Top Companies in Aerospace and Life Sciences TIC Market In-depth Overview You Need to Read to Succeed

Market Overview:

Global Aerospace and Life Sciences TIC market is valued at 31,126.50 USD Million in 2021 and is projected to reach a value of 38,262.42 USD Million by 2028 at a CAGR of 3.50% over the forecast period. TIC services improve the quality of the manufacturing process by testing, inspecting, and certifying in compliance with regulations/standards across the globe. This helps in the production of high-quality, safe, and reliable aerospace products/components, pharmaceuticals/biopharmaceuticals/ & medical devices, and other life science products. Factors such as increasing production in aerospace & life sciences, adoption of new materials in aircraft, and stringent aviation regulations & certification standards for aircraft safety; and rising investments in the life sciences & aerospace industries, and growing demand for good-quality and standard products across the industry are driving the Aerospace and Life Sciences TIC market growth. The primary reasons for this rise in demand are the increasing mandatory certification and amalgamation of new technologies in the manufacturing operations of aerospace and life sciences industry.

Regulatory bodies such as FDA and EMA in the life sciences industry are strongly emphasizing product quality & safety. This creates pressure on the medical device/pharmaceutical and other life science products manufacturers to achieve the standard compilation such as testing, inspection, and certification. In the life science industry, some of the manufacturers have recalled the products due to product contamination. For instance, in February 2018, Kareway Products, Inc (US) recalled Sterile Eye Irrigation Solution namely Gericare Eye Wash due to product contamination. Similarly, in February 2018, Apace Packaging LLC recalled Acyclovir 400mg Tablets due to a product mix-up. Such product issues are increasing concerns over product safety & quality from patients, physicians, and health authorities. This scenario is expected to support the necessity of TIC and expected to drive the growth of the Aerospace and Life Sciences TIC market in the Life sciences industry.

Key Findings and Insights from the report:

• The Global Aerospace and Life Sciences TIC market are predicted to reach a value of 5,157.33 Million by 2028.
• Insight also covers the price, production, share, and growth rate of these top manufacturers and examines the competitive scenario for a better understanding of the market synopsis.
• The report presents the estimated CAGR of 6.10% size of the Aerospace and Life Sciences TIC market at the end of the forecast period.
• The report includes an overview of the market, the financial performance of key players its segmentation, its geographical scope.
• The report provides a detailed evaluation of the Aerospace and Life Sciences TIC market by highlighting information on various aspects which include restraints, drivers, opportunities, and threats.

Following are the top 10 leading companies in the Aerospace and Life Sciences TIC market:

1. SGS

SGS is a leading provider of verification, testing, and certification services with more than 1,000 offices and laboratories in 120 countries. The company inspects and monitors internationally traded agricultural products, minerals, petroleum and petrochemicals, motor vehicles, and consumer goods. The company also offers certification services to international businesses and governments, as well as electronics testing, logistics, outsourcing, drug development, and environmental monitoring services. SGS got its start in 1878 providing agricultural inspection services to European grain traders.

2. Bureau Veritas

Bureau Veritas provides technical services focusing on quality, environmental protection, health, safety, and social accountability. Core services include inspection, certification, and on-site testing and analysis. The company has more than 1,600 laboratories in 140 countries serving Africa, the Americas, Asia, the Middle East, and Europe. Clients come from industries such as automotive, chemicals, construction, government services, and metal and mining. French investment firm Wendel Investissement owns a controlling stake of Bureau Veritas.

3. Intertek

Intertek Group PLC provides quality and safety-related services, including assurance, auditing, certification, inspection, testing, and training. The company works with its customers to minimize the risks of their products, processes, and supply chains as those customers develop new products, technologies, and infrastructure. Intertek serves companies in a wide range of industries including oil and gas, retail, information and communications, technology, food and healthcare, beauty, and pharmaceuticals. The company has a network of more than 1,000 laboratories and offices in more than 100 countries.

