Categories: Market Research

Fire Testing Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Fire Testing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Fire Testing Global Market Report 2024, The fire testing market size has grown strongly in recent years. It will grow from $7.17 billion in 2023 to $7.67 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to stringent regulatory standards, increasing urbanization, expanding international trade, growing construction industry, previous fire incidents.

The fire testing market size is expected to see strong growth in the next few years. It will grow to $10 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to renewable energy infrastructure, rise of electric vehicles, aging infrastructure, sustainable construction, growth of interconnected systems. Major trends in the forecast period include integration of IoT, green fire testing, customized testing solutions, remote testing services, advanced simulation technologies.

Increasing adoption of the smart city concept is expected to propel the growth of the fire testing market going forward. A smart city refers to a city that makes use of information and communication technology (ICT) to boost productivity, inform the populace, and enhance the standard of public services and welfare. Fire testing is employed in smart cities for the prediction and early detection of fire and smoke, which can considerably increase public safety by lowering large-scale damage. For instance, in October 2022, according to an article shared by National World plc, a UK-based news publishing company, Saudi Arabia is building a smart city called Neom to host an international sporting event called The Asian Winter Games 2029. A Saudi smart city called Neom is now being constructed in Tabuk Province in northwest Saudi Arabia. At an estimated cost of $500 billion (about £436 billion), it is intended to include smart city technologies and serve as a tourism destination. Due to delays, it may now take until 2026 to accomplish the project, which Saudi Arabia had hoped to have done in large portions by 2020 and with an expansion concluded in 2025. Therefore, increasing the adoption of the smart city concept drives the fire testing market.

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The fire testing market covered in this report is segmented –

1) By Service: Testing, Inspection, Certification, Other Services

2) By Sourcing: In-house, Outsourced

3) By Application: Building and Construction, Automotive, Industrial and Manufacturing, Consumer Goods and Retail, Aerospace and Defense, Other applications

Major companies operating in the fire testing market are focusing on strategic collaboration, to enhance comprehensive solutions and services. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in November 2022, UL Solutions, a US-based company of applied safety science, collaborated with the U.K. Fire Protection Association (FPA), a UK-based testing and research organization, to open a new fire resistance research facility for building goods and structures, windows and doors, fire stopping, joint systems, and fire resistance items in general. The facility includes UL Solutions-funded fire resistance test furnaces that will serve manufacturers from the United Kingdom, Europe, and throughout the world that require unbiased fire testing and certification. FPA’s laboratory testing expertise will be advantageous to firms seeking UKCA and CE marking services (UK Conformity Assessment and Conformite Europeenne marks). The UKAS-accredited ISO/IEC 17025 laboratory has BS 8414 test rigs as well as two new furnaces. The enormous 4-meter-by-3-meter wall furnace can handle bigger test samples, and more systems may be evaluated at the same time, allowing UL Solutions to give clients faster findings.

The fire testing market report table of contents includes: