Global TIC Market for Fire Safety Equipment was around USD 500 to 550 million in 2020, registering a CAGR of 4% during the forecast period 2021-2027

TIC Market for Fire Safety Equipment

The TIC market for fire safety equipment is expected to witness a CAGR of 4% during the forecast period. TIC services help improve the standards of the manufacturing process by conducting testing, inspections, and certifications in accordance with regulations around the world. This will help in the production of quality, safe, and reliable products/components such as fire extinguishers, signage, fire blankets, fire hose reels, sprinklers, smoke alarms, first aid kits, etc. in the fire safety equipment industry. Factors driving the growth of TIC services in the fire safety equipment include rising concerns about safety, rising investment in R&D, technological development in equipment and networking, and strict government regulations concerning workplace safety.

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Moreover, implementation to build safety codes, increasing number of accidents and loss of property due to fire propels the growth of TIC market for fire safety equipment. Furthermore, fire safety equipment has registered an increased demand from various industrial verticals such as construction, oil & gas, mining, etc. due to stringent regulatory norms, thus bolstering the growth of TIC market for fire safety equipment.

The COVID-19 outbreak has adversely impacted the global economy and the fire safety equipment market has also been adversely affected by it. However, owing to its sustainability and digitalization, fire safety equipment industry has a potential to recover from this pandemic which will create opportunities for growth of TIC market for fire safety equipment industry. Moreover, construction projects are getting commenced which will increase the procurement of new fire safety products and ease the supply chain, resulting in growth of the TIC market for fire safety equipment.

SGS announced the acquisition of U.S. based Govmark Fire Laboratories, to further extend its furniture flammability testing capabilities in the U.S., which already includes two facilities in China and one each in India and the UK.

Based on service type, the TIC market for fire safety equipment is segmented into testing, inspection, and certification. Among these segments, the testing segment is anticipated to grow fast during the forecast period. The main objective of the fire testing service is to find out that the fire protection product meets the minimum performance standards stipulated by the law. Laboratory-scale fire testing determines the fire performance of products and help manufacturers develop products that are fire resistant with lower flame spread, smoke development, calorific values, non-combustible among others. As a result, the demand for testing services for fire equipment market has increased significantly.

APAC is anticipated to have the fastest growing TIC market in the fire safety equipment during the forecast period owing to growing urbanisation and industrialization in countries such as China, India, and Japan. Moreover, the strong presence of sensor manufacturing companies and an increased level of fire safety equipment production will propel the growth of TIC market for fore safety equipment in the region.

Some of the key players operating in the TIC market in the fire safety equipment: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, DEKRA SE, ALS Limited, Applus+, and DNV GL.