Necessity to Adhere to the Stringent Fire Compliances and Regulations is Expected to Propel the Usage of Fire Testing Services
Latest market study on “Fire Testing Market by Service (Testing, Inspection, and Certification); Sourcing Type (In-house and Outsourced); Application (Building & Construction, Automotive, Industrial & Manufacturing, Consumer Goods & Retail, Aerospace & Defense, and Others); and Geography;- Global Analysis and Forecast”, the fire testing market is estimated to reach US$ 10.08 Bn by 2027 from US$ 5.77 Bn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
The rising market demand for fire testing services is highly attributed to the increasing demand for third-party service providers. As per the International Confederation of Inspection and Certification Organization (CEOC), currently, around 40% of the fire testing services market is being outsourced. However, the remaining fire testing services are conducted in the in-house facilities. One of the key factors driving the third-party service providers’ demand is the privatization of state-owned laboratories. Moreover, the rising pressure to reduce cost by the government organizations is compelling them to limit the market surveillance activities. Thus, augmenting the third-party services providers’ demand.
Furthermore, the demand for fire testing services is driven by increasing globalization. The global trade has witnessed immense growth over the past decade owing to the emergence of new several new trade agreements and zones between the countries. Owing to these, many companies are deploying as well as importing their products globally. The increased globalization has resulted in a growing requirement for third-party accreditations.
The global fire testing market is segmented into five major regions, including North America, Europe, Asia Pacific, Middle East, and Africa, and South America. Europe holds the majority of the fire testing market share and is projected to continue its dominance during the forecast period. However, Asia-Pacific is expected to witness the highest CAGR growth. The growth of the manufacturing industry in the developing economies of the Asia Pacific. Additionally, increasing demands for housing, and infrastructural constructions are the key factors bolstering the fire testing services demand in the Asia Pacific region.
The market for fire testing has been segmented on the basis of service, sourcing type, application, and geography. The fire testing market on the basis of service is segmented into testing, inspection, and certification. The testing segment held the major market share in the fire testing market. The fire testing market based on sourcing type is segmented into in-house and outsourced. The in-house segment led the fire testing market and it is anticipated to continue its dominance during the forecast period. The market for fire testing by application is further segmented into building & construction, automotive, industrial & manufacturing, consumer goods & retail, and aerospace & defense. The building & construction segment led the fire testing market in 2018 and is expected to continue its dominance during the forecast period.
The major companies in fire testing market include Applus Services, SA, Bureau Veritas SA, DEKRA, Element Materials Technology, International Fire Consultants Group, Intertek Group plc, SGS AG, TUV SUD AG, UL LLC, United Technologies Corporation are also offering the fire testing solutions for various applications, which is facilitating the market to propel over the years.
Fire Testing Market - Geographic Breakdown, 2018
The report segments the global fire testing market as follows:
Global Fire Testing Market - By Service
Global Fire Testing Market - By Sourcing Type
Global Fire Testing Market - By Application
Global Fire Testing Market - By Geography
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