A brief overview of transformer oil market with regional frame of reference, global industry valuation to cross the 3 billion-dollar mark by 2024

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Transformer oil market has been following an upward growth trajectory owing to the rising demand for installation of new power grids equipped with large transmission capacities. As per reliable estimates, power transformers apportioned over 55% of the global transformer oil market share in 2017 demonstrating that the power sector will be a significant contributor for the growth of industry in the forthcoming years. This escalating demand puts emerging economies at the forefront as the leading consumers of transformer oil given that these nations have been focusing on building infrastructure to facilitate proper power supply to their rural and urban regions. This in turn has established Asian countries as among the largest consumers of transformer oils in the recent times.

Germany Transformer Oil Market Size, By Application, 2017 & 2024 (USD Million)
Germany Transformer Oil Market Size, By Application, 2017 & 2024 (USD Million)

A succinct outline of the transformer oil industry trends with reference to the regional landscape:

China:

The China transformer oil market was valued at about $250 million in 2017 and is estimated to register a 5% y-o-y growth rate over 2018-2024. The nation’s enormous population and sustained economic growth has exerted a considerable amount of stress upon its existing electric infrastructure. The need for keeping their transformers up and running to ensure a steady and uninterrupted power supply would propel the regional transformer oil industry in the upcoming years.

Testament to the aforementioned aspects is the 5-year plan announced by the National Energy Administration of China in 2015. The plan apparently intends to invest over $302 billion in electricity grid transformation and construction which would increase the reach of transmission lines in high and medium voltage sectors.

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United States:

US contributed to more than $200 million toward the total remuneration portfolio of the industry in 2017. The nation’s Department of Energy announced a Grid Modernization initiative with $220 million investment in 2016 to upgrade their existing transformer grid infrastructure.

The country also faces rising energy demands and is renowned to be the world’s largest consumer of energy. To fuel these demands various other clean energy initiatives have been rolled out by the government and private sector in the country ensuring a sustained demand for electricity which would impel the U.S. transformer oil industry.

Other North American counterparts don’t lag much behind with Mexico’s clean energy auctions garnering global attention from investors including that of various Canadian power companies like Canadian Solar. who have increasingly begun investing in the continent’s clean energy sector.

United Kingdom:

The UK faces the same issues faced by other developed economies viz. difficulty in maintaining and upgrading their power infrastructure. According to reliable sources, the ageing electrical infrastructure in the UK is operating at its peak capacity and is often over exerted, yet it barely keeps up with the increased demand for electricity. According to Agora Energiewende, the electricity consumption in the continent increased by 0.7% in 2017, which also marked a consecutive increase for the third year. This rapid progression in electricity consumption would, in turn, open up numerous opportunities for the firms Europe transformer oil industry players.

Recent weather anomalies like heat waves, thunder storms and floods have further pushed the power infrastructure to the brink as energy consumption rates either rise or completely crash during events such as flooding with significant damages that require repair. This has consequentially established UK an ideal investment ground to fund the development and maintenance of electrical grid infrastructures – a factor that would boost the UK transformer oil industry in the years ahead. In fact, the UK transformer oil market is projected to record a CAGR of 6% over 2018-2024, as per a report compiled by Global Market Insights, Inc.

With a slew of electric infrastructure upgradation projects in pipeline, transformer oil market is poised to witness remarkable growth in the ensuing years. Holding a global consumption target of 2,000 million litres by 2024, the industry’s competitive landscape is replete with players like Cargill, Calumet, Nynas, APAR Industries, Hydrodec, DOW Chemical, Valvoline, Engen, Clearco, and Electrical Oil Services.

Author NameAkshay Kedari

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North America Recycled Metal Market to amass considerable returns by 2024, robust product demand from the electronics sector to augment the regional expansion

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Recycled metal market has indeed carved out a momentous place for itself in the realm of advanced materials, plausibly on account of the growing concern among metal product manufacturers regarding the sustainability benefits of metal recycling. With the proliferation of rapid industrialization and urbanization trends across the globe, the demand for metals has observed a meteoric rise. However, having considered the adverse impact of mining on the environment, metal product manufacturers have been inclining toward recycled metals, thereby providing a major impetus to recycled metals industry.

