The "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" report has been added to ResearchAndMarkets.com's offering.
The Europe TIC Market is Expected to Grow at a CAGR of 3.8% from USD 50.1 Billion in 2020 to USD 60.4 Billion.
Factors such as a surge in the illicit trade of counterfeit and pirated goods, the inclination toward outsourcing TIC services, and the high demand for testing services to ensure effective interoperability of connected devices and networks have led to increased demand for TIC services in Europe.
Europe TIC market for certification services expected to grow at highest CAGR during the forecast period
The growing demand for certification services is due to the mounting number of specified standards by governments and international standardization institutions. Certification demonstrates a company's credibility in the market. To deliver trustworthiness, companies in this market maintain wide-range accreditations and recognitions for certification services. As markets grow and expand, consumers seek safe, reliable, and eco-conscious products. Certification services ensure product safety and performance attributes. Certification services mainly include customized audit and certification services with reference to quality, health safety, environment, and social responsibility.
Europe TIC market for outsourced services offering accounted for the largest share in 2020
The outsourced services depends on factors such as the industry's requirements and a country's federal structure and administrative rules. Over time, these factors may have a significant impact on the market size, irrespective of the underlying macroeconomic conditions. The push toward outsourcing by manufacturing companies and, in specific instances, the privatization of state-owned laboratories will continue to be a strong factor driving the growth of the Europe TIC market for outsourced services.
Europe TIC market for agriculture and food application to grow at highest CAGR during the forecast period
The TIC market for agriculture and food application is expected to grow at the highest CAGR during the forecast period. TIC services for the agriculture industry are required to ensure quality and improve product efficiency. These services also support companies playing a crucial role in trading agricultural commodities and food products by acquiring international certifications. Moreover, changing regulations, especially in the agriculture space, across the world would drive the adoption of TIC services by manufacturers.
Poland is expected to be the fastest-growing market for TIC during the forecast period
The TIC market in Poland is projected to grow at the highest CAGR during the forecast period. The highest CAGR is because of the presence of manufacturing capabilities in almost all domains such as aerospace, automobiles, consumer goods and durables, food, IT and software. Moreover, the exports from Poland has helped the increasing the market share of TIC services in the Europe TIC market.
The major players profiled in this report include:
- Apave International
- Applus+
- Bureau Veritas
- Dekra SE
- DNV GL
- Element Materials Technology
- Eurofins Scientific
- Force Technology
- Hohenstein
- Intertek
- Kiwa Inspecta
- QS Testing
- Rina Spa.
- Safety Assessment Federation (SAFED)
- SGS Group
- Technicka Inspekcia
- Tuv Nord Group
- Tuv Rheinland
- Tuv Sud
- VDE Testing Institute
For more information about this report visit https://www.researchandmarkets.com/r/t57v4p
View source version on businesswire.com: https://www.businesswire.com/news/home/20201014005763/en/
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