The Aerospace & Life Science Testing Certification marketis expected to grow from USD 10.4 million in 2019 to USD 14.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period.
Why is consolidation of fragmented markets considered good growth opportunity?
There have been significant mergers and acquisitions in the aerospace & life sciences testing certification market in the past 10 years with market leaders pursuing aggressive inorganic growth strategies. The aerospace & life sciences TIC market is highly fragmented with more than 50% of the market comprising small- to mid-sized companies. There is a scope for several such companies to be acquired by key players in the market. The acquisition of regional aerospace & life sciences TIC companies helps leading companies to expand their footprint in new territories and adapt to local standards. Acquisitions will continue to be a major strategy for leading companies to expand and grow in the aerospace & life sciences testing certification market.
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How is long lead-time for overseas qualification tests of products a major challenge for the market?
Countries across the world formulate their national standards and regulations that have to be adhered by local and overseas manufacturers conducting business in respective countries. In today’s globalized world, wherein countries are dependent on each other and engage in mutual trading and exchange of goods and services, the time-consuming process of overseas acceptance of products affects the import and export of goods. Conducting business in the overseas market is a major concern for companies due to the long lead-time required for the overseas qualification tests. With the delay in import and export of products, risks such as loss of customers, low quality of products, and wastage of time are likely to affect the functioning of the business. This is a major challenge for the overall TIC ecosystem, and the lead-time for overseas qualification tests needs to reduce. With the decreasing number of barriers to international trade, the lead-time for overseas qualification tests is also increasing. Thus, the long lead-time for overseas qualification tests is a major challenge in the aerospace & life sciences TIC market for most applications.
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