What are some of the essential driving forces for TIC services market outlook?
Growing emphasis on consumer satisfaction and safety has proliferated testing, inspection, and certification (TIC) services market size 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.
What are the factors that will drive TIC services market trends over the forecast period?
Improvements in management, product quality, manufacturing processes, supply chains and service value have become imperative for the growth of any business, imposing the need for TIC services, which would eventually augment the industry outlook. 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 share is anticipated to exceed USD 260 billion by 2025, driven by the obligation of companies towards meeting specific product requirements and to comply with international quality standards.
How will transportation application segment help propel the TIC services industry share?
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.
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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.
Will the life sciences segment help drive TIC services market outlook?
The TIC services market 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.
Author Name : Pankaj Singh
U.S. to stimulate bionematicides market trends over 2016-2024
U.S. Bionematicides Market size, by crop type, 2013-2024 (USD thousand)
Based on the crops, bionematicides market is mainly segmented into soybean, corn, cotton, and fruits & vegetables. Corn industry will grow at an annual growth rate of more than 4.5% over the period of 2016 to 2024, owing to the growing demand of bionematicides to improve crop productivity and reduce plant diseases. Fruits & vegetables crop collected a revenue of around USD 41 million in 2015, is projected to grow noticeably over the coming timeframe. The shifting trends towards the consumption of bio-based and organic fruits & vegetables will also favorably impact bionematicides market value.
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The cotton crop was worth more than USD 800 thousand in 2015 and is predicted to exhibit significant growth rate over the coming seven years. Bionematicides are prominently used to control the various nematodes such as sting, root knot, lance and cyst, which collectively reduced the crop revenue by USD 80 billion.
Taking into account the regional landscape, Asia Pacific bionematicides industry is predicted to register an annual growth rate of more than 4% over the coming period of 2016 to 2024, mainly driven by the increasing population as well as industrialization. Moreover, sustainability, demographic shifts, and rising environmental concerns will also be the attributing factors toward market growth. The government is supporting the farmers by providing subsidies and loans to promote sustainable farming. India, China, and Japan will contribute considerably towards the APAC bionematicides industry share.
North America bionematicides market will exhibit considerable growth rate over the coming seven years. U.S., having dominated the regional industry share by collecting worth USD 42 million in 2015, is expected to generate considerable revenue over the coming years. The primary attributing factor towards the market growth is the escalating usage of bio-pesticides as opposed to chemical pesticides. Additionally, shifting trends towards agricultural biotechnology like microbe-based pest control will enhance bionematicides industry share.
Market players are expected to invest heavily in the development activities over the coming years, and will adopt important growth strategies such as acquisitions and collaborations. Key industry participants in bionematicides market are Monsanto Company, Dow AgroSciences LLC., BASF SE, Bayer CropScience AG, and Syngenta AG. Other prominent market players include Marrone Bio Innovations, Inc., Valent BioSciences Corporation, Ecoman Biotech Co., Ltd., Certis USA LLC., and LAM International.
Author Name :Sunil Hebbalkar