Dublin, March 21, 2024 (GLOBE NEWSWIRE) -- The "Global Fire Protection System Testing, Inspection, and Certification (TIC) Market by Service Type (Testing, Inspection, Certification), System Type (Fire Alarm Devices, Fire Detection Systems, Sprinkler Systems), Application and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global fire protection system testing, inspection, and certification (TIC) market, currently valued at USD 533 million in 2023, is expected to surge to USD 633 million by 2028. This market is forecasted to grow at a compound annual growth rate (CAGR) of 3.5% during the period. The escalation is largely attributed to the stringent international fire safety regulations and the ever-increasing adherence to these norms, spurred by heightened awareness and technological advancements.
Fire Suppression Systems Lead the Market Share in TIC Services
Amidst various system types in the fire protection system TIC market, fire suppression systems stand out, mainly due to their critical role in controlling and extinguishing fires. The reliability and functionality of these systems are paramount, and this requirement significantly propels the demand for TIC services, particularly in validating their adherence to safety norms.
Mining Sector Exhibits Considerable Growth for TIC Services
Notably, the mining sector projects substantial growth within the fire protection system TIC market. The intricate environment of mining, combined with high-risk factors, strict regulations, and the necessity to protect assets, underscores the need for extensive TIC services to sustain stringent safety protocols.
Dominant Growth Predicted for North America TIC Market
North America forecasts a robust growth trajectory in the fire protection system TIC services market, influenced by a detailed regulatory landscape, a strong industrial base, and increased safety consciousness. An array of industries including healthcare, manufacturing, and real estate hinge on routine TIC services to ensure compliance and uphold safety standards.
- Market Drivers: broad demand for interoperable testing services due to the IoT surge and government regulations to assure product and environmental integrity.
- Market Restraints: a deficit in specialized calibration and maintenance expertise and intense market competitiveness.
- Market Opportunities: the burgeoning advancements in 5G technology and widespread establishment of advanced network infrastructures.
- Market Challenges: the self-calibrating capabilities of electronic devices positing a challenge for the TIC sector.
The research coverage elaborates on the multifaceted aspects of the market including drivers, restraints, opportunities, and the challenges faced by the industry. Furthermore, the study presents an expansive overview of the impending technologies, advancements in research and development, and the emergence of new products within the fire protection system TIC market. It also delineates detailed information about lucrative markets, gauging across various regions, thus providing a comprehensive narrative on the market’s diversification.
An in-depth competitive analysis offers insights into the market share and growth strategies of leading players, with an extensive service offering review. This meticulous assessment reflects the competitive spectrum of the global fire protection system testing, inspection, and certification (TIC) market, highlighting the major roles played by industries in ensuring safety and compliance across various sectors. This research publication acts as an instrumental tool for stakeholders, business strategists, regulators, and all individuals interested in the dynamics of the fire protection system TIC market, providing them with pertinent insights to make informed decisions.
The comprehensive report on the fire protection system TIC market, catering to various regions and sectors, is now available for review and analysis, shedding light on the key trends and growth opportunities shaping the future of fire safety compliance and technology integration.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 270 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $533 Million |
| Forecasted Market Value (USD) by 2028 | $633 Million |
| Compound Annual Growth Rate | 3.5% |
| Regions Covered | Global |
Companies Mentioned
- Apave International
- Api National Service Group
- Applus+
- Bre Group
- Bureau Veritas
- Dekra
- Dnv As
- Efectis
- Element Materials Technology
- Eurofins Scientific
- Hohenstein
- Intertek Group plc
- Kiwa
- Lloyd's Register Group Services Limited
- Neptune Fire Protection Engineering (Subsidiary of Vertex)
- Rina S.P.A.
- Sai Global Pty Ltd
- Sesotec GmbH
- Sgs Sa
- The British Standards Institution
- Tüv Nord Group
- Tüv Rheinland
- Tüv Süd
- Ul LLC
- Vde Testing and Certification Institute
- Vds Schadenverhütung GmbH
- Warringtonfire (Subsidiary of Element Materials Technology)
For more information about this report visit https://www.researchandmarkets.com/r/qsekhz
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
