatibility testing, fluid resistance testing on dry paint coating, fabrics and textile products testing,  fiber-reinforced thermosetting plastics testing, metrology, and calibration.

Global TIC Market for Railway 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

Oil Condition Monitoring, Fuel Testing, Materials Testing & Analysis, Battery Testing, Product Endurance & Performance Testing, EMC, Accelerated Stress Testing, Engine Component and Durability Testing, Lubricant and Fuel System Testing, Railway Stray Current Management, Crude Oil Rail Car Service, and Others

EMC  

(Significant Growth)

Engine Component and Durability Testing (Considerable Growth)

 

Region

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

Asia-Pacific

(High CAGR)

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“APAC is anticipated to witness fastest-growing region during the forecast period in the TIC market for the railway 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 the railway 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 for growth of the TIC market for the railway industry.

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

 

Global TIC Market for Railway 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

  • Oil Condition Monitoring
  • Fuel Testing, Materials Testing & Analysis
  • Battery Testing
  • Product Endurance & Performance Testing
  • EMC
  • Accelerated Stress Testing
  • Engine Component and Durability Testing
  • Lubricant and Fuel System Testing
  • Railway Stray Current Management
  • Crude Oil Rail Car Service
  • Others

Geographical Segmentation

TIC Market for Railway 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 Railway Industry is Anticipated to grow at a Significant Pace and was USD 4.5 billion in 2020