U.S. Recycled Metal Market Size, By End-user, 2013 – 2024 (USD Million)
 U.S. Recycled Metal Market Size, By End-user, 2013 - 2024 (USD Million)

As of now, the crucial matter of contention about global warming due to rise in carbon dioxide emissions in the environment has been fueling the need for recycling. Consequently, activities such as mining and solid waste accumulation in landfills that lead to the destruction of biodiversity have been cast in a negative light, resulting in a massive shift of preference toward recycled metals. Also, regional governments and private companies are likely to save up on capital post adopting the practice of recycling metals, given that the energy consumed for metal recycling is far lesser as compared to extracting ores. In effect, metal recycling only serves to give rise to a sustainable economy that seems to be the need of the hour, the recognition of which has led to a major spurt in recycled metals demand across myriad geographies.

Speaking about the initiatives taken by the regional governments with regards to metal recycling, it would be imperative to mention the instance of the Rwanda government having undertaken significant steps to strengthen the industrial sector in the region by encouraging the practice of metal recycling. In accordance, the government has taken efforts to establish metal scrap collection centers from where the waste metal can be recollected and recycled into construction materials like iron bars. The Rwanda government also framed a national e-waste management strategy through which it has been providing incentives for metal scrap collection and establishment of dismantling facilities. The efforts undertaken by the Rwanda administrative body are indeed an apt instance demonstrating the role that governments have to play in the growth of recycled metal industry.

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North America recycled metal industry has gained exceptional prominence across the globe in the last couple of years, which can be credited to the rapidly expanding electrical & electronics sector in the region. Already a technological hub in itself, the region houses a plethora of E&E companies that contribute toward the country’s GDP. The regional electrical & electronics domain is lately on a tremendous rise on account of the constant upgradations in electronic architecture and the ever-changing demand of consumers with regards to electronic goods. Driven by the widespread applications of recycled metal for metal plating electronic components through electrodeposition, North America recycled metal industry is forecast to accrue substantial valuation in the ensuing years.

Another pivotal reason responsible for the growth of North America recycled metal market is the presence of an increasing number of core companies that have been rather proactively adopting strategic tactics to consolidate their stance in the home continent and overseas. For instance, merely a few days ago, the aluminum recycling company, Novelis signed an agreement to acquire a leading manufacturer of recycled aluminum products, Aleris. In 2016, Aleris used nearly 734,000 metric tons of recycled aluminum in its products. The company majorly supplies its recycled metal products to the defense, automotive, construction, aerospace, and packaging industries. Consequently, this acquisition will prove to be beneficial for Novelis not only in terms of business expansion but also in terms of retaining Aleris’s widespread customer base.

The adoption of highly strategic business tactics is certain to have a transformational impact on the growth of recycled metal industry share. Additionally, the increasing awareness among regulatory bodies and private companies about the economic benefits of using recycled metal for new product manufacturing and infrastructure developments is also likely to augment the commercialization scale of this business space. Driven by the extensive consumption of recycled metal across myriad industry verticals such as automotive, construction, aerospace, construction, F&B, consumer electronics, and packaging, recycled metal market will surpass a revenue collection of USD 125 billion by the end of 2024.

Author NameSunil Hebbalkar

Remodeling market to witness massive gains from the residential sector over 2018-2024, E-commerce platforms to dramatically alter the industry trends

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One of the most recent precedents indicative of the vast expanse of remodeling market is that of a renovation project of Seattle’s iconic Space Needle. The reopening of the world’s famous construction landmark has made it to the headlines lately as it now boasts the first ever rotating glass floor across the globe. Incidentally, the completion of USD 100 million remodeling project has paved way for more impressive panoramic views of the city from the observation tower.

