Press release
Rising Adoption of Safety Measures in Various Industries to Propel the Fire Testing Market Growth
The fire testing market is projected to reach an estimated value of US$ 13 Bn by 2032 from US$ 7.1 Bn in 2022, rising steadily at a CAGR of 5.9% during the forecast period. Manufacturers and end-users of valves are growing more interested in fire-safe testing, which is encouraging the adoption of fire testing systems. This is mostly due to an increasing focus on safety and environmental concerns.Improper management of burning lamps and cooking gas leaks, alternating voltage, and electric spark, and overheating of electronic equipment were identified to be the leading causes of fire outbreaks in the cases. Two major factors driving the rise of the fire testing market share are the adoption of safety measures in sectors and the expansion of automation in buildings around the world.
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The COVID-19 pandemic had a negative impact on the fire testing market size in the first quarters of 2020. As a result, new fire testing equipment is being installed in fewer industrial and commercial applications.
However, greater spending on new construction activities and the replacement of old fire alarms, sprinklers, and detectors are likely to fuel the overall demand for fire testing systems in the coming years.
Furthermore, high installation and maintenance costs are expected to limit the growth of the fire testing market share.
Key Takeaways
With a CAGR of 5.7 percent and a market value of US$ 4.5 billion in 2021, the United States dominated the market. The rapid growth of commercial and industrial building in the United States and Canada has boosted fire testing market share significantly.
In the global fire testing industry, Asia Pacific has the highest growth potential, with a CAGR of 6.2 percent.
The growth of the fire testing market is being driven by rapid industrialization and urbanization in developing nations such as China and India.
Countries like Germany, Belgium, and the United Kingdom are expected to have considerable potential need for fire testing in the next years.
The fire testing market in China is predicted to grow at a CAGR of 5.3 percent due to rising investments and spending on surveillance infrastructure.
Furthermore, Japan's fire testing market is expected to increase at a CAGR of 4.3 percent.
Competitive Landscape
The fire testing market is fragmented due to the presence of electrical product manufacturers, and the intensity of competition in the market is moderate and expanding.
In order to gain a competitive market share, companies in the industry engage in active innovation by providing sophisticated fire testing methods. The fire testing market is dominated by companies such as Intertek, TUV SUD, SGS Group, Bureau Veritas SA, UL LLC, and others.
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What are the Various Market Dynamics Driving the Global Fire Testing Market?
"The adoption of safety measures in industries and the expanding automation in buildings throughout the globe are two important reasons driving the growth of fire testing market share."
Valve manufacturers and end-users are becoming increasingly interested in fire-safe testing, which is driving the adoption of fire testing systems. This is mostly due to a growing emphasis on safety and the environment.
Furthermore, increasingly strict safety and environmental requirements impact the demand for fire testing systems.
The rise in deaths and property losses has raised awareness of fire safety systems, propelling the fire testing market share forward.
The installation of fire safety systems is gaining popularity in nations with minimal infrastructure development investments. The primary causes of fire outbreaks were improper handling of burning lamps and cooking gas leakage, alternating voltage, electric spark, and overheating of electronic equipment.
Government mandates and regulations and the presence of some of the largest fire protection companies are pushing the fire testing market share.
The demand for fire testing systems has been pushed by implementing unified building codes or fire testing standards in many established and emerging countries across all end-user segments, as mandated by local authorities.
For example, the United Kingdom's government advises that all fire alarm and detection systems be installed and maintained in accordance with British Standard BS 5839.
The European Norm, the National Fire Protection Act, and a slew of other municipal rules, as well as listings, building codes, and certifications from nationally recognised testing labs, have all mandated that infrastructures be equipped with suitable fire suppression and detection systems.
In addition, insurance firms offer incentives to infrastructure owners who install such technology, which is projected to boost the fire safety testing market share even further.
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Recent Developments in the Fire Testing Market:
In September 2017, SGS announced the acquisition of Govmark Fire Laboratories in the United States, boosting its furniture flammability testing capabilities in the country.
In June 2019, Halma announced the purchase of Ampac, a significant Australian fire and evacuation systems manufacturer.
Hassantuk, a centralised smart fire alarm system installed in buildings and villas, helped prevent a fire in a Dubai villa in June 2019.
DMW Environmental Safety Ltd (DMW), situated in Wolverhampton, UK, was acquired by SGS in June 2019.
In April 2019, Bureau Veritas announced a global technical and business partnership to develop artificial intelligence-based laboratory testing services.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the Fire Testing Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on By Service (Fire inspection, Testing and Certification) By Sourcing (In-house Fire Testing & Outsourced Fire Testing) By Application and By Region - Global Market Insights 2022 to 2032
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