According to a new report, published by KBV research, 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 Industrial & Manufacturing segment is registering a CAGR of 1.5 % during the forecast period. Industrial and manufacturing facilities house valuable assets, including machinery, equipment, and inventory. Fire incidents can lead to significant financial losses and production downtime. TIC services ensure fire protection systems are in optimal working condition, minimizing the risk of asset damage and financial repercussions.
The Testing segment is leading the Global Fire Protection System Testing, Inspection, and Certification (TIC) Market by Service Type in 2022; thereby, achieving a market value of $312.8 million by 2030. Businesses and property owners recognize the importance of mitigating fire-related risks. Regular testing of fire alarms, sprinklers, suppression systems, and other fire protection equipment is essential to find and rectify potential issues, reducing the risk of system failures during an emergency. This risk mitigation approach drives the demand for testing services.
The Fire Alarm Devices segment would experience a CAGR of 4.2% during (2023 - 2030). Insurance companies often require property owners to have certified fire alarm systems to qualify for coverage. This requirement compels property owners to invest in regular TIC services to maintain their insurance policies. The fire alarm industry continually evolves with advancements in technology. Modern fire alarm devices incorporate smart features like remote monitoring and notification systems. TIC services ensure these devices function correctly and take full advantage of their capabilities.
The North America region dominated the Global Fire Protection System Testing, Inspection, and Certification (TIC) Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $236.8 million by 2030. The Europe region is poised to grow at a CAGR of 3.6% during (2023 - 2030). Additionally, The Asia Pacific region would witness a CAGR of 4.7% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/fire-protection-system-testing-inspection-and-certification-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of SGS S.A., Bureau Veritas S.A., TUV SUD, TÜV Rheinland AG, Intertek Group PLC, Eurofins Scientific SE, Applus+ Group, TÜV Nord Group, Kiwa NV (SHV Holdings N.V.), and UL LLC.
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By Service Type
By System Type
By Geography
Companies Profiled
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