{"id":74062,"date":"2026-07-27T11:36:11","date_gmt":"2026-07-27T10:36:11","guid":{"rendered":"https:\/\/www.clairfield.com\/?p=74062"},"modified":"2026-07-27T11:49:18","modified_gmt":"2026-07-27T10:49:18","slug":"ticc-sector-report-h1-2026-constant-growth-underpinned-by-positive-market-fundamentals","status":"publish","type":"post","link":"https:\/\/www.clairfield.com\/pl\/ticc-sector-report-h1-2026-constant-growth-underpinned-by-positive-market-fundamentals\/","title":{"rendered":"TICC sector report H1 2026: constant growth underpinned by positive market fundamentals"},"content":{"rendered":"\n
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. <\/h5>\n\n\n\n
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Key takeaways<\/strong><\/h3>\n\n\n\n
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TICC market overview and trends<\/strong><\/h4>\n\n\n\n
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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. <\/p>\n\n\n\n

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.<\/p>\n<\/div>\n\n\n\n

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Industry trading multiples<\/strong><\/h4>\n\n\n\n
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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%.<\/p>\n<\/div>\n<\/div>\n\n\n\n

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Recent M&A transactions<\/strong><\/h4>\n\n\n\n
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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.<\/p>\n<\/div>\n\n\n\n

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\u201cThe 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.\u201d<\/p>\n\n\n\n

Tom McCarthy<\/a>, Partner, Clairfield in the UK<\/p>\n<\/div>\n<\/div>\n\n\n\n

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Download the full report here:<\/p>\n\n\n\n

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