4. TÜV NORD

With over 10,000 employees in more than 70 countries in Europe, Asia, Africa, and the Americas, TÜV NORD GROUP is actively committed to its national and international customers. It's broad consulting, service, and inspection portfolio encompasses both specific individual tests and inspections and also the management of complex safety solutions. TÜV NORD GROUP is organized into Mobility, Industrial Services, Training, IT, Natural Resources, and Aerospace business units competence centers are in permanent contact with customers for analyzing, consulting, and also developing and implementing customized solutions. Through their understanding of the customer's situation and needs and the technical area concerned, these experts form the backbone of the Group's success.

5. TÜV SUD

TÜV SÜD is a trusted partner of choice for safety, security, and sustainability solutions. They specialize in testing, certification, auditing, and advisory services. Since 1866, they have remained committed to their purpose of enabling progress by protecting people, the environment, and assets from technology-related risks. Through more than 25,000 employees across over 1,000 locations, they add value to customers and partners by enabling market access and managing risks. By anticipating technological developments and facilitating change, TÜV SÜD inspires trust in a physical and digital world to create a safer and more sustainable future.

6. Eurofins Scientific

Eurofins Scientific through its subsidiaries is the world leader in food, environment, pharmaceutical and cosmetic products testing, and agroscience CRO services. The company is also one of the global independent market leaders in testing and laboratory services for genomics, discovery pharmacology, forensics, advanced material sciences, and supporting clinical studies. In addition, Eurofins is one of the key emerging players in specialty esoteric and molecular clinical diagnostic testing in Europe and the USA. With 55,000 staff across a network of more than 1000 independent companies in over 50 countries and operating 900 laboratories, Eurofins offers a portfolio of over 200,000 analytical methods for evaluating the safety, identity, composition, authenticity, origin, and purity of biological substances and products, as well as for innovative clinical diagnostics. The main objective is to provide their customers with high-quality services, accurate results on time, and expert advice by their highly qualified staff.

7. TÜV Rheinland

For more than 140 years, TÜV Rheinland has stood for ensuring quality, safety, and efficiency in conjunction with people, the environment, and technology. As a neutral, independent third party, they test, accompany, develop, promote and certify products, plants, processes, and management systems as well as services based on legal requirements and other relevant performance benchmarks and standards. In addition, TÜV Rheinland qualifies specialists and trains people for numerous companies and areas of business and life. The company's greatest capital is based on over 20,000 clever minds: concentrated knowledge. It is their enormous pool of experience from which the people at TÜV Rheinland create exceptional substance and inspiration for their meaningful work.

8. Applus+

Applus+ is a worldwide leader in the testing, inspection, and certification sector. They are a trusted partner, enhancing the quality and safety of their client's assets and infrastructures while safeguarding their operations and improving their environmental performance. The company's innovative approach, technical capabilities, and highly-skilled and motivated workforce of over 23,000 employees assure operational excellence across multiple sectors in more than 70 countries. The company offers a complete portfolio of solutions that address a range of needs, from asset integrity management to statutory compliance-based inspections. They place a strong emphasis on technological development, digitalization, and innovation, as well as having the latest knowledge of regulatory requirements.

9. Element Material Technology

Element is a leading global provider of Testing, Inspection, and Certification (TIC) services on a wide range of products, materials, processes, and services and products for a diverse set of end markets, where failure in service is simply not an option. Headquartered in London, UK, Element’s scientists, engineers, and technologists, working in their global network of over 200 laboratories, support customers from early R&D, through complex regulatory approvals and into production ensuring that their products, materials, processes, and services are safe, compliant, and fit for purpose.

10. DNV GL

DNV is an international accredited registrar and classification society headquartered in Norway. The company currently has about 12,000 employees and 350 offices operating in more than 100 countries and provides services for several industries including maritime, oil & gas, renewable energy, electrification, food & beverage, and healthcare. The company is the world's largest classification society, providing services for 13,175 vessels and mobile offshore units (MOUs) amounting to 265.4 million gross tonnes, which represents a global market share of 21%. The company is also the largest technical consultancy and supervisory to the global renewable energy (particularly wind, wave, tidal, and solar) and oil and gas industry.

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