Press release
Fire Testing Market Poised for 7.2 % Growth, Set to Hit $492.42 Billion by 2029
Fire Testing
The evolution and eventual embrace of the smart city concept are anticipated to significantly contribute to the expansion of the fire testing market. The term smart city is associated with a city that utilizes information and communication technology (ICT) to increase efficiency, keep citizens informed, and improve the quality of public services and overall societal well-being. Fire testing, using this advanced technology, enables early detection and forecasting of fire and smoke, effectively contributing to increased public safety and thus reducing instances of widespread destruction. For example, as noted in October 2022 by UK-based news publishing firm National World PLC, a smart city named Neom, intended to host The Asian Winter Games 2029, is under construction in Saudi Arabia. Placed in the Tabuk Province in northwest Saudi Arabia, this massive project is anticipated to incorporate smart city technology at the staggering expense of $500 billion (nearly £436 billion), positioning it as a potential tourist hotspot. Although project completion was initially expected by 2020 with full expansion by 2025, due to setbacks, it is currently projected to be completed by 2026. Hence, the growing interest in and implementation of smart city concepts bolsters the fire testing market.
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What is the projected compound annual growth rate (CAGR) of the fire testing market from 2025 to 2034, and what factors influence it?
The market size for fire testing has witnessed a robust growth in the previous years. It is predicted to increase from $7.6 billion in 2024 to a sum of $8.1 billion in 2025, showcasing a compound annual growth rate (CAGR) of 6.7%. The rise during the historic period can be linked to strict regulatory standards, growth in urbanization, surge in international trade, expansion in the construction industry, and past fire accidents.
The market size for fire testing is anticipated to experience robust expansion in the upcoming years. It is projected to reach $10.72 billion by 2029, escalating at a CAGR of 7.2%. The growth during this period can be credited to factors such as renewable energy infrastructure, the emergence of electric vehicles, an aging infrastructure, environmental-friendly construction, and growth of interconnected systems. Key trends set to dominate the forecast period encompass the incorporation of IoT, eco-friendly fire testing, tailored testing solutions, distant testing services, and cutting-edge simulation technologies.
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How are the latest trends influencing the growth of the fire testing market?
Leading enterprises in the fire safety sector are progressively concentrating on the creation of sophisticated solutions like digital fire safety services to augment fire prevention and response methods efficiency. Digital fire safety services are comprehensive systems which take advantage of technology and data analysis to oversee, evaluate and upgrade fire safety protocols in various industries. For example, Siemens, a firm based in Germany that specializes in automation and digitalization, introduced its Fire Safety Digital Services in September 2022. The services offered employ state-of-the-art technology for real-time surveillance and predictive analytics, equipping organizations with the capability to detect fire threats in advance and fine-tune their safety precautions. Siemens is striving to assist the fire testing market by enhancing adherence, quickening response timing, and fundamentally ensuring the protection of lives and property through the adoption of digital solutions in fire safety procedures.
What are the major segments of the fire testing market and their role in driving growth?
The fire testing market covered in this report is segmented -
1) By Service: Testing, Inspection, Certification, Other Services
2) By Sourcing: In-house, Outsourced
3) By Application: Building And Construction, Automotive, Industrial And Manufacturing, Consumer Goods And Retail, Aerospace And Defense, Other applications
Subsegments:
1) By Testing: Fire Resistance Testing, Flammability Testing, Smoke And Toxicity Testing, Thermal Performance Testing
2) By Inspection: Site Inspections, System Inspections, Code Compliance Inspections
3) By Certification: Product Certification, System Certification, Quality Assurance Certification
4) By Other Services: Consulting Services, Training And Education, Risk Assessment Services
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Which regions are key players in the growth of the fire testing market?
Asia-Pacific was the largest region in the fire testing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the fire testing market report forecast period. The regions covered in the fire testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the fire testing market?
Major companies operating in the fire testing market include Bosch Security Systems Inc., Siemens AG, United Technologies Corporation, Honeywell International Inc., Johnson Controls International plc, UTC Fire & Security, SGS Group SA, Bureau Veritas SA, Intertek Group plc, DEKRA SE, DNV GL, TÜV Rheinland, Underwriters Laboratories Ltd., BRE Group Ltd., Kiwa NV, Mistras Group Inc., The Element Materials Technology Group Ltd., Exponent Inc., VdS Schadenverhütung GmbH, Applied Technical Services LLC, Tyco Fire Products LP, Kidde Technologies Inc., FM Approvals LLC, Smithers Ltd., International Fire Consultants Limited, RINA SpA, Exova Group plc
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What Is Covered In The Fire Testing Global Market Report?
•Market Size Forecast: Examine the fire testing market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the fire testing market for a structured understanding.
•Key Players Overview: Analyze major players in the fire testing market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the fire testing market.
•Segment Contributions: Evaluate how different segments drive overall growth in the fire testing market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the fire testing market.
•Industry Challenges: Identify potential risks and obstacles affecting the fire testing market.
•Competitive Landscape: Review strategic developments in the fire testing market, including expansions, agreements, and new product launches.
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