Fire Testing Market to Reach US$ 10.08 Billion, Globally, by 2027 at 6.7% CAGR: The Insight Partners

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 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.

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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.

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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.

Chapter Details of Fire Testing Market:
Part 01: Executive Summary
Part 02: Scope of The Report
Part 03: Fire Testing Market Landscape
Part 04: Fire Testing Market Sizing
Part 05: Fire Testing Market Segmentation by Product
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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