The Fire Testing Market To Grow At CAGR Of 5.9% By 2031

The all-inclusive Fire Testing Market report is a complete study of the market briefing on the market status in the forecast period of 2022-2032. This analysis gives an examination of various segments that are relied upon to witness the quickest development amid the estimated forecast frames and important industry trends, market size, and market share appraisals mentioned in the later part of this report. Fire Testing Market study also analyses the market status, growth rate, future trends, market drivers, opportunities and challenges, risks, and entry barriers in relation to the concerned market.

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The Fire Testing Market research document is prepared by Fact. MR's team of professionals presented an in-depth study of the current state of the market. This market research report also conducts a study on production capacity, consumption, import, and export for all major regions across the globe. Analysis and discussion of important industry trends, market size, and market share estimates are revealed in the report. The market report also contains the drivers and restraints for the Fire Testing Market that are derived from SWOT analysis, and also shows what all the recent developments, product launches, joint ventures, mergers, and acquisitions by the several key players and brands that are driving the market by systemic company profiles.

The fire testing market is expected to grow at a reasonable CAGR of 5.9% from 2022 to 2032. The fire testing market is expected to be worth more than US$ 13 billion by 2032, up from US$ 7.1 billion in 2022.
Fire testing is expected to become more popular in industries such as utilities, automotive, manufacturing, energy and power, petrochemical, oil and gas exploration, mining, and construction.
Several developed and developing regions, including Europe, North America, and Asia-Pacific, have enacted stringent legislation mandating the installation of fire testing systems in residential, industrial, and commercial buildings.

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What is the outlook for the fire testing market in the United States?

The United States will dominate the market in 2021, with a CAGR of 5.7% and a market value of US$ 4.5 billion. The rapid growth of commercial and industrial construction in the United States and Canada has significantly boosted the fire testing market share.

Strict fire safety requirements and standards are fueling regional growth. In the United States, for example, the Fire Code, a model code, is accepted by local and state governments and implemented by fire prevention officers in municipal fire departments.

Rising concerns about fire safety and security, as well as the rapid adoption of innovative technologies, are driving regional fire testing market growth.

How fierce is the competition in the fire testing market?

The fire testing market is fragmented due to the presence of electrical product manufacturers and international fire consultants, as the intensity of competitive rivalry in the market is moderate and expanding.
In order to gain a competitive market share, market participants engage in active innovation by supplying advanced fire testing systems. Key players in the fire testing market include Intertek, TUV SUD, SGS Group, Bureau Veritas SA, UL LLC, and others.

What are the Most Recent Developments in the Fire Testing Market?

• In September 2017, SGS announced the acquisition of Govmark Fire Laboratories in the United States, expanding its furniture flammability testing capabilities in the United States, which previously included two sites in China, one in India, and one in the United Kingdom.
• In June 2019, Halma announced the acquisition of Ampac, a major Australian fire and evacuation systems company. Ampac has a significant global footprint, with operations in Australia, New Zealand, and the United Kingdom. The company will be integrated into Halma's Infrastructure Safety segment and will be managed by its current management team.
• A wireless technology (ZigBee) has recently gained popularity for its application in a fire early detection system. This method is preferred because it is thought to be more secure.
• In June 2019, Hassantuk, a centralised smart fire alarm system installed in buildings and villas, assisted at the prevention of a fire in a Dubai villa. This technology is designed to connect homes to a smart alarm system.
• SGS announced the acquisition of DMW Environmental Safety Ltd (DMW), based in Wolverhampton, UK, in June 2019. The acquisition will support SGS's growth strategy for environment, health, and safety services, including fire safety audits, as well as strengthen the company's existing network in the central and southern parts of the United Kingdom.
• Bureau Veritas announced a global technical and business collaboration in April 2019 for the development of artificial intelligence-based laboratory testing services.

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Key Segments

• By Service :
o Testing
o Inspection
o Certification
o Others
• By Sourcing :
o In-house Fire Testing
o Outsourced Fire Testing
• By Application :
o Consumer Goods & Electronics
o Agriculture & Food
o Chemicals
o Construction & Infrastructure
o Energy & Power
o Industrial & Manufacturing
o Medical & Life Sciences
o Mining
o Oil & Gas and Petroleum
o Public Sector
o Automotive
o Aerospace & Defense
o Marine & Railways
o Supply Chain & Logistics
o Others (Sports & Entertainment and IT & Telecom)
• By Region :
o North America
o Latin America
o Europe
o Asia Pacific
o Middle East and Africa (MEA)

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This release was published on openPR.