Fire Testing Market Is Predicted To Be Valued At US$ 13 Billion By 2032, Fact.MR

The fire testing market is anticipated to experience steady growth, with a compound annual growth rate (CAGR) of 5.9% throughout the forecast period from 2022 to 2032. The market's value is expected to increase from US$ 7.1 billion in 2022 to over US$ 13 billion by 2032.

The demand for fire testing is forecasted to rise across various industries, including utilities, automotive, manufacturing, energy and power, petrochemical, oil and gas exploration, mining, and construction.

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Regions such as Europe, North America, and Asia-Pacific have implemented stringent regulations requiring the use of fire testing systems in residential, industrial, and commercial buildings.

These factors collectively drive the growth of the fire testing market.
Fire Testing Market Forecast: Gradual Growth Expected from 2022 to 2032"
According to the latest market research report by Fact.MR, the fire testing market is projected to experience steady growth from 2022 to 2032.
During the previous analysis period from 2015 to 2021, the fire testing market expanded significantly, reaching a value of US$ 7 billion in 2021, with a notable year-on-year growth rate of 6.9%.

The onset of the COVID-19 pandemic in early 2020 negatively impacted the fire testing market, causing a decline in the installation of new fire testing equipment across industrial and commercial sectors.
Looking ahead, increased investment in new construction projects and the replacement of outdated fire alarms, sprinklers, and detectors are expected to drive the adoption of fire testing systems in the coming years.

Key Market Players
• Intertek
• TUV SUD
• SGS Group
• Bureau Veritas SA
• UL LLC

The rising adoption of smart city trends, coupled with increased investments in research and development, is expected to influence the fire testing market outlook from 2022 to 2032.

The certification segment is anticipated to dominate the fire testing market due to the growing demand for certification services across various global sectors.
Fire testing certification criteria vary by region and industry, helping ensure and demonstrate compliance with relevant norms and legislation.
Over the forecast period, the outsourced segment is projected to grow at a rate of 6.3 percent, primarily because outsourcing fire testing is more cost-effective and time-efficient compared to in-house testing, which tends to be more expensive and time-consuming.

Competitive Landscape:
Because of the involvement of electrical product manufacturers and international fire consultants, the fire testing market exhibits fragmentation, driven by a moderate yet growing competitive landscape.
Firms within this market actively pursue innovation, offering cutting-edge fire testing systems to secure their market share. Key players such as Intertek, TUV SUD, SGS Group, Bureau Veritas SA, UL LLC, among others, drive the
advancements in fire testing technologies.

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.