| Status : Published | Published On : Jan, 2024 | Report Code : VRSME9055 | Industry : Semiconductor & Electronics | Available Format :
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Page : 160 |
Global TIC Market for Building & Construction Industry Size & Share | Growth Forecast Report 2030
Industry Insights By Sourcing Type (In-house, Outsourced), By Service Type (Testing, Inspection, Certification), By Industry Vertical (Building Materials, Infrastructure & Capital Equipment, Others) and By Geography (North America, Europe, Asia-Pacific, Middle East, and Rest of the World)
Industry Overview
The Global Building & Construction Industry's Testing, Inspection, And Certification (TIC) Market reached approximately USD 11 billion in 2023, with a projected compound annual growth rate (CAGR) of 6% during the forecast period from 2025 to 2030.
TIC testing ensures that manufactured products, individual components, and multi-component systems are suitable for their intended purposes. Quality control, encompassing inspection and testing, plays a vital role in the survival of manufacturing companies by directly impacting factors like cost, productivity, on-time delivery, and market share. The comprehensive TIC market report encompasses conformity assessment agencies offering a range of services, including audit, inspection, testing, verification, quality assurance, and certification.
Globalization has led to product standardization norms and has penetrated developed technologies across various industries such as building & construction, food and beverage, electronics and automotive industries, etc., resulting in the growth of the TIC market during the forecast period 2025-2030. Moreover, the growing middle-class population, rapid urbanization, population migration from rural to urban areas globally, mandatory safety regulations, upsurge in the illicit trade of counterfeit and pirated products, advancement in networking and communication technology, the inclination of outsourcing testing, inspection, and certification services has propelled the growth of the TIC market in building & construction industry. Nevertheless, TIC provides various advantages related to its credibility and image, compliance with legal and regulatory requirements, less turnover of employees, high level of cost control improvement, and fast improvement of different processes. TIC in the construction sector includes building material testing, chemical testing for construction material, electrical wiring, inspection, geotechnical, and situational testing, resulting in providing more scope of TIC services in the building & construction industry. TIC companies are catering to different industrial sectors such as agriculture, automotive, raw materials, IT and electronics, building & construction, environmental protection, food testing, and oil and gas, maritime, medicine, education, tourism, logistics, consumer products, etc. and provide various standards and legislation
Market Segmentation
Insight by Sourcing Type
Based on sourcing type, the TIC market for the building & construction industry is bifurcated into in-house and outsourced. Among the two segments, the in-house segment dominates the market and is anticipated to hold the largest share during the forecast period. Deploying in-house testing and inspection will offer companies to have complete control over the entire process in terms of technology, skilled personnel, and testing and measurement equipment. The in-house inspection will optimize the cost of maintenance and extend the life of buildings. Thus, enabling organizations to handle TIC activities like on-site availability, ability to employ talent, and establish custom practices as per the needs and desires of the organizations.
Insight by Service Type
Based on service type, the TIC market for the building & construction industry is segmented into testing, inspection, and certification. Among these segments, the testing segment holds the largest share in the testing, inspection, and certification market in 2022 owing to the diverse product standards, stringent regulations, increasing need for improved safety, growing industrialization, and a need to protect the brand. There is a high use of testing practices in the building & construction industry which results in maintaining high-quality parameters and meeting the requirements of consumers. Thus, companies from different industries are increasing their operational expenditure on the investment of testing equipment which offers market growth in the TIC market. Moreover, the certification market is anticipated to have a high CAGR during the forecast period owing to consumer awareness about certified products, companies growing need to improve the product value, the surge in demand for quality and safe products, and mandatory regulatory requirements.
Insight by Industry Vertical
Based on industry vertical, the TIC market for the building & construction industry is divided into building materials, infrastructure & capital equipment, and others. The building material is sub-divided into material testing, material certification, and coating inspection & failure analysis. This can be attributed to the extensive use of certified materials and technologies in the building and construction sectors. Furthermore, the infrastructure & capital equipment is further sub-divided into the urban, sport, and institutional infrastructure, industrial & official assets, transport infrastructure, and residential, retail, and leisure buildings. Owing to the rising urban population, city dwellers need to develop safe and sustainable buildings, developers need to meet the demand for modern offices having efficient workspace and less environmental impact. Also, the residential consumers demand a personalized, pleasant living environment that includes digital services that are affordable. Moreover, the growing building and construction activities in countries like China, India, and various European countries will facilitate high usage of TIC services and products in the region, resulting in market growth.
