DALLAS, February 19, 2015 /PRNewswire/ --
According to a new market research report "Testing Inspection and Certification (TIC) Market by Application; Aerospace (Airframe, Avionics, Rotor System, PSU, Lighting), Life Sciences (Healthcare, Agriculture, Pharma, Medical, Personal Care, Environmental), and Geography - Global Forecast to 2020", published by MarketsandMarkets, the Testing, Inspection and Certification (TIC) Market is expected to reach $50.44 Billion by 2020, growing at a CAGR of 5.80% between 2014 and 2020.
Browse 69 market data tables and 50 figures spread through 170 pages and in-depth TOC on "Testing, Inspection and Certification (TIC) Market".
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The testing, inspection and certification services help the manufactures meet the global standards and enhance the quality of the products. Moreover, these services assure the consumers and end-users that manufactures have followed the international standards and regulations. Testing, inspection and certification is a service industry where the people, flexibility, workflow, and IT systems play a major role, therefore this industry is not capital intensive.
New regulations and standards have led to the growth of the Testing, Inspection and Certification Market and created a new market opportunity for the players in the TIC market. Different regulations and standards across various regions are impacting the growth of the Testing, Inspection and Certification Market. The life sciences application in the TIC market is witnessing the highest growth rate due to the rising awareness regarding product quality and safety among the consumers.
The report provides a detailed segmentation by application and geography. The TIC market has been segmented based on application into aerospace and life sciences. The market based on aerospace is segmented into airframes, avionics, rotor systems, passenger service units (PSUs), interior & exterior lighting, and others. The market based on life sciences is segmented into healthcare, agriculture & food, pharmaceutical, medical devices, personal care, environmental, and others. This report provides qualitative and quantitative industry insights pertaining to the various applications in the TIC market.
One of the objectives of the report was to analyze the market trends for all the segments of the Testing, Inspection and Certification (TIC) Market along with, forecasting their respective growth rates. Apart from market segmentation, the report also provides an in-depth analysis such as the Porters' Five Forces analysis, in addition to illustrating the supply chain with a detailed process flow diagram, and market dynamics such as drivers, restraints, and opportunities for the Testing, Inspection, and Certification Market.
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The Testing, Inspection and Certification Market has been segmented based on geography into four regions, namely - North America, Europe, APAC, and Rest of the World (RoW). The report also estimates the market-size of the said regions. Europe is estimated to account for the major share of the Testing, Inspection and Certification Market, followed by North America and APAC. Moreover, the APAC market for testing, inspection, and certification is expected to grow at a high rate.
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