Dublin, Ireland, June 10, 2022 (GLOBE NEWSWIRE) -- 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.
Furthermore, the demand for fire testing systems is influenced by increasingly stringent safety and environmental standards.
As the number of deaths and property losses has increased, public awareness of fire safety measures has moved the fire testing market share forward.
The adoption of fire safety systems is becoming more common in countries with limited infrastructure development resources.
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.
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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.
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.
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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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