by 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
The building code compliance market consists of products and services used for ensuring construction projects meet building code requirements. Common services in this market include inspection, plans review, permitting, and third-party certification. Building codes establish minimum standards for structural integrity and fire safety in buildings and help reduce the loss of life and property damage due to structural failures or fires. Compliance with building codes becomes important as they aim to protect public health, safety and general welfare. With growing construction of commercial and residential buildings, the need for building code compliance is rising globally to reduce structural risks.
Market Key Trends
The adoption of advanced code management tools is a key trend seen in the building code compliance market. Software tools are being used by authorities and compliance operators to simplify code management and enforcement. These tools include permit and license management, electronic plan review, project management, mobile inspection and electronic reporting capabilities. They help streamline processes, reduce paperwork and enhance transparency. For example, propertiesmartpermits.com offers a web-based permit management solution used by over 250 municipalities in North America to manage permitting and licensing processes online. Growing digitalization is expected to further propel the demand for automated compliance management tools in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Building Code Compliance Market is moderate. High capital investment is required for compliance testing equipment and certifications.
Bargaining power of buyers: Buyers have moderate bargaining power as compliance testing is mandated by law. However, buyers can negotiate on service quality and pricing.
Bargaining power of suppliers: Suppliers of compliance testing equipment and certifications have low to moderate power as there are many alternatives.
Threat of new substitutes: Compliance testing is mandated by law for public safety, so threat of substitutes is low. No cost-effective alternatives exist.
Competitive rivalry: The Building Code Compliance market consists of large international players. Competition is high based on price, quality, reliability, and certifications.
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 urbanization and infrastructure development across developing regions.
The US market currently dominates with a size of US$ 8.16 Bn in 2023. Rapid infrastructure development projects drive the US market. The Asia Pacific region is expected to be the fastest growing market, supported by China and India’s growing urban population and economic growth.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
