Rising Adoption of Safety Measures in Various Industries to Propel the Fire Testing Market Growth; 5.9% CAGR Anticipated through 2032

0
50

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.

For more insights into the Market, Get A Sample of this Report!
https://www.factmr.com/connectus/sample?flag=S&rep_id=7403

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.

For Comprehensive Insights Ask An Analyst Here

https://www.factmr.com/connectus/sample?flag=AE&rep_id=7403

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.

Get Customization on this Report for Specific Research Solutions

https://www.factmr.com/connectus/sample?flag=RC&rep_id=7403

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

Explore More Technology Industry Reports:

In-Building Wireless MarketThe rapid digital transformation and growing trend of smart building methods are expected to contribute to the market growth in the forecast period.

Fleet Maintenance Software Market – The fleet maintenance software market is predicted to grow at an impressive CAGR of 9.2% during the forecast period covering 2022 to 2032.

North America Automated Weather Observing System Market The North American automated weather observing system market will register substantial growth, with an expected overall valuation of US$ 200 Million in 2022.

Europe Electronic Health Records Market – The European electronic health records market is predicted to increase from a valuation of US$ 6.7 billion in 2022 to US$ 10.5 billion by the end of 2032, registering a steady CAGR of 4.5% during the forecast years of 2022-2032. 

U.S. Electronic Health Records Market – The U.S. electronic health records market stands at a current valuation of US$ 8.1 billion and is estimated to surpass US$ 12.4 billion by the end of 2032. 

Network Attached Storage (NAS) MarketGlobal network attached storage (NAS) industry revenue stood at US$ 26.9 Billion in FY 2021, and is forecast to reach US$ 31.1 Billion, registering a Y-o-Y expansion rate worth 15.61% in 2022.

5G Fixed Wireless Access Market – The global 5G fixed wireless access market is estimated to secure US$ 121 Billion by 2032, with a whopping CAGR of 43.6%. The market is projected to hold a market value worth US$ 3.3 Billion in 2022.
North America Precision Farming MarketThe North American Precision Farming market is projected to grow at the rate of 12.1% to reach a valuation of US$ 6 Billion by 2032 from US$ 1.91 Billion in 2022.

Drone Accessories Market Outlook (2022-2032)Demand for drone accessories across the world stood at around US$ 15 billion in 2021, accounting for 53.2% share of the global drone market in terms of value.

Anti-Drone MarketThe global anti-drone market size is estimated at US$ 1.1 billion in 2022 and is predicted to top a market valuation of US$ 7.4 billion by 2032, expanding at a stupendous CAGR of 20.9% from 2022 to 2032.

About Us:

Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.

Contact:

Mahendra Singh

US Sales Office:

11140 Rockville Pike

Suite 400

Rockville, MD 20852

Email: [email protected]

Tel: +1 (628) 251-1583