TICC sector report H1 2026: constant growth underpinned by positive market fundamentals
The global Testing, Inspection, Certification and Compliance market is forecast to grow at ~4% p.a. reaching a value of approximately EUR 450 billion by 2035. Clairfield’s latest TICC report examines the market structure, trading multiples, and recent transactions.
Key takeaways
TICC market overview and trends
The global TICC market is highly fragmented with the larger listed companies having ~20% market share. These companies provide a wider range of TICC services to several end markets around the world; the smaller players focus on specific services to limited end markets typically in localised geographies.
The global TICC market is forecast to grow to ~ EUR 450bn by 2035. Growth is forecast at mid-single digit rates, underpinned by positive market fundamentals including tightening global regulation and digitalisation.
Industry trading multiples
Listed peers valuation multiples peaked in the COVID period and are currently trading slightly below the 10-year historical average. Selected trading peers in the global TICC sector show an average 2025 EV/EBITDA multiple of 14.2x which is slightly higher than the previous year. However, the average 2025 EBITDA margin of selected trading peers is slightly higher than 2024 at 17.5%.
Recent M&A transactions
Selected disclosed precedent transactions in the global TICC sector in the last 3 years show an average EV/EBITDA multiple of 12.6x. 2025 continued to see high growth in M&A transaction activity, with over 180 transactions in the period. In early 2026, listed player Intertek has been the subject of a bid from EQT(13.9x multiple) setting the scene for what is likely to be another busy year for TICC M&A. In June 2026 Phenna has raised an additional EUR 175m for acquisitions. The financing was oversubscribed four times at par demonstrating continued confidence in the M&A market.
“The TICC sector continues to see intense PE-driven consolidation, with market leaders aggressively expanding via buy-and-build strategies through the acquisition of mid-sized platforms and selective bolt-ons by larger players. High-growth areas include ESG/sustainability, life sciences and digital assurance.”
Tom McCarthy, Partner, Clairfield in the UK
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