North America Remodeling Market, By End-Use, 2013-2024, (USD Billion)
North America Remodeling Market, By End-Use, 2013-2024, (USD Billion)

The project’s efforts to augment the overall diner’s experience with a 360-degree vista of the city skyline and Puget Sound have been forecast to have quite a profitable impact on the regional remodeling market share. The incidence is also demonstrative of the fact that such advanced construction & real-estate projects with innovative designs and sustainable materials are expected to strongly support the growth of remodeling industry in the ensuing years. In fact, the progressive roadmap traversed by the global remodeling market is vividly depicted from a recent report compiled by Global Market Insights, Inc., that claims the business space to have already surpassed a remarkable USD 3 trillion mark in 2017.

Turns out that small-scale renovations are also slowly becoming just as popular as large scale projects, as is witnessed with bathroom & kitchen remodeling projects becoming more commonplace in the residential sector. The growing popularity of modular kitchens, designer walls, stylist bathrooms, and floor trends have significantly soared the undertaking of interior and residential construction projects. With the accelerating pace of these industry trends, the LIRA (Leading Indicator of Remodeling Activity) report further claims that the year 2018 will observe a substantial rise in the residential repairs and remodeling activities.

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Soaring land & construction prices have furthermore resulted into exponentially higher real estate costs, which has in turn impacted remodeling market demand. On the grounds of these changing industry trends, reports claim that the global remodeling market from the residential sector was pegged at USD 2 trillion in 2017 and is estimated to continue its robust growth in the years ahead. Besides the residential sector, remodeling market size from the commercial sector is also likely to be benefited from the corporate and industrial space renovations and is estimated to surpass USD 2.2 trillion by 2024.

E-commerce to emerge as a lucrative distribution channel for remodeling industry players

The growing trend of providing remodeling services through online platforms has appreciably brought the construction and remodeling industry into e-commerce. Right from designing and drawing up construction plans to providing 3rd party remodeling labors, online platforms are emerging as the new lucrative investment grounds where companies are massively advertising and distributing remodeling materials as well as related services to consumers. The benefits of cost, products, contractors, and services have significantly added to the growing popularity of this platform in the global remodeling industry.

To name a few, Amazon home service, Pro.com, and Zillow are some of the prominent platforms that are redefining the commercialization matrix of remodeling market. Thanks to the internet, e-commerce is taking on physical shops and is robustly emerging as a retail channel of choice for people across the globe. The convenience of these platforms is undeniable, on the grounds of which industry analysts predict this business sphere to be a lucrative investment hotspot for potential stakeholders who are trying to expand their reach across the global remodeling market.

Capitalizing on the potential of digitalization, the e-commerce platforms are expected to offer unique opportunities while allowing the remodeling market companies to stay competitive. Amazon.com for example, joined a home-services & remodeling platform in 2015 and has expanded it to more than 15 U.S. cities. The instance goes on to validate that surely there is great deal of focus on online platforms within the remodeling market. All in all, driven by the increasing focus to enhance the overall consumer experience, remodeling market is expected to take a deeper dive in terms of revenue, surpassing USD 5 trillion by 2024.

Author NameOjaswita Kutepatil

Escalators and moving walkways market to witness remarkable growth from the airport sector from 2018-2025, product innovations to underline the competitive landscape

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Growing expenditure on infrastructure development has propagated the escalators and moving walkways market, in conjunction with the rapid urbanization of cities and changing demographics. Elevated income levels of the working class population in several regions has stimulated investments in constructing structures that have advanced and comfort-raising amenities. Lately, people moving equipment have become obligatory features in modern public buildings such as hotels, shopping malls and airports, triggering evolution of the escalators and moving walkways industry. While escalators allow for easy movement of people between floors of a building, moving sidewalks are essential in transporting people over short to medium distances, either along a level ground or at an inclined distance.

