The demand for fire testing systems has been pushed by implementing unified building codes or fire testing standards in many established and emerging countries across all end-user segments, as mandated by local authorities.įor example, the United Kingdom's government advises that all fire alarm and detection systems be installed and maintained in accordance with British Standard BS 5839. Government mandates and regulations and the presence of some of the largest fire protection companies are pushing the fire testing market share.
The primary causes of fire outbreaks were improper handling of burning lamps and cooking gas leakage, alternating voltage, electric spark, and overheating of electronic equipment. The installation of fire safety systems is gaining popularity in nations with minimal infrastructure development investments. The rise in deaths and property losses has raised awareness of fire safety systems, propelling the fire testing market share forward. This is mostly due to a growing emphasis on safety and the environment.įurthermore, increasingly strict safety and environmental requirements impact the demand for fire testing systems. Valve manufacturers and end-users are becoming increasingly interested in fire-safe testing, which is driving the adoption of fire testing systems. "The adoption of safety measures in industries and the expanding automation in buildings throughout the globe are two important reasons driving the growth of fire testing market share." What are the Various Market Dynamics Driving the Global Fire Testing Market?
The fire testing market is dominated by companies such as Intertek, TUV SUD, SGS Group, Bureau Veritas SA, UL LLC, and others.įor Comprehensive Insights Ask An Analyst Here. 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 fragmented due to the presence of electrical product manufacturers, and the intensity of competition in the market is moderate and expanding. 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.įurthermore, Japan's fire testing market is expected to increase at a CAGR of 4.3 percent. The growth of the fire testing market is being driven by rapid industrialization and urbanization in developing nations such as China and India.Ĭountries like Germany, Belgium, and the United Kingdom are expected to have considerable potential need for fire testing in the next years.
In the global fire testing industry, Asia Pacific has the highest growth potential, with a CAGR of 6.2 percent. The rapid growth of commercial and industrial building in the United States and Canada has boosted fire testing market share significantly. With a CAGR of 5.7 percent and a market value of US$ 4.5 billion in 2021, the United States dominated the market. 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.įurthermore, high installation and maintenance costs are expected to limit the growth of the fire testing market share. As a result, new fire testing equipment is being installed in fewer industrial and commercial applications. The COVID-19 pandemic had a negative impact on the fire testing market size in the first quarters of 2020. For more insights into the Market, Get A Sample of this Report!
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