The TIC market for marine industry is expected to witness a CAGR of 4% during the forecast period. Marine industry is important because around 90% of the global trade is transported by sea. So, marine industry needs to be regulated and it is important for the business to ensure that ships and cargo are compliant with the stringent regulations and are safe for the stakeholders and environment. TIC services help improve the standards of the manufacturing process by conducting tests, inspections, and certifications in accordance with regulations around the world. This will help in the production of quality, safe, and reliable products/components in the marine industry.
Request for Free Sample Copy of this Research Report at: https://www.vynzresearch.com/semiconductor-electronics/tic-market-for-marine-industry/request-sample
Moreover, rapid urbanization, globalisation, mandatory safety regulations, advancement in networking and communication technology, digitalization, need to have credibility and image, reduced turnover of employees, increased level of cost control improvement, and rapid improvement of various processes will fuel the growth of TIC in the marine industry. Nevertheless, there is a need to ensure vessels safe, compliant, and environment friendly throughout its operating life, resulting in the need for TIC services in the marine industry,
The COVID-19 outbreak had an adverse impact on the marine industry owing to port closures, less demand for cargos, and the workforce has been shut down for safety and prevention which as resulted in a standstill of all types of cargos via water and air. . However, owing to its sustainability and digitalization, marine industry has a potential to recover from this pandemic which will create opportunities for growth of TIC market for marine industry
TÜV Rheinland and ClassNK signed a partnership agreement to expand their business relationship in areas of cybersecurity services and certification for the maritime industry to ensure safety of vessels and marine structures.
Based on service type, the TIC market for the marine industry is segmented into testing, inspection, and certification. Inspection segment is anticipated to have high CAGR during the forecast period as inspection services include feasibility studies, detail design engineering, as-built inspections, vendor inspections. Moreover, testing and inspection is required for bunker fuel, lubricants, portable water, firefighting foam, etc.
APAC is anticipated to witness fast growth owing to widespread industrialization and urbanization in countries such as China, India, and Japan which has provided huge investment in marine industry. Moreover, an increase in the number of TIC start-ups supported by government investment and mandatory government regulations on safety and quality will create opportunities of growth of TIC market for marine industry.
Some of the key players operating in the TIC market in the marine industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, Lloyd Register Group Limited, DEKRA SE, Applus+, and DNV GL.