U.S. Escalators & Moving Walkways Market Size, By Application, 2014 – 2025 (USD Million)

 U.S. Escalators & Moving Walkways Market Size, By Application, 2014 – 2025 (USD Million)

Ability to help in safe movement of people and their bags or luggage in communal settings has mainly driven the global escalators and moving walkways market, which is credited with accruing more than USD 15 billion remuneration in 2017. Due to the expansion of the transportation industry, bus and railway stations are developing and going beyond a single floor to accommodate operations or provide public resting areas. An emerging revenue source for the escalators and moving walkways industry is the installation of escalators in indoor and outdoor footbridges for encouraging commuters to utilize a safer way of crossing roads in busy areas. Budding tourism industry and expansion of international trade has instigated the development of bigger airports and along with it, established a key source of income for the escalators and moving walkways market.

To elaborate, Dubai International Airport’s Terminal 3, opened in 2008, is the world’s largest airport terminal and consists of two sections, Concourse A having 11 floors and Concourse B having 10 floors. The extensive facility has 97 escalators and 82 moving walkways to handle the entire terminal’s capacity of handling 43 million people. With every airport around the world requiring passenger movement equipment and many more airports in the pipeline to be constructed, earnings for the escalators and moving walkways market from the airport segment is anticipated to grow at a 4% CAGR over 2018-2025.

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The underground railway system in London, also termed as the Tube, is a vast network of interconnected subway system, with stations having multiple floors and the deepest station being about 58.5 meters below ground. As such, the Tube is another example pointing out the importance of the escalators and moving walkways industry in realizing safe commuting of millions of passengers that use public transport.

With efforts being undertaken worldwide to build taller and wider structures which incorporate commercial and retail businesses, the escalators and moving walkways market has achieved extraordinary progress not only in terms of revenue but also technological advancement. Office plazas, multistorey malls, industrial buildings and large residential complexes are presenting the need for energy-efficient infrastructure to reduce the overall cost of occupancy. The recently launched Link escalators from Otis, a leading manufacturer of people moving products, demonstrates the potential of energy optimization in escalators.

Speaking further, the Link escalator has upgraded safety, quality and reliability, while its innovative ReGen drivers deliver up to 60% less energy consumption in comparison with those without regenerative drives. Designed for easy maintenance and longest uptime, the Link escalators comprise of an extremely efficient lubrication system which use 98% less oil than manual lubricant system. A significant characteristic of the Link escalators is that 90% of the materials used in their manufacturing are recyclable at end of life. With the additional feature of being easily diagnosed for assessing escalator performance or sensing equipment deterioration using Otis’ diagnostic tool, the Link escalators represent shifting trends in development of the escalators and the moving walkways industry.

The highly competitive dynamics of the escalators and moving walkways market has enforced major players such as KONE Corporation, Otis Elevator Company, Schindler, Fujitec, Thyssenkrupp AG, Hitachi Ltd and many others to come up with critical product features for promoting their services. A notable innovation in the escalators and moving walkways industry has been effected by KONE, which has displayed the opportunities created by connecting its products with the internet of things (IoT). For instance, in March 2018, KONE launched a cloud-connected escalator which, using the company’s 24/7 connected services, provides vast quantity of data from sensors and allows for remote monitoring, analysis of real-time information.

However, the most interesting feature of the KONE’s product is that it is the first ever Twitter-connected escalator and enables people to witness how it operates by sending timely tweets, while a 360-degree and virtual reality video is also available. The KONE escalator is invariably transforming the product landscape of escalators market. With a slew of such advanced products & innovations in pipeline, the escalators and moving walkways market is estimated to register a 4% CAGR from 2018 to 2025.

Author NamePankaj Singh

Europe solid state lighting market to surpass USD 20 billion by 2024, proliferating demand for LEDs to drive the regional progression

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Owing to the global drift toward energy efficiency and improved energy consumption practices, the solid state lighting market has emerged as one of the most profitable niche verticals of the sustainable and smart technologies industry. Solid state lighting (SSL) technology is ten times more efficient than incandescent lighting and twice as efficient as fluorescent lighting. Moreover, the SSL technology has witnessed drastic enhancements in the recent times which has resulted in the SSL-based lighting sources such as LED and OLED become a vital component in the affordable high-performance buildings. Additionally, the increasing usage of SSL technology in automotive sector has impelled the solid state lighting industry share.

