USD 33.17 billion
Aerospace and Life Sciences Testing, Inspection, and Certification Market Size, Share, Growth Analysis, By Sourcing(In-house, and outsourcing), By Service(Testing, Inspection, and Certification), By Application(Life sciences, and aerospace ), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20A2095 |
Region:
Global |
Published Date: February, 2024
Pages:
211
|Tables:
88
|Figures:
76
Aerospace and Life Sciences Testing, Inspection, and Certification Market Insights
Aerospace and Life Sciences Testing, Inspection, and Certification Market size was valued at USD 33.17 billion in 2019 and is poised to grow from USD 34.6 billion in 2023 to USD 48.4 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).
Testing, inspection, and certification are abbreviated as TIC; hence aerospace and life sciences TIC refers to those services that make sure the safety of people traveling by air.
These services enhance and contribute to the improvement of aerospace services and operations. Furthermore, the increasing adoption of sophisticated technologies in aerospace and life sciences is the primary driver of the growth of the market.
The advent of new and upgraded TIC services in the verge of the coronavirus pandemic has created even more profitable business opportunities for the growth of the market. Increased spending on research and development capabilities for the technology involved in safety mechanisms will also aid market growth.
US Aerospace and Life Sciences Testing, Inspection, and Certification Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
In-house
Fastest Growth
In-house
Growth Rate
4.3% CAGR
Global Aerospace and Life Sciences Testing, Inspection, and Certification Market ($ Bn)
Country Share for North America Region (%)
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Aerospace and Life Sciences Testing, Inspection, and Certification Market Segmental Analysis
Global aerospace and life sciences testing, inspection, and certification market is segmented based on sourcing, service, application, and region. Based on sourcing, the market is segmented into in-house, and outsourcing. Based on service, the market is segmented into Testing, Inspection, and Certification. Based on application, the market is segmented into life sciences, and aerospace. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Aerospace and Life Sciences Testing, Inspection, and Certification Market Analysis by Sourcing
Based on sourcing, the global market is segmented into in-house, and outsourcing. TIC enterprises and product developers have created their own in-house testing, inspection, and certification services to assess the safety, quality, and efficiency of their products in accordance with regulatory requirements.
The in-house segment is expected to lead the global market because it aids in maintaining greater visibility and control over processes, as well as strengthening distribution efficiency. Furthermore, the main drawbacks of outsourced services, such as unforeseen additional expenses including certain logistics costs and others, facilitate companies to concentrate more on in-house testing.
Aerospace and Life Sciences Testing, Inspection, and Certification Market Analysis by Application
Based on application, the market is segmented into life sciences, and aerospace. The life sciences industry is further subdivided into biopharmaceutical and medical device services, clinical and laboratory services, health, beauty, and wellness services, and others. Rising concerns about the security and efficacy of medical implants, pharmaceutical and biopharmaceutical products, enhanced product recalls, stringent regulatory recommendations to verify product safety and quality, growing preference for more efficient and secure customised solutions, and rising consumption of organic source based high quality and safety food products are causing the expansion of the TIC market in the life sciences industry.
Global Aerospace and Life Sciences Testing, Inspection, and Certification Market By Sourcing
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Aerospace and Life Sciences Testing, Inspection, and Certification Market Regional Insights
North America is expected to dominate and hold the largest share of the global aerospace and life sciences TIC market throughout the forecast period due to its large manufacturing capacities. Moreover, the progress of medical devices and manufacturing companies contribute to the augmentation of the life sciences industry, further propelling the growth of the aerospace and life sciences TIC market during the forecast period.
During the forecast period, Asia Pacific is expected to grow significantly due to the contributions of various countries in the region which includes India, China, Japan, Korea, and others; and is also expected to witness the fastest growth (2022–2028). Factors such as the government's robust assistance for the growth of the aviation industry, an increase in the number of aviation passengers, enhanced initiatives to endorse innovative research and enlarge professional networks, continuing to expand partnership programs, a boost in the amount of small and medium-sized enterprises (SMEs) in the aerospace industry, soaring funds/investments in life sciences, rapid economic development and an enhanced regulatory system, and an increase in demand for low-cost and premium services are all making contributions to this trend.
