The testing, inspection, and certification market in the building & construction industry was 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.

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. 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.

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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.

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.

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.

Source: VynZ Research