U.S. Solid State Lighting Market Size, By Technology, 2017 & 2024, (Million Units)
U.S. Solid State Lighting Market Size, By Technology, 2017 & 2024, (Million Units)

The solid state lighting has been increasingly described as a high-potential technology which is currently in its nascent stage and is yet to reach its fullest potential. Despite rapid enhancements in semiconductor materials and smart control systems, the application benefits and the possibility of this technology lowering energy costs substantially is yet to be extensively researched upon. Taking concrete steps in this direction, the U.S. Department of Energy (DOE) announced a research fund to the tune of USD 15 million in April 2018 to accelerate further breakthroughs in solid state technology across the nation. The funding apparently intends to support innovative research by technology leaders in four prominent areas viz., advanced fabrication R&D, core technology research for LEDs, OLEDs, and Cross-Cutting lighting, novel lighting in a limited Mock Field Application, and proof-of-concept and prototype development for LEDs and OLEDs.

In this context, it is quite imperative to mention that the research grant by DOE is in line with the strategic goals set by the Office of Energy Efficiency and Renewable Energy (EERE) to achieve higher energy-efficiency in residential and industrial sectors of the U.S. Needless to mention, the unveiling of such encouraging research initiatives by government bodies is certain to impel the growth prospects of solid state lighting industry in the forthcoming years.

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The rising deployment of LEDs in cities, combined with new smart technologies, has been instrumental in creating new opportunities for urban lighting professionals. In addition to this, numerous countries have mandated various policies and laws regarding the implementation of import tariffs for LED components and product utility that is bound to propel LED-based solid state lighting market. As per reliable estimates, the global LED-based solid state lighting industry is slated to garner more than USD 80 billion in revenue by 2024.

Speaking of the regional growth potential, European nations are likely to be one of the most profitable terrains for solid state lighting market in the upcoming years. A favorable regulatory structure coupled with a robust support for new research to effectively implement smart urban lighting systems has caused rapid product penetration across European Union. With an aim to develop advanced tools that would provide cities with a range of competencies in dealing with complex procurement procedures, the European Union had rolled out a project named as FP7 SSL-erate. The project further intends to fast-track the uptake of high-quality SSL technology across the continent by bringing validated information to relevant stakeholders and encouraging open innovation programs. Europe solid state lighting market, as per Global Market Insights, Inc. holds a revenue target of USD 20 billion by 2024.

Elaborating further, the project explored the advantages that smart human-centric lighting can have for urban dwellers and how these systems can align with the goals of a city to become more sustainable in the long run. Needless to mention, the implementation of such pioneering initiatives would have an optimistic influence on the Europe solid state lighting industry share.

Owing to enhanced levels of performance compared to traditional lighting products along with lower cost of ownership, the solid state lighting market has been garnering commendable popularity across sustainable and smart technologies industry in the recent years. With the involvement of multiple stakeholders including national laboratories, academic institutions, and industry researchers who would pour in their expertise in improving the technology, the solid state lighting market is bound to proliferate at an impressive pace in the times to come. In fact, according to a research study compiled by Global Market Insights, Inc., the commercialization potential of solid state lighting industry is estimated to exceed USD 85 billion by 2024.

Author NameSaif Ali Bepari

APAC cross-linked polyethylene market to witness remarkable proceeds over 2018-2024, expanding infrastructure sector to boost the product penetration

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Owing to a varied range of domestic, industrial and healthcare applications, the cross-linked polyethylene market has grown considerably over the past few years with products that provide improved performance and durability. Properties like better temperature strength, chemical resistance and the ability to resist slow development of cracks make cross-linked polyethylene materials ideal for public and portable water service lines, commercial plumbing distribution, auto components and light packaging. Need for highly reliable and corrosion resistant quality pipes for fire sprinkler systems has further given an up thrust to the cross-linked polyethylene industry. Making these products suitable for large scale residential or commercial projects have benefits such as low cost, flexibility, lightweight and ease of transport, all of which have influenced the shifting consumer trend towards the cross-linked polyethylene market.

