CHICAGO, Sept. 27, 2023 /PRNewswire/ -- The fire protection system testing, inspection, and certification (TIC) market is projected to grow from USD 533 million in 2023 to USD 633 million by 2028, registering a CAGR of 3.5% during the forecast period according to a new report by MarketsandMarkets™. Various factors, government regulations and industry standards are progressively tightening for fire protection systems, fueling the need for testing, inspection, and certification (TIC) services to guarantee compliance with the latest mandates. The rising adoption of intelligent fire protection systems, prized for their swift and effective fire detection and response capabilities, necessitates TIC providers to ensure their proper operation.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=122108334
Browse in-depth TOC on "Fire Protection System Testing, Inspection, And Certification (TIC) Market"
120 – Tables
70 – Figures
270 – Pages
Fire Protection System Testing, Inspection, And Certification (TIC) Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 533 million |
Estimated Value by 2028 | $ 633 million |
Growth Rate | Poised to grow at a CAGR of 3.5% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Service Type, System Type, Application and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Low adoption rate of innovative technologies in fire protection system TIC services |
Key Market Opportunities | Adoption of foam-based fire detection systems owing to less negative impact on the environment |
Key Market Drivers | Growing urbanization will drive the growth of the construction industry |
Building automation trends have birthed integrated fire protection systems that collaborate with HVAC and security counterparts, demanding rigorous testing by TIC providers. Additionally, an escalating emphasis on sustainability is prompting TIC firms to offer services that aid clients in reducing environmental footprints. Further bolstering the fire protection system TIC market are expanding fire safety requirements in emerging economies, heightened awareness of fire safety, and a growing need for system maintenance and testing services. Consequently, TIC providers offering innovative solutions are poised for success in this evolving market.
By service type, the certification service records the highest growth rate during the forecast period.
The highest growth rate in certification services for Fire Protection System Testing, Inspection, and Certification (TIC) services can be attributed to the growing importance of stringent regulations, risk mitigation, insurance prerequisites, adherence to industry best practices, bolstering consumer confidence, market competition, global expansion, and technological advancements in fire protection systems. Certification serves as a crucial validation of safety and compliance, driving increased demand as businesses seek to meet evolving safety standards, reduce risks, and enhance their reputations, ultimately propelling the certification services segment to record the highest CAGR in the Fire Protection System TIC market.
Certification bodies issue product certificates or licenses to organizations, enabling them to display a mark of conformity on their product or issue a certificate indicating the product's conformity with specified requirements. In this way, consumers are assured that the product they are purchasing fulfils the set standards. Product certification offers companies a formal document that the product they offer has been tested by qualified personnel and adheres to codes and/or standards. Those seeking certification for their products must demonstrate that they have adequate quality control systems in place to maintain conformity of their products with the standards.
The sprinkler system is likely to record the highest growth rate between 2023 and 2028
During the forecast period, the Fire Protection System Testing, Inspection, and Certification (TIC) industry is expected to witness a substantial market share held by the sprinkler system segment. This dominance is driven by regulatory mandates, increased awareness of fire safety, technological advancements, and the need for certification to ensure compliance with safety standards and local fire codes, making sprinkler systems a focal point for TIC services in safeguarding lives and property.
A fire sprinkler system is a crucial component of fire protection systems, consisting of pipes and heat-sensitive sprinkler heads that activate and release water when exposed to high temperatures, effectively suppressing fires in buildings and safeguarding lives and property by providing rapid fire control and prevention of fire spread. A fire sprinkler system is a critical component of fire protection and safety in buildings and facilities. It consists of a network of pipes, water supply, and sprinkler heads strategically installed throughout a structure. These sprinkler heads are designed to automatically release water when they detect high temperatures, typically caused by a fire. Fire sprinkler systems are highly effective in suppressing and controlling fires, limiting their spread, and providing occupants with valuable time to evacuate or access firefighting equipment. They are widely used in residential, commercial, industrial, and institutional buildings to enhance fire safety and minimize property damage. Modern fire sprinkler systems are often connected to fire alarms and monitoring systems, further enhancing their efficiency and ensuring a rapid response to fire incidents. These systems can be categorized into wet sprinkler systems, dry sprinkler systems, pre-action sprinkler systems, deluge sprinklers, and others (foam water sprinkler systems and water spray sprinkler systems).
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=122108334
North America is likely to account for the largest market share in the global fire protection system testing, inspection, and certification (TIC) market during the forecast period
North America traditionally held a prominent share in the global Fire Protection System Testing, Inspection, and Certification (TIC) market due to its strict regulatory environment, well-established industries, and heightened fire safety awareness. The region's mature industrial infrastructure, including manufacturing, healthcare, and commercial sectors, drove the demand for TIC services to ensure compliance and safety. While North America historically played a leading role, market dynamics can shift, and it's essential to verify the current market status through up-to-date research as regional market shares may have evolved since then.
Key Players
SGS SA (Switzerland), Bureau Veritas (France), DEKRA (Germany), TÜV SÜD (Germany), and TÜV Rheinland (Germany), DNV GL (Norway), Intertek Group plc (UK), TÜV NORD Group (Germany), UL LLC (US), Eurofins Scientific (Luxembourg), Kiwa (Netherlands), APi National Service Group (APi NSG) (US), Applus+ (Spain), Element Materials Technology (UK), SAI Global Australia PTY Ltd (Australia), Lloyds Register Group Services Limited (UK), Warringtonfire (Cheshire), Rina S.p.A (Italy), BRE Group (UK), and The British Standards Institution (England) are the dominant companies in the fire protection system testing, inspection, and certification (TIC) companies.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=122108334
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
Fire Protection System Market by Product (Fire Suppression, Fire Detection, Fire Sprinkler, Fire Analysis, Fire Response), Services (Engineering, Installation and Design, Managed, Maintenance) and Region - Global Forecast to 2027
Testing, Inspection and Certification (TIC) Market by Service Type (Testing, Inspection, Certification), Sourcing Type (In-House, Outsourced), Application (Medical, Life Science, Food, Telecommunication) and Region - Forecast to 2028
Test and Measurement Equipment Market by Product Type (General-purpose Test Equipment and Mechanical Test Equipment), Service Type (Calibration Services and Repair/After-sales Services), Vertical and Region - Global Forecast to 2028
Fire Testing Market by Service Type (Testing, Inspection, and Certification), Sourcing Type (In-house and Outsourced), Application (Consumer Goods & Retail, Chemicals, Construction & Infrastructure, Mining) Region - Global Forecast till 2024
Smoke Detector Market by Power Source (Battery-Powered, Hardwired with battery backup, Hardwired without battery backup), Type (Photoelectric Smoke Detectors, Ionization Smoke Detectors), Service, Distribution Channel - Global Forecast to 2027
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/fire-protection-system-testing-inspection-certification-tic-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/fire-protection-system-testing-inspection-certification-tic.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/fire-protection-system-testing-inspection-and-certification-tic-market-worth-633-million-by-2028---exclusive-report-by-marketsandmarkets-301939938.html
Voltar noticias em Inglês