The testing, inspection, and certification market for fire safety equipment is around USD 500 to 550 million in 2020, registering a CAGR of 4% during the forecast period 2021-2027. Testing in TIC means an industrial activity that assures manufactured products, individual components, and multi-component systems are suitable for the predetermined purpose.

Inspection and testing are the operating parts of quality control which supports cost, productivity, on-time delivery, and market share, thus the critical factor for the survival of any manufacturing company. The testing, inspection, and certification market report is composed of conformity assessment agencies, which provide services from audit and inspection to testing, verification, quality assurance, and certification.

The COVID-19 pandemic resulted in a short-term decline in demand and revenue in the first quarter of 2020. This has impacted a decline in the installation of new fire safety equipment in industrial and commercial sectors. Nevertheless, there is a growth in spending on new construction activities and replacing obsolete fire alarms, sprinklers, and detectors, which will propel the growth of the fire safety equipment market. Thus, TIC is playing a crucial role by offering assurance that the products and services offered to the customers will provide safety and health standards.

Download Free Sample Copy Of Research Report: https://www.vynzresearch.com/semiconductor-electronics/tic-market-for-fire-safety-equipment/request-sample

The growing government-enforced regulations, considerable industry standards, certification requirements, and huge penalties against non-compliance parties are projected to drive the demand for TIC in fire safety equipment. Moreover, there is an increase in the adoption of safety systems across industry verticals, and the rising automation in buildings will further drive the growth of the TIC market.

Thus, the increase in attention of manufacturing companies to offer quality products will enhance customer retention, mounting demand for interoperability testing for connected devices and IoT, globalization, and rise of global trade, and emerging digital technologies will boost the growth of the TIC market in the fire safety equipment.

North America dominates the TIC market for fire safety equipment in 2020 owing to rapid commercial and industrial construction development, mandatory government regulations regarding workplace safety will accelerate the adoption of fire safety equipment, resulting in the growth of the TIC market in the region.

The business enterprises have started opening development centers in new locations to enhance market penetration which helps in building business relations with customers and clients. Moreover, the industry players in the TIC market have started building strategies like mergers and acquisitions, product innovation, and geographical expansion to hold a major share in the TIC market.

Bureau Veritas announced the global technology and business collaboration for the development of laboratory testing services based on artificial intelligence (AI).

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.

Source: VynZ Research