Global TIC Market for Building & Construction Industry is Anticipated to grow at a Significant Pace and was USD 10 Billion in 2020

Published Date: Sep, 2021

The global TIC market for the building & construction industry is expected to witness a CAGR of 6% during the forecast period. 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 building & construction industry. Growing urbanization and people migrating from rural areas to urban areas are driving the growth of the TIC market for the building & construction industry. Moreover, 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 building & construction industry. Nevertheless, TIC plays an important role to ensure that the safety and quality of products and infrastructure services are complied with the standards and regulations, resulting in the growth of TIC in the building & construction industry. Thus, promoting builders, planners, and decision-making authorities to use TIC-related solutions, which helps in providing safety and ensures the quality of infrastructure projects.

The COVID-19 outbreak had a substantial impact on the building & construction industry which is sensitive to economic cycles. However, owing to its sustainability and digitalization, the construction industry has the potential to recover from this pandemic which will create opportunities for growth of the TIC market for the building  & construction industry. Moreover, the TIC market is witnessing growth during the COVID 19 pandemic owing to the introduction of new services like virtual inspections, visual inspection, and remote auditing.  

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.

Browse 53 market data Tables and 35 Figures spread through 250 Pages and in-depth TOC on " TIC Market for Building & Construction Industry by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by End-Use Industry (Building Material (Material Testing, Material Certification, and Coating Inspection & Failure Analysis), Infrastructure & Capital Equipment (Urban, Sport and Institutional Infrastructure, Industrial & Official Assets, Transport Infrastructure, and Residential, Retail, And Leisure Buildings), and Others), and Region - Global Forecast to 2027"

By service type, the testing segment dominates the TIC market for the building & construction industry in 2020.

Based on service type, the TIC market for the building & construction industry is segmented into testing, inspection, and certification. Testing dominates the TIC market for the building & construction industry as there is a need to assess the risk and manage the design and engineering of the projects. Moreover, non-destructive testing, environmental sampling, and testing, service life prediction, monitoring of assets and indoor environment, compliance inspections, etc are required in the building & construction industry, resulting in the growth of the TIC market.

Global TIC Market for Building & Construction Industry Segmentation Analysis

Segment

Categorization

Leading Category

Sourcing Type

In-House and Outsourced

In-House (Largest)

Service Type

Testing, Inspection, and Certification

Testing (Largest)

 Industry Vertical

Building Material (Material Testing, Material Certification, and Coating Inspection & Failure Analysis), Infrastructure & Capital Equipment (Urban, Sport and Institutional Infrastructure, Industrial & Official Assets, Transport Infrastructure, and Residential, Retail, And Leisure Buildings), and Others

Residential (Fastest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

Asia-Pacific (High CAGR)

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“APAC is anticipated to witness the fastest growth during the forecast period in the TIC market for building & construction industry.”

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 the building & construction 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 for growth of the TIC market for the building & construction industry

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.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Sourcing Type, Service Type, End-Use Industry, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, Lloyd Register Group Limited, DEKRA SE, Applus+, and DNV GL

 

Global TIC Market for Building & Construction Industry- Market Coverage

Sourcing Type Insight and Forecast 2015-2027

  • In-House
  • Outsourced

Service Type Insight and Forecast 2015-2027

  • Testing
  • Inspection
  • Certification

Industry Vertical Insight and Forecast 2015-2027

  • Building Material
    • Material Testing
    • Material Certification
    • Coating Inspection & Failure Analysis
  • Infrastructure & Capital Equipment
    • Urban, Sport, and Institutional Infrastructure
    • Industrial & Official Assets
    • Transport Infrastructure
    •  Residential, Retail, And Leisure Buildings
  • Others

Geographical Segmentation

TIC Market for Building & Construction Industry by Region

North America

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – U.S., Canada, and Mexico

Europe

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

 

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Global TIC Market for Building & Construction Industry is Anticipated to grow at a Significant Pace and was USD 10 Billion in 2020