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Building Code Compliance Market Contributing Large Share

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Sachin Sadgir
Building Code Compliance Market Contributing Large Share

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.

Read More : https://www.rapidwebwire.com/building-code-compliance-market-forecast-demand-opportunities/

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Sachin Sadgir
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