Shortened, but may not be quicker. Add all your conditions into an array and loop through them.
Private Sub FormatIncidentRows()
Dim arr
Dim x As String, y As String, z As Long
Dim Tests As Long
Tests = 9
arr = Array( _
"""Incident-1""", """<50%""", 255, _
"""Incident-1""", """<100%""", 255, _
"""Incident-2""", """<50%""", 49407, _
"""Incident-2""", """<100%""", 49407)
Sheets("Raw Data").Cells.FormatConditions.Delete
Application.ScreenUpdating = False
With Columns("A:Z")
For i = 0 To Tests Step 3
x = arr(i): y = arr(i + 1): z = arr(i + 2)
.FormatConditions.Add Type:=xlExpression, Formula1:="=AND($J1=" & x & ",$Z1>=" & y & ")"
.FormatConditions(.FormatConditions.Count).SetFirstPriority
With .FormatConditions(1).Interior
.PatternColorIndex = xlAutomatic
.Color = z
.TintAndShade = 0
End With
.FormatConditions(1).StopIfTrue = False
Next i
End With
Application.ScreenUpdating = True
End Sub