Market Size of Construction TIC Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 6.00 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | Asia-Pacific |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Construction TIC Market Analysis
The global Construction Testing, Inspection, and Certification (TIC) Market is expected to register a CAGR of over 6%, during the forecast period (2022 - 2027). Primarily due to the development of human society, the requirements for building materials are becoming higher. The development of polymer materials and their application in the field of architecture has greatly enhanced and broadened the functions of building materials. With the development of material science and technology, many functional materials have been developed.
- Public/government authorities need to deliver infrastructure, real estate, retail, hotels, and hospitals that operate with safety and reliability as a core over the long term of its existence. safety and compliance are key to any major construction project. Considering the variable legislative requirements introduced by institutions, project-specific framework demands, and a host of other regulations to meet, commercial property development is a compliance minefield.
- TIC services in the marketplace cover a wide range of operations from planning to handover in greenfield projects, including testing, inspection and certification, and project management. Managing assets during the operational phase (facility management) with respect to structural stability, sustainability of MEP installation, including HVAC, fire system, and vertical transportation (lift), have also become a concern for the industry
- In the construction sector, non-destructive testing (NDT) services ensure that all materials and joining processes utilized during the various phases are of the highest quality. The applications of NDT services within the construction industry are considerably vast, ranging from building diagnoses to testing concrete structures.
- Various TIC services that cater to the construction industry include QA/QC site inspections, building materials testing, project management, and construction supervision, assistance with green building certifications like LEED, design reviews, permitting solutions, energy performance assessments, and lifecycle analysis.
- Some prominent construction certification programs offered by companies include ISO 55001 Asset Management, ISO 9001, and ISO 14001, to meet quality and environmental management regulations, and ISO 45001, which assesses occupational safety and health management systems to prevent workplace-related accidents and illness. SOCOTEC is the UK's largest independent construction materials testing laboratory that operates according to UKAS accredited procedures and test methods, whose sampling and testing methods are based entirely on the current British and European Standards.
- The construction sector is witnessing multiple partnership activities. For instance, in April 2021, FDH Infrastructure Services LLC collaborated with Marshall University on a multi-year agreement with the United States Army Corps of Engineers, Engineer Research and Development Center. The contract scope centers on non-destructive testing and structural health monitoring (SHM) technologies to characterize the lifecycle of embedded gate anchorages in big dams along navigable rivers.
- Due to Covid-19, construction sector activities were severely affected in some countries (such as India, China, Italy, Spain, and France, among others). Then, the construction industries were gradually allowed to take up production again. However, several difficulties arose due to the confinement measures and travel bans, such as labor shortages, supply chain disruptions leading to scarcity of construction material, and additional costs due to intensified health and security measures.
Construction TIC Industry Segmentation
The scope of the study on construction TIC covers the services rendered for building and infrastructure-related activities across the entire project lifecycle. Global Construction TIC Market is segmented by Service (Testing and Inspection Service, Certification Service), by Sourcing Type (Outsourced, In-house), and by Geography.
Construction TIC Market Size Summary
The global Construction Testing, Inspection, and Certification (TIC) market is poised for significant growth, driven by the increasing demand for safety and compliance in construction projects. As urbanization and industrialization accelerate, particularly in the Asia-Pacific region, the need for reliable infrastructure and high-quality building materials has become paramount. TIC services play a crucial role in ensuring that construction projects meet stringent safety and quality standards, covering a wide range of operations from planning to handover. The development of advanced materials and technologies, such as non-destructive testing (NDT) services, has further expanded the capabilities of TIC providers, enabling them to address the complex demands of modern construction projects. The market is characterized by a competitive landscape, with key players focusing on strategic collaborations and technological advancements to enhance their service offerings and expand their market presence.
The construction TIC market is also experiencing growth due to globalization, which has led to standardized product norms and the adoption of developed technologies across various industries. The increasing preference for outsourcing TIC services, coupled with the rising middle-class population and improved consumer awareness, has further fueled market expansion. However, challenges such as fluctuating testing method costs and a shortage of skilled resources may pose constraints. The emergence of green and sustainable construction practices presents new opportunities for TIC service providers. Government initiatives, such as India's capital investment in infrastructure projects and the construction of new housing units, are expected to drive market growth. As the demand for safe and sustainable buildings rises, TIC services are essential in helping the construction sector meet environmental and safety regulations, ensuring the delivery of high-quality and profitable infrastructure.
Construction TIC Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porters Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Value Chain Analysis
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1.4 Assessment of Impact of COVID-19 on the Market
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Construction TIC Market Size FAQs
What is the current Construction TIC Market size?
The Construction TIC Market is projected to register a CAGR of 6% during the forecast period (2024-2029)
Who are the key players in Construction TIC Market?
Intertek Group PLC, Bureau Veritas SA, Kiwa NV, Applus Services SA and Dekra certification Gmbh (DEKRA SE) are the major companies operating in the Construction TIC Market.