Ever-Present Risk of Fire Accidents, Despite Best of Safety Legislations, Provide the Foundation for the Growth

DUBLIN, June 19, 2023 /PRNewswire/ — The “Fire Testing: Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.

Global Fire Testing Market to Reach $11.2 Billion by 2030

The global market for Fire Testing estimated at US$6.7 Billion in the year 2022, is projected to reach a revised size of US$11.2 Billion by 2030, growing at a CAGR of 6.6% over the analysis period 2022-2030.

Testing, one of the segments analyzed in the report, is projected to record a 6.1% CAGR and reach US$4 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Inspection segment is readjusted to a revised 6.8% CAGR for the next 8-year period.

The U.S. Market is Estimated at $1.8 Billion, While China is Forecast to Grow at 8.5% CAGR

The Fire Testing market in the U.S. is estimated at US$1.8 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$1.8 Billion by the year 2030 trailing a CAGR of 8.5% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.6% and 5.7% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 5.4% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.5 Billion by the year 2030.

Looking Ahead to 2023

Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession.

Fears of new COVID outbreaks and China’s already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.

Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

What`s New for 2023?

• Special coverage on Russia–Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
• Global competitiveness and key competitor percentage market shares
• Market presence across multiple geographies – Strong/Active/Niche/Trivial
• Online interactive peer-to-peer collaborative bespoke updates
• Access to digital archives and Research Platform
• Complimentary updates for one year

Key Topics Covered:

MARKET OVERVIEW

• Ever-Present Risk of Fire Accidents, Despite Best of Safety Legislations, Provide the Foundation for the Growth of Fire Testing Practices
• Global Number of Fire Incidents (In Million) for Years 2014, 2016, 2018, 2020, and 2022
• Property Damage (In US$ Billion) in the United States Caused by Structure Fires for the Years 2010-2019
• What’s Ahead for Businesses & Markets?
• Fire Testing – Global Key Competitors Percentage Market Share in 2022 (E)
• Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
• COVID-19 Turns Out to be a Double Edged Sword for the Fire Industry
• Fire Testing: Definition, Importance, Benefits & Methods
• World Brands
• Recent Market Activity

MARKET TRENDS & DRIVERS

• Robust Demand for Fire Resistant Fabrics Drives the Need for Flammability Tests for Fabric & Clothing
• As Markets Begin to Flood With Fire Resistant Fabrics, the Urgency to Fire Test These Products & Ensure Conformance to Regulatory Standards Grows Stronger: Global Market Opportunity for Fire Resistant Fabrics (In US$ Million) for Years 2022, 2024, and 2026
• Against the Backdrop of Fire Resistive Construction, Fire Testing of Building Materials Grows in Demand
• Growing Use of Fire-Rated Building Materials Strengthens the Business Case for Fire Testing of Building Materials: Global Market for Fire-Rated Building Materials (In US$ Billion) for Years 2022, 2024 2026, 2028 and 2030
• Rising Investments in Real Estate Projects Amid Recovering Construction Spending to Spur Growth in the Market
• Construction Spending is a Key Indicator of What to Expect in the Building Fire Testing Market: Global Construction Spending (in US$ Trillion) for the Years 2020-2028
• Growing Number of Sky Scrapers Means Fire Safety Will Always be a Critical Component of Modern Buildings & Stringent Fire Testing, Code Enforcement, Compliance & Certification Will be Key to Achieving this Safety Goal: Number of High Rise Buildings by City as of the Year 2022
• Growing Incidence of Building Cladding Fires Throws the Spotlight Squarely on Building Cladding Fire Testing
• Dangers of Fire in Aircraft Drives Demand for Aviation Fire Testing, Especially Flammability Testing of Aircraft Cabin Interiors
• Stringent Fire Certification & Safety Norms to Spur Growth in the Market
• Fire Testing of Automotive Materials Grow in Importance
• Automation Pushes Up the Risk of Fires, Driving the Need for Fire Testing. Special Focus on Automated Warehouses

FOCUS ON SELECT PLAYERS (Total 201 Featured) 

• BRE Group
• DEKRA SE
• Element Materials Technology
• Fireflow Services
• Geyer Fire
• International Fire Consultants Group (IFC Group)
• Intertek Group plc
• Kiwa NV
• Mistras Group, Inc.
• QIMA
• Rina S.p.A.
• SGS SA
• The Hong Kong Standards and Testing Centre Limited
• TUV Rheinland
• TUV SUD AG
• UL LLC

For more information about this report visit https://www.researchandmarkets.com/r/thx8u1

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