North America Cross-Linked Polyethylene Market, By Application, 2013-2024, (Kilo Tons)
North America Cross-Linked Polyethylene Market, By Application, 2013-2024, (Kilo Tons)

The UN estimates that by 2050, the total world population could reach 9.8 billion, with countries like China, India, Japan and Indonesia being the dominant contributors within the Asia-Pacific (APAC) region. Due to rapid urban and industrial development resulting from massive government spending in several emerging economies of the region, the cross-linked polyethylene market is slated to witness remarkable consumption rates. According to data released by Indonesia’s Public Works and Housing Ministry, a total of 805,169 housing units were constructed in 2016 and further 499,702 by June 2017, as part of an ongoing scheme to provide sufficient residential facilities in the country. In 2017, the Indonesian government apparently targeted construction of 700,000 houses for low-income groups and 300,000 for those with a higher income. Reports indicate that Indonesia is looking to gather more funds to complete the ambitious five-year national development plan, which is half way through.

Generally, projects of such magnitude require huge investments in the construction sector, to build gas and sewer pipelines in order to facilitate proper utility and waste systems for communities. Electric wires and cables to support the electricity and communication needs of future residents also contribute towards strengthening the cross-linked polyethylene industry, which supplies reliable flame resistant insulation. The Indonesia project represents a huge requirement of pipes for water and gas supply, water heating, as well as insulated electrical wires that ensure a safe electricity grid, directly boosting the APAC cross-linked polyethylene market which garnered a remuneration of over USD 2 billion in 2017. Other Asian countries like India and China have also pledged to ensure adequate utility supply to citizens, creating the necessity for quality, long lasting pipes.

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Citing another instance to demonstrate the growth potential of the cross-linked polyethylene industry, in 2017 the Indian government had launched a nation-wide initiative to build efficient water networks and other infrastructural facilities in urban areas. As of now, more than 2.4 million new residential water connections have been provided across India since the initiative started, providing water for drinking and sanitary uses to millions of people. With pipes that allow for easy installation and consistent resistance to moisture, salts and acids, the cross-linked polyethylene market will experience tremendous demand from plumbing and other utility needs. In addition, Asia-Pacific is constituted of highly-populated countries that have been observing a rise in geriatric population, along with increasing prevalence of diseases related to obesity and lack of proper nutrition in younger people.

An upcoming growth avenue for the cross-linked polyethylene market, medical surgeries for joint replacements have garnered momentum to offer a healthier and pain free living for osteoarthritis patients. Knee and hip replacement arthroplasty involves replacing a dysfunctional joint with a prosthesis, which can now be made from cross-linked polyethylene. Recently, a broad study conducted on over 240,000 hip osteoarthritis patients revealed that hip implants containing cross-linked polyethylene lower the need for a revision surgery significantly. The reduced long-term wear of implants with cross-linked polyethylene bearing surface are making them more suitable for younger patients as compared to conventional polyethylene implants, since they have a longer life and tend to be more active.

Subsequently, the APAC cross-linked polyethylene industry is expected to be promulgated extensively from medical applications, besides the prominent demand from infrastructure development activities. The DOW Chemical company, ExxonMobil, Arkema Group, Silon S.R.O, Hanwha Chemical, Vinacom Co Ltd and Borealis AG are some key global market contenders. With incredible predictions regarding population growth and utility requirements, the global cross-linked polyethylene market is anticipated to achieve a CAGR of 6% from 2018 to 2024.

Author NamePankaj Singh

Global testing, inspection and certification (TIC) Services market to witness robust growth from transportation sector, certifications in healthcare to provide additional boost

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Growing emphasis on consumer satisfaction and safety has proliferated the testing, inspection, and certification (TIC) services market as governments worldwide have implemented stringent quality regulations on almost every industry vertical. Whether it is construction, automobile, energy, healthcare or other segments, continuous advancement in products and components have necessitated upgraded testing and certification requirements. Improvements in management, product quality, manufacturing processes, supply chains and service value have become imperative for the growth of any business, imposing a need for the TIC services market. Existence of recognized certifications such as ISO:9001 or ISO/TS 16949 make it easier for customers to search for companies that provide excellent product quality, better customer service and new, innovative solutions. The global TIC services market valuation in 2017 stood at over USD 150 billion, driven by the obligation of companies towards meeting specific product requirements and to comply with international quality standards.

