The fire testing market is projected to reach an estimated value of USD 13 billion by 2032 from USD 7.1 billion 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.
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. 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.
Some key takeaways from the report are:
- 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 buildings in the United States and Canada has boosted the 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.
- Construction and infrastructure are predicted to hold the largest share of the global fire testing market over the forecast period, with a CAGR of 5.8%