Global Aerospace and Life Sciences Testing, Inspection, and Certification Market By Region
- Largest
- Fastest
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Aerospace and Life Sciences Testing, Inspection, and Certification Market Dynamics
Aerospace and Life Sciences Testing, Inspection, and Certification Market Drivers
High Quality Standards to Boost Market Growth during the Forecast Period
- In the life sciences industry, regulatory authorities for example the FDA and EMA place a significant emphasis on quality and safety of products. This puts pressure on manufacturers of medical devices/pharmaceuticals and other life science products to adhere to conventional regulatory standards such as testing, inspection, and certification. Some manufacturers in the life science industry have recalled products due to product contamination. Patients, physicians, and health authorities are greatly worried about standards of safety as a consequence of such product issues. This circumstance is expected to reinforce the need for TIC and stimulate the expansion of the TIC market in the Life sciences industry.
Aerospace and Life Sciences Testing, Inspection, and Certification Market Restraints
Stringent Law in Numerous Economies to Hinder Market Growth
- The diverse laws and regulations throughout economies is expected to impede the development of the aerospace and life sciences TIC market during the forecast period.
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Aerospace and Life Sciences Testing, Inspection, and Certification Market Competitive Landscape
Global aerospace and life sciences testing, inspection, and certification market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Aerospace and Life Sciences Testing, Inspection, and Certification Market Top Player's Company Profiles
- SGS SA
- Bureau Veritas S.A.
- Intertek Group plc
- Eurofins Scientific SE
- ALS Limited
- TÜV SÜD
- Mérieux NutriSciences Corporation
- DNV GL AS
- UL LLC
- Lloyd's Register Group Limited
- Applus+
- Element Materials Technology Ltd.
- AsureQuality Limited
- Exova Group Limited
- NTS
- British Standards Institution (BSI) Group
- TÜV Rheinland AG
- Kiwa NV
- TUV Nord Group
- NSF International
Aerospace and Life Sciences Testing, Inspection, and Certification Market Recent Developments
- In October 2022, Battery Mineral Resources Corp., announced that it has filed a technical report for its NI 43-101 resource estimate at Punitaqui on SEDAR. This report is authored by JDS Mining and Energy Inc. ("JDS").
- In July 2022, the UL enterprise had launched new brands for its three organizations- UL Research Institutes, UL Standards & Engagement and UL Solutions. The brands reflect and clarify the unique role that each organization plays in working for a safer world.
Aerospace and Life Sciences Testing, Inspection, and Certification Key Market Trends
- The growing number of contracts between the government and businesses in the aerospace and life sciences industries is opening up new opportunities for companies in this sector. However, aerospace companies are striving to enhance aircraft production through these contracts.
Aerospace and Life Sciences Testing, Inspection, and Certification Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global aerospace and life sciences testing, inspection, and certification market analysis, Asia Pacific (APAC) region is expected to grow at a fast pace during the forecast period (2022–2028) due to the increasing spending on research and development capabilities for the technology involved in safety mechanisms, increasing urbanization. The way aerospace manufacturers operate is changing due to increasing competition, increasing pressure, and continued globalization. These modifications create serious regulatory challenges, with complex prerequisites to comply with local, international, and customer regulations. A scarcity of skilled professionals or trained personnel will further impede market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 33.17 billion |
| Market size value in 2031 | USD 48.4 billion |
| Growth Rate | 4.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Aerospace and Life Sciences Testing, Inspection, and Certification Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Aerospace and Life Sciences Testing, Inspection, and Certification Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Aerospace and Life Sciences Testing, Inspection, and Certification Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Aerospace and Life Sciences Testing, Inspection, and Certification Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Aerospace and Life Sciences Testing, Inspection, and Certification Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Aerospace and Life Sciences Testing, Inspection, and Certification Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Aerospace and Life Sciences Testing, Inspection, and Certification Market Report Snapshots
- Aerospace and Life Sciences Testing, Inspection, and Certification Companies
- Aerospace and Life Sciences Testing, Inspection, and Certification Market Size
- Aerospace and Life Sciences Testing, Inspection, and Certification Market Analysis
- Aerospace and Life Sciences Testing, Inspection, and Certification Geographic Analysis
- Aerospace and Life Sciences Testing, Inspection, and Certification Market News
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