CHICAGO, Aug. 21, 2020
CHICAGO, Aug. 21, 2020 /PRNewswire/ -- According to the new market research report "Europe TIC Market by Sourcing type (In-house and Outsourced services), Service type (Testing, Inspection and Certification), Application (Consumer Goods and Retail, Automotive, Aerospace) and Country - Forecast to 2025", published by MarketsandMarkets™, the Europe TIC Market is projected to grow from USD 50.1 billion in 2020 to USD 60.4 billion in 2025, at a CAGR of 3.8%. The growth can be attributed to the rising demand for certification to ensure safety as the awareness of the consumers are increasing and to ensure product reliability.
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Outsourced Services, by scanning type, is expected to grow at the highest CAGR during the forecast period
With the increasing in conformity demands from the governments and to ensure expert TIC services, Outsourced services are expected to increase. Third party TIC service providers ensure accurate results with no biasness. The push toward outsourcing by manufacturing companies, and in specific instances, the privatization of state-owned laboratories is expected to continue to be a robust factor driving the progress of the Europe TIC market for outsourced services.
Certification service, by service type, is expected to grow at the highest CAGR during the forecast period
The Europe TIC market for certification services is expected to grow at the highest CAGR as product certification provides the assurance that products meet the codes and standards that deem those products appropriate for use. For resellers, product certification assures that products they receive will consistently adhere to the same level of performance. Moreover, Certification goes beyond testing of products to include the review and oversight of a manufacturer's production process, quality system, and ongoing quality control.
Consumer goods and retail application, is expected to account for the largest market share during the forecast period
Consumer goods and retail comprise of the products which are used by the customers on daily basis like basic electronics, necessities, personal products, hard line goods and soft line goods. These products have huge assortment under them are having to comply to the standards in order to be good to use. The huge product range and volume of goods help the application in sharing the largest market share in the forecast period.
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217 – Pages
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Germany, by country, is expected to account for the largest market share during the forecast period
One of the major reasons for Germany's domination of the market is the presence of several prominent automotive, aerospace, military & defense, scientific research, and medical players, which is generating demand for TIC services. As Germany is the largest producer of automobiles, innovative technologies are being used for the production and hence even for the testing of these modern vehicles.
A few key players operating in the Germany market are TÜV SÜD (Germany), Applus (Spain), SGS (Switzerland), TÜV Nord (Germany), TÜV Rheinland (Germany), Bureau Veritas (France), Intertek (UK), Eurofins Scientific (Luxembourg)
Testing, Inspection, & Certification Market with COVID-19 Impact Analysis by Offering (In-house & Outsourced Services), Application (Consumer Goods & Retail, Agriculture & Food, Chemicals, Energy & Power, Automotive, IT & Telecommunications) & Geography - Global Forecast to 2025
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