by Market Overview:
The building code compliance market, valued at US$ 8.16 Bn in 2023, assists developers and building owners in ensuring standards related to structural integrity, fire safety, accessibility, energy efficiency and overall sustainability are met throughout construction and occupancy. Services range from plan reviews and inspections to audits and certifications.
Market Dynamics:
Two primary drivers propelling expansion of the building code compliance market between 2023-2030 are strengthening regulations globally and a focus on green building projects. Stricter mandates around public safety, emergency egress and resilience have pushed up demand for third-party verifiers. At the same time, objectives to reduce environmental impact through techniques like renewable energy integration and waste management are driving evaluation of compliance with sustainability norms. Population growth in urban centers necessitates robust assessment of buildings for code adherence.
Market Key Trends:
The building code compliance market has seen rapid growth over the last few years owing to increasing urbanization and infrastructure development activities globally. With the construction of complex buildings and structures, the need for strict adherence to building safety codes and standards has increased manifold. Rising awareness about the importance of compliance is also driving the demand for building inspection and certification services. Moreover, implementation of stringent norms and regulations by governments across nations to ensure public safety is expected to boost Building Code Compliance Market revenues going forward.
SWOT Analysis
Strengths: Growing awareness about safety and strict regulations. Strong presence of large and well-established players.
Weaknesses: High costs associated with certification services. Lack of trained professionals in developing nations.
Opportunities: Infrastructure development in emerging economies. Implementation of Internet of Things (IoT)-based compliance solutions.
Threats: Changing regulations and non-tariff barriers across countries. Intense competition among vendors.
Key Takeaways
The global building code compliance market size was valued at US$ 8.16 Bn in 2023. The market is projected to grow at a CAGR of 8.8% during the forecast period (2023 – 2030), to reach a value of US$ 14.45 Bn by 2030 due to rapid construction activities worldwide.
Regional analysis: The US dominates the building code compliance market owing to the presence of advanced infrastructure and stringent codes. Asia Pacific exhibits highest growth on account of government initiatives to improve housing and commercial construction in countries such as China and India.
Key players analysis: 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, and Engineering Systems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
