The Fire Testing Market size is projected to reach US$ 12.77 billion by 2031 from US$ 7.83 billion in 2023. The market is expected to register a CAGR of 6.3% in 2023–2031. The rapid growth of wireless technology for fire detection is likely to remain a key fire testing market trend.
Modernization and technological advancements in the construction sector and new construction and real estate developments are some of the major factors fueling the growth of the market worldwide. In addition, the retail industry is also driving increasing demand for fire prevention systems because of the sharp increase in the number of supermarkets, hypermarkets, and shopping centers in urban areas. Furthermore, the governments of the majority of the countries are concentrating on enacting stricter legislation and rules pertaining to building security and fire safety, which is expected to create an opportunity for the growth of the market in the forecasted period.
Fire testing is a method for determining the minimum performance criteria of fire protection goods and establishing criteria based on heat release rate, flame spread rate, temperature, fire resistance, area covered, and other factors. For on-site installation, all goods must have fire protection certification. As a result, testing has become an essential component of consumer and building safety laws around the world. The global fire testing market is being driven by the increasing usage of safety systems in industries and building automation.
Increased building activities are projected to drive the growth of the fire testing market in the coming years. Construction work includes a wide range of tasks like clearing the site, digging, laying the foundation, erecting structural elements, installing the system, and adding finishing touches. In both residential and commercial construction, fire testing is used to evaluate and enhance the combustibility of building materials and structures, ensuring adherence to safety regulations and removing any fire threats. Hence, the rising use of fire testing in construction activities is expected to fuel the growth of the fire testing market.
The adoption of the smart city idea is increasing worldwide. A smart city is one that uses information and communication technology (ICT) to increase production, inform the populace, and improve the quality of public services and welfare. In smart cities, fire testing is used to forecast and detect smoke and fire early on, which can significantly improve public safety by reducing large-scale damage, which is expected to create an opportunity for the growth of the fire testing market in the forecasted period.
Key segments that contributed to the derivation of the Fire Testing Market analysis are service, sourcing type, and application.
The geographic scope of the Fire Testing Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Asia Pacific is anticipated to witness significant growth in the fire testing market. The market in this region is segmented into Australia, China, India, Japan, South Korea, and the rest of APAC. The region's expanding industrialization and urbanization, particularly in China, Japan, and India, are likely to boost market expansion. The building of commercial and industrial areas, such as supermarkets, shopping centers, multiplexes, real estate, and office buildings, is expanding quickly in these rising economies. This growth is driving up demand for fire testing services. In order to lower the danger and damage from fire incidents, businesses are heavily investing in infrastructure and fire testing, which is anticipated to drive market expansion throughout the projection period.
The regional trends and factors influencing the Fire Testing Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Fire Testing Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 7.83 billion |
| Market Size by 2031 | US$ 12.77 billion |
| Global CAGR (2023 - 2031) | 6.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Service
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Fire Testing Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Fire Testing Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Fire Testing Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
The “Fire Testing Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global Fire Testing Market was estimated to be US$ 7.83 billion in 2023 and is expected to grow at a CAGR of 6.3% during the forecast period 2023 - 2031.
Increasing construction activities worldwide is the major factors that propel the global Fire Testing Market.
The rapid growth of wireless technology for fire detection is anticipated to play a significant role in the global Fire Testing Market in the coming years.
The key players holding majority shares in the global Fire Testing Market are Applus+, Bureau Veritas, DEKRA, Element Materials Technology, Intertek Group plc, SGS SA, UL LLC, Eurofin Scientific, QIMA, and TÜV SÜD.
The global Fire Testing Market is expected to reach US$ 12.77 billion by 2031.