U.S. Testing, Inspection, and Certification (TIC) Services Market Revenue, By Service, 2017
U.S. Testing, Inspection, and Certification (TIC) Services Market Revenue, By Service, 2017

Besides helping to control the quality, effective testing and inspection processes aid in minimizing rejections, reduce manufacturing costs and identify reasons for a defective output. The transportation segment, in general, constitutes a major part of the global manufacturing industry where thousands of components or auto parts go through daily quality checks. As governments and international agencies are constantly raising the weight, material and other standards of automobile components to enhance the safety and efficiency of vehicles, the TIC services industry is subsequently gaining massive popularity. OEMs as well as small auto component vendors are striving to achieve high level of quality and get certified, to get documented and provide validity to their proficiencies and expertise. Frequent inspection and evaluation of manufacturing processes by in-house or third party services to maintain a grip on the quality level will continually boost the TIC services market.

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As per estimates, the EU alone produced over 17 million passenger cars and 2.6 million commercial vehicles in 2017. With strict regulations in place to enhance the fuel efficiency of future vehicles and reduce carbon emissions, the TIC services market will experience tremendous growth from testing and inspection of advanced auto components and manufacturing processes. New processes need to be sufficiently tested before implementation and vigorously inspected for any faults or defects to ensure product uniformity. Globally, an emerging product line in the automotive sector is connected and self-driving cars, which presents a challenging task for the TIC services industry. Chipmakers and testing companies are helping to develop these products by adhering to ideal temperature, voltage, electromagnetic interference and several other standards put down for an efficient autonomous system. Automotive standards like ISO 26262 have been introduced related to the safety of electrical and electronic systems within vehicles, warranting adequate testing and inspection to be done on advanced automotive chips.

The TIC services industry is rapidly witnessing demand from the healthcare and life sciences segment, with test and inspection reports of pharmaceutical equipment being critical in assessing whether the international standards are met. TIC companies are trying their best to evolve with technological developments and remain up-to-date with new regulations pertaining to safety and quality. Products, apparatus and supply chains are subject to quality testing activities regularly, as pharmaceutical companies are responsible for providing vital therapeutic solutions. Even other parties involved in the supply chain must go through intense inspection by assigned representatives to be eligible to acquire critical certifications. Citing an instance that signifies the importance of the TIC services market, Swiss WorldCargo recently received IATA’s Center for Independent Validators (CEIV) Pharma certification, which encompasses not only the airline but also the entire organization.

To elaborate, a CEIV Pharma certification indicates that the lifesaving pharmaceutical products are being handled in compliance with the best global standards of safety, security and efficiency by the certified party. With this certification, Swiss WorldCargo has attained a milestone which only a small number of airlines have been able to earn, recognizing them as globally consistent in exhibiting high quality standards while handling pharmaceutical products. Further, U.S. based Nu-Med Plus Inc. has established a quality management program and trained its employees regarding quality standards in an effort to gain ISO 13485 certification. The certification is essential for the company before it files for the approval of its new nitric oxide delivery devices with the FDA and demonstrates the significance of the TIC services market in forming the image of a top-quality healthcare product or service provider.

Overall, the TIC services industry will undergo remarkable transformation due to incessant developments in the life sciences field, resulting from the existence of rigorous certification eligibilities in healthcare and mandates that demand high quality control. Slated to record a 6% CAGR from 2018 to 2024, the TIC services market is highly dispersed with key players like Intertek, SGS SA, Bureau Veritas, DEKRA, TUV SUD, Apave and Eurofins being the major participants.

Author NamePankaj Singh