Europe Tic Market Opportunities And Challenges

By Author: Marketsandmarkets
Total Articles: 218
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Testing, inspection, and certification (TIC) enhance manufacturing productivity, help manufactures to conform their products with global standards, and improve product quality. TIC includes testing the product against quality, reliability, and performance standards. The Europe TIC market is expected to grow from USD 50.1 billion in 2020 to USD 60.4 billion by 2025, at a CAGR of 3.8%. A few key factors driving the market growth are the surge in global counterfeiting, the inclination toward outsourcing TIC services and developments in networking an communication technologies.
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Major players in the Europe TIC market have primarily adopted strategies such as mergers, acquisitions, service launches, and service developments to strengthen their position in the market.
• SGS (Switzerland) acquired Inter-Basic Resources, Inc. (IBR) based in the US and the UK. IBR is a leading provider of state-of-the-art testing and verification services for air and fluid filtration performance across multiple industries. The acquisition helps ...
... SGS to broaden its services within non-woven materials, particularly filtration performance. Moreover, SGS opened a state-of-the-art food testing laboratory in New Jersey, to provide services such as food pathogen testing - DNA and protein-based detection methods, rapid food microbiological indicator testing, food hygiene testing.
• Bureau Veritas (France) expanded its service portfolio, dedicated to flight data analysis, based on Ergoss's SARA software. This expansion was aimed at optimizing flight safety management and, more generally, the operational performance of airline companies. Additionally, Bureau Veritas partnered with Cornis (Paris), a leading provider for blade technology, to offer advanced Blade Inspection services for wind turbines.
• Eurofins Scientific (Luxembourg) acquired Transplant Genomics Inc. to improve its transplantation testing skills, which, in turn, would improve its diagnostic reliability and reduce the rejection risks. Eurofins Scientific partnered with Signify to provide a broad range of analytical services, including materials characterization, chemical compatibility, imaging and reliability services, to support product innovation and improvement, troubleshooting and quality control activities for a range of customers in healthcare, lighting, and other high-tech industries.
SGS Group (Switzerland) is a market leader and provides testing, inspection, verification, certification, and quality assurance services globally. The company offers certification services that enable customers to validate compliance of their products, processes, systems, or services with national and international regulations and standards. The company provides its services to automotive, chemicals, industrial manufacturing, life sciences, mining, and oil & gas industries, as well as transportation and public segments. The group has started the online portal to provide services to the customers called the SGS online.
Bureau Veritas (France) provides facilities to its clients through a solid network, particularly in industrialized countries such as France, the US, Canada, Japan, and the UK. The company plans to further penetrate its traditional markets through a broader range of services to expand market coverage through key growth initiatives. Being one of the leading players in the Europe TIC market, the company is viewed as an active consolidating force in its industry. The company offers innovative solutions that go beyond the simple process of the verification of compliance with regulations and standards, thereby reducing risks, improving performance, and promoting sustainable development.
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Eurofins Scientific (Luxembourg) provides TIC services in various segments, which enables them to cover the market at a greater potential. The company strategizes to partner and acquire with companies and increase their service portfolio to cater to untapped industries. Eurofins Scientific specializes in Bioanalytical testing, which includes all products and substances that people eat, drink, and ingest. Though there are small and medium players in the Europe TIC ecosystem, the company holds a major contribution to the segment, which is a differentiating attribute and helps in earning higher revenues.