The testing, inspection, and certification market in the building & construction industry is around USD 10 billion in 2020, registering a CAGR of 6% during the forecast period 2021-2027. Testing in TIC means an industry activity that assures manufactured products, individual components, and multi-component systems are suitable for the predetermined purpose. Inspection and testing are the operating parts of quality control, which is the most critical factor for the survival of any manufacturing company.

Quality control directly supports other factors such as cost, productivity, on-time delivery, and market share. The testing, inspection, and certification market report is composed of conformity assessment agencies, which provide services from audit and inspection to testing, verification, quality assurance, and certification.

The growing government-enforced regulations, considerable industry standards, certification requirements, and huge penalties against non-compliance parties are projected to drive the demand for TIC in the building & construction industry.

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Moreover, the increase in attention of manufacturing companies to offer quality products will enhance customer retention, mounting demand for interoperability testing for connected devices and IoT, globalization, and rise of global trade, and emerging digital technologies will boost the growth of the TIC market in the building & construction industry.

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.

Applus+ acquired Soil and Foundation Company Limited and Geotechnical and Environmental Company (SAFCO), a leading provider of construction testing and inspection services, to expand its portfolio of services in the region.

Bureau veritas a leading player in the industry will acquire 65% of the equity stake in the McKenzie group. With this transaction Bureau, veritas will have the leadership position in building & construction services in Australia.

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.

Source: VynZ Research