Fire Testing Market Estimated to Expand at a Robust CAGR of 6.7% over 2020-2027 | Applus Services, SA, Bureau Veritas SA, DEKRA, Element Materials Technology

The fire testing market accounted to US$ 5.77 Bn in 2018 and is expected to grow at a CAGR of 6.7% during the forecast period 2019 - 2027, to account to US$ 10.08 Bn by 2027.

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.

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The List of Companies :

1. Applus Services, SA
2. Bureau Veritas SA
3. DEKRA
4. Element Materials Technology
5. International Fire Consultants Group
6. Intertek Group plc
7. SGS AG
8. TUV SUD AG
9. UL LLC
10. United Technologies Corporation

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 report segments the global fire testing market as follows:

Global Fire Testing Market - By Service

o Testing
o Inspection
o Certification

Global Fire Testing Market - By Sourcing Type

o In-house
o Outsourced

Global Fire Testing Market - By Application

o Building & Construction
o Automotive
o Industrial & Manufacturing
o Consumer Goods & Retail
o Aerospace & Defense

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