PUBLISHER: KBV Research | PRODUCT CODE: 1384762
PUBLISHER: KBV Research | PRODUCT CODE: 1384762
The Global Fire Protection System Testing, Inspection, and Certification (TIC) Market size is expected to reach $687.5 million by 2030, rising at a market growth of 3.8% CAGR during the forecast period.
The energy and power sector faces various risks, including electrical fires, equipment failures, and chemical hazards. Consequently, the energy and power segment registered $39,620.1 million revenue in the market in 2022. Downtime in the energy and power sector can have far-reaching consequences, impacting operations, public services, and industries dependent on a stable power supply. Fire protection system certification contributes to business continuity by reducing the risk of fire-related disruptions. Some of the factors impacting the market are growth of the construction industry in both commercial and residential sectors, continuing advancements in the fire protection technologies, and perception of tic services as an added cost by business owners.
Ensuring fire safety is a paramount concern during the construction phase of buildings and infrastructure. Before occupying the structure, builders and contractors must adhere to fire safety codes and standards. This includes installing and testing temporary fire protection systems, such as fire alarms, sprinklers, and emergency exits. TIC services are essential to verify these systems' correct installation and functionality, helping construction projects comply with fire safety regulations. Furthermore, ensuring a safe working environment for construction personnel is crucial. TIC services help verify that fire protection systems, emergency exits, and safety equipment are operational, enhancing the overall safety of construction sites. Beyond the construction phase, TIC services contribute to building and infrastructure's long-term sustainability and safety. Additionally, Fire protection technologies have advanced significantly in recent years. Newer systems are made more efficient, effective, and environmentally friendly. They may use agents with minimal environmental impact and are safe for human exposure. TIC services assess the ecological aspects of these systems, ensuring that they meet sustainability goals and comply with relevant regulations. Therefore, these factors are expected to propel the demand in the market.
However, Businesses and property owners, particularly in cost-conscious environments, may choose to delay or limit their investment in TIC services. This can lead to deferred maintenance of fire protection systems, including fire alarms, sprinklers, and suppression systems. Delayed maintenance increases the risk of system malfunction or failure, which can have severe consequences in the event of a fire. Businesses and property owners prioritizing safety and compliance through regular TIC services demonstrate their commitment to the well-being of occupants and assets. Neglecting these services can damage their reputation and erode trust among stakeholders, including customers, employees, and investors. These factors will account for decreased growth in the market in the coming years.
Application Outlook
By application, the market is segmented into industrial & manufacturing, petroleum, oil & gas, energy & power, supply chain & logistics, data centre, mining, agriculture & food, medical & healthcare, construction & infrastructure, and others. In 2022, the construction and infrastructure segment acquired a substantial revenue share in the market. The construction and infrastructure industry is increasingly adopting advanced fire protection technologies, such as smart fire detection systems, fire suppression solutions, and automated alarm systems.
Service Type Outlook
Based on service type, the market is segmented into testing, inspection, and certification. In 2022, the inspection segment garnered a significant revenue share in the market. Fire safety regulations and building codes mandate regular inspections of fire protection systems. Complying with these regulations is a legal requirement and essential for ensuring the safety of occupants and property. As regulations become more stringent and complex, businesses and property owners increasingly rely on inspection services to meet these requirements. As a result, the segment is expected to expand in the future.
System Type Outlook
On the basis of system type, the market is divided into fire alarm devices, fire detection system, fire suppression system, sprinkler system, card access system, and others. In 2022, the fire detection system segment witnessed the maximum revenue share in the market. Fire detection systems have undergone significant technological advancements, including integrating smart sensors, artificial intelligence, and machine learning algorithms. These innovations enhance the accuracy and efficiency of fire detection while reducing false alarms.
Regional Outlook
By Region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The North America segment procured the highest revenue share in the market in 2022. North America, particularly the United States and Canada, has strict regulations and building codes related to fire safety. These regulations require regular testing, inspection, and certification of fire protection systems to ensure compliance. This creates a consistent demand for TIC services. North America has a high level of urbanization and ongoing infrastructure development. This includes commercial and residential buildings, manufacturing facilities, and public infrastructure projects, all of which require fire protection systems and the associated TIC services. Therefore, the segment will witness high demand in the coming years.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SGS S.A., Bureau Veritas S.A., TUV SUD, TUV Rheinland AG, Intertek Group PLC, Eurofins Scientific SE, Applus+ Group, TUV Nord Group, Kiwa NV (SHV Holdings N.V.), and UL LLC.
Market Segments covered in the Report:
By Application
By Service Type
By System Type
By Geography
Companies Profiled
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