The global fire testing market has been projected to reach an estimated value of US$13 billion by 2032, almost doubling from US$ 7.1 billion in 2022, rising steadily at a CAGR (compound annual growth rate) of 5.9% during the forecast period.
As the number of deaths and property losses has increased, public awareness of fire safety measures has moved the fire testing market share forward, with the adoption of fire safety systems is becoming more common in countries with limited infrastructure development resources.
Manufacturers and end-users of valves have seemingly grown more interested in fire-safe testing which in turn has encouraged the adoption of fire testing systems. This is mostly due to an increasing focus on safety and environmental concerns, but also as a consequence of increasingly stringent safety and environmental standards.
The Covid-19 pandemic saw a negative impact on the fire testing market size in the first quarters of 2020, with new fire testing equipment is being installed in fewer industrial and commercial applications. However, as spending on new construction activities rises, this alongside the replacement of old fire alarms, sprinklers, and detectors are likely to fuel the overall demand for fire testing systems in the coming years.
High installation and maintenance costs are expected to limit the growth of the fire testing market share, however.
With a CAGR of 5.7% and a market value of US$4.5 billion in 2021, the United States dominated the market, largely due to the rapid growth of commercial and industrial building in the United States and Canada.
In the global fire testing industry, Asia Pacific has the highest growth potential, with a CAGR of 6.2%. The growth of the fire testing market is being driven by rapid industrialization and urbanization in developing nations such as China and India.
Countries including 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. Meanwhile, Japan’s fire testing market is expected to increase at a CAGR of 4.3 percent.
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.