Report : Fire Testing Market to 2027 - Global Analysis and Forecast 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)
According to the new research report published by The Insight Partners, titled “Fire Testing Market - Global Analysis and Forecast to 2027”, the global fire testing market is expected to reach US$ 10.08 Bn by 2027, registering a CAGR of 6.7% during the forecast period 2019-2027. In 2018, Europe was estimated to hold the largest market share.
As urbanization has increased, there have been increasing demands for commercial complexes, housing, and infrastructural constructions from the consumer segment. Also, the legacy and existing cabling infrastructure used in commercial buildings, offices, malls, and other confined places have proven to be incapable of handling the current capacities. A small occurrence of fire could lead to fatal results. In the urbanization era, with the rise in the number of constructions, care needs to be taken of human lives and property as well. With an increasing number of constructions, there has been an increasing number of fire incidents being reported daily across the globe. The fire causes could be many, and such fire losses have been significantly impacting the economy of countries around the world. Thus, the need for a robust cable infrastructure at these locations that do not pose any fire-related risks. These factors would further create a strong opportunity platform for the fire test service providers operating in the market.
Europe holds the dominant share in the fire testing market, and APAC is expected to be the fastest-growing region across the globe. Europe is a technologically advanced region, there are various standards set up for different applications and industries. Additionally, the non-governmental organizations, including consumer and environmental encourage industries to intensely participate in European standardization.
The Asia Pacific region comprises several developing economies such as China and India, as well as many Southeast Asian countries, strongly demanding infrastructure projects. The rising population in these countries is the main driver for the growth of the construction sector in the region.
Currently, the global fire testing market continues to witness a significant proportion of mergers and acquisition between the leading market players operating in the fire testing market. Besides, the recent rise in emphasis towards the integration of digital technologies into the testing solutions is gaining significant traction and subsequently is projected to be the dominant market driving force during the coming few years. Furthermore, the continuous economic prosperity, along with growing infrastructural investment in emerging economies is also expected to provide attractive business growth opportunities for the market players during the coming years.
Key findings of the study:
• In June 2019, Bureau Veritas partnered with the Safran Group, an Aerospace company based in France. The company signed the agreement for inspections of its technical facilities. The partnership would enable both the companies to simplify operational implementation for enhanced performance levels. Furthermore, the agreement would consolidate the established business relationship between the two companies in areas such as certification, safety, and the environment.
• In November 2019, DEKRA presented new Micro-Mobility Standard - an integrated approach to safety and sustainability for e-scooters and other micro-vehicles. The new standard comprises a total of more than 120 individual testing items across eight areas. Under Maintenance and storage, DEKRA experts examine in detail the maintenance intervals for vehicles and charging infrastructure, feedback for vehicle development, damage reporting and repair, employee training, occupational safety, fire protection, etc.
• In June 2019, Intertek Group plc Caleb Brett planned to expand its testing and inspection services in Louisiana with a new 5,000 square foot laboratory. The new laboratory enables the company to cater to the needs of the customers and also provides them with accurate results.
The global fire testing market is anticipated to witness impressive growth during the forecast period. Driving factors such as necessity to adhere to the stringent fire compliances and regulations and significant growth of construction sector across the globe are propelling the fire testing market demand. However, less availability of skilled staff along with presence of counterfeit and forged products is anticipated to hinder the market in the coming years.
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