Global TIC Market for Building & Construction Industry Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
|
Market Size in 2023 |
U.S.D. 23.2 Billion |
|
Revenue Forecast in 2030 |
U.S.D. 35.4 Billion |
|
Growth Rate |
6.3% |
|
Segments Covered in the Report |
By Sourcing Type, By Service Type, By Industry Vertical. |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
The TIC market for building & construction is characterized by various industry trends such as growing investment in AR and VR, mounting adoption of connected devices and cloud-based technology, increasing mergers and acquisitions by the industry players, and sustained consolidation of suppliers leading to globalization.
Growth Drivers
In the building and construction industry, the rising government regulations and industry standards, along with strict certification requirements and substantial penalties for non-compliance, are expected to fuel the demand for Testing, Inspection, and Certification (TIC) services. Additionally, manufacturing companies' growing focus on providing high-quality products will drive customer loyalty, leading to an increased need for interoperability testing of connected devices and Internet of Things (IoT) technologies. The global expansion of trade and the adoption of emerging digital technologies will further contribute to the growth of the TIC market in the building and construction sector.
Challenges
The testing, inspection, and certification market face certain challenges like trade wars and growth fluctuations, a huge investment for automation and installation of industrial safety systems, and the high cost of TIC owing to diverse standards and regulations globally. Moreover, there are certainly more challenges faced by the building & construction industry such as projects should be completed on schedule, products being safe and having quality standards, costs should not overrun, compliance to CSR, and effective risk management. Moreover, a lack of testing facilities and skilled personnel may hamper the growth of the TIC market.
Opportunities
Testing, inspection, and certification is a massive market that provides lucrative opportunities in technologies such as AI, robotics, drones, big data analytics, next-generation automation, and cloud and cybersecurity.
Geographic Overview
Geographically, APAC is anticipated to have a high CAGR during the forecast period owing to the rising investment in R&D, rapid urbanization & industrialization, huge manufacturing capabilities and exports, rising per capita income among the middle-class population, improved lifestyles, and increasing consumer awareness about the importance of quality certification, testing, and inspection. Moreover, the developed countries have their manufacturing units in the region, especially in China and India. These manufacturing units manufacture products according to internationally accepted standards. Nevertheless, the growing middle-class population has led to the growth in private consumption and mounting demand for safety and product quality, resulting in providing opportunities in the building & construction industry.
Competitive Insight
Key players are adopting technological changes to improve their product portfolio and generate new revenues, optimize operational cost, and enhance service efficiencies via process upgrades. The industry players are taking the COVID-19 crisis as an opportunity to restructure and revisit their existing strategies, focus on new services and delivery models to access the growing demand for automation, remote service execution, and improved digitization.
The business enterprises have started opening development centers in new locations to enhance market penetration which helps in building business relations with customers and clients. Moreover, the industry players in the TIC market have started building strategies like mergers and acquisitions to generate new revenue channels.
Bureau Veritas is a global leader in the testing, inspection, and certification of construction consultancy services. Bureau Veritas manages risk, adds value, provides cost-effectiveness, and gives clients help at all stages of the design and construction process.
SGS SA is a world leader in project management and provides enhanced experience in all areas of construction. SGS SA helps in managing technical risks, avoiding construction errors, controlling budgets, and keeping construction projects within the planned schedule.
Some of the key players operating in the TIC market in the building & construction industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, Lloyd Register Group Limited, DEKRA SE, Applus+, and DNV GL.
Recent Developments by Key Players
Eurofins Discovery is an industry-leading provider of products and services for drug discovery research has launched DiscoveryAI SAFIRE (Suite of ADMET Predictions For In Silico Refinement and Evaluation). SAFIRE is an advanced platform that leverages proprietary datasets, artificial intelligence (AI), and machine learning (ML), offering a unique capability for expediting discovery.
TÜV Rheinland North America has been recognized by the National Radio Research Agency (RRA) as a conformity Assessment Body (CAB) through the National Institute of Standards and Technology (NIST) to verify whether equipment destined for import into Korea meets the necessary KS C, KN and KS X regulatory requirements. accreditation solidifies its leadership position in the inspection, testing and verification industry.
The Global TIC Market for Electronics & Electrical Products Industry report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Sourcing Type
- In-House
- Outsourced
- By Service Type
- Testing
- Inspection
- Certification
- By Industry Vertical
- Audio, Video & Household Appliances
- Battery, Cells & Accumulators
- Electrical Toys & Childcare
- E-Cigarettes
- IoT & Information Technology
- Lighting & Luminaries
- Machinery
- Microelectronics
- Solar Energy Technology
- Cybersecurity Services
- Chemical & Material Services
- Others
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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TIC Market for Building & Construction Industry