The TIC market for the aerospace & aviation industry is expected to witness a CAGR of 3.5% during the forecast period. TIC services help in improving the quality of the manufacturing process via testing, inspection, and certification according to the regulations and standards globally. Thus, helps in producing high-quality, safe, and reliable aerospace products or components.

The primary reasons for the growth of the TIC market for the aerospace and aviation industry include the rising production in aerospace, use of new materials in aircraft, mandatory aviation regulations and certification standards for aircraft safety, growing investment in aerospace industries, increasing demand for good quality and standard products in the industry will fuel the growth of the TIC market.

The COVID-19 outbreak has adversely impacted the global economy and the aerospace & aviation industry has also been adversely affected by it. However, a digital transformation like virtual inspections, visual inspection, and remote auditing has created opportunities for the growth of the TIC market in the aerospace & aviation industry.

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Intertek partnered with VAKT, a UK-based blockchain platform, which will help Intertek to provide assurance solutions and inspection services seamlessly to its clients.

Based on service type, the TIC market for the aerospace & aviation industry is segmented into testing, inspection, and certification. In order to provide safety, airworthiness, product conformity, and reliability, testing is required because product performance can impact material and parts used in spacecraft. Testing is required to ensure regulatory compliance, access new markets, meet the rising demand of manufacturers in the aerospace industry.

Asia Pacific is anticipated to have the fastest growth during the forecast period owing to the huge support from the government to promote the aviation industry, rapid urbanization & industrialization, increasing volume of aviation passengers, rising R&D investment, increasing number of SMEs in the aerospace industry will propel the market growth of TIC market for aerospace & aviation industry in the region. Moreover, the rising inclination of manufacturers to produce aerospace and aeronautical components will propel the growth in the region.

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

Source: VynZ Research