Building Code Compliance Market Contributing Large Share
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| Building Code Compliance Market |
The global Building Code Compliance
Market is estimated to be valued at US$
8.16 Bn or Mn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 - 2030, as highlighted
in a new report published by Coherent Market Insights.
Market Overview:
Building code compliance refers to verifying that construction projects meet
the requirements laid out in building codes. Building codes are developed to
govern matters of health, safety, and welfare in the built environment. They
establish minimum standards for design and construction, which are intended to
result in buildings and structures that adequately protect building occupants
and neighboring properties.
Market key trends:
One of the key trends in the building code compliance market is increased
adoption of non-destructive testing methods. Non-destructive testing methods
such as infrared thermography, digital radiography, ultrasonic testing, and
eddy current testing help inspect buildings without causing any damage. This
allows for frequent and periodic inspections throughout the construction
process to ensure code compliance. Non-destructive testing methods provide
accurate results quickly and help detect defects early on, avoiding costly
repairs later. This trend is expected to continue driving growth in the
building code compliance market over the forecast period.
Segment
Analysis
The global building code compliance market is segmented on the basis of
services, application and end-use. Based on services, the market is segmented
into testing services, inspection services and certification services. Amongst
these, the testing services segment dominated the market in 2023, accounting
for around 45% share of the global market. Testing services help in
methodically validating whether a product, service or system complies with
specific requirements or not. This testing provides the highest credibility and
confidence to stakeholders.
Key Takeaways
The global Building
Code Compliance Market is expected to witness high growth, exhibiting CAGR of 8.8% over the forecast period
2023 - 2030, due to increasing construction activities across the world.
Regional analysis
Regionally, the US building code compliance market dominated in 2023 with a
share of over 35% of the global market revenues. Stringent regulations
regarding building and construction safety are driving the market in the
region. Asia Pacific is expected to witness the fastest growth over the
forecast period, owing to rapid urbanization and infrastructure development
activities in major countries like China and India.
Key players
Key players operating in the building code compliance market are Intertek, SGS,
Bureau Veritas, DEKRA, TUV Rheinland, TUV SUD, Element Materials Technology,
Applus+, UL Solutions, NSF International, MISTRAS, Building Control Alliance,
SOCOTEC, QPS, Acme Analytical Laboratories, ALS, Eurofins Scientific,
EnviroScience, EAG Laboratories, Engineering Systems. Amongst these, Intertek,
SGS and Bureau Veritas captured around 25-30% of the global market share in
2023.
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