The global fire testing market accounted for US$ 5.77 Bn in 2018 and is expected to grow at a CAGR of 6.7% over the forecast period 2019-2027, to account for US$ 10.08 Bn by 2027
NEW YORK, Feb. 13, 2020 /PRNewswire/ -- Fire Testing Market to 2027 - Global Analysis 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); - Global Analysis and Forecasts
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The global fire testing market accounted for US$ 5.77 Bn in 2018 and is expected to grow at a CAGR of 6.7% over the forecast period 2019-2027, to account for US$ 10.08 Bn by 2027. The necessity to adhere to the stringent fire compliances & regulations and significant growth of construction sector across the globe are few of the factors driving the fire testing market worldwide. However, less availability of skilled staff along with presence of counterfeit & forged products may restrain the future growth of fire testing market. Despite these limitations, rapid pace of industrialization & urbanization in developing economies of APAC is going to offer a greater opportunity to the fire testing market during the forecast period.
Several factors which are impacting the market as a whole the macroeconomic circumstances, which affects new constructions and correspondingly the new equipment and service installations.The construction sector is witnessing a decent growth rate in the recent time.
The trend is foreseen to continue over the years, thereby, creating a huge space for commercial and industrial constructions.Governments of various countries are undertaking initiatives with a motive to support the construction industry.
The growth in the construction of commercial buildings is anticipated to provide prosperous opportunities to the market to grow across the globe thus, positively impacting the fire testing market.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.
The market for fire testing has been segmented on the service, sourcing type, application, and geography.The fire testing market based on service is sub-segmented into testing, inspection, and certification.
The testing segment is expected to hold the prime market share in the fire testing market.The fire testing market on the basis of sourcing type is segmented into in-house and outsourced.
The in-house sourcing type 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, aerospace & defense, and others.
The building & construction sector is expected to hold the lion's share in the year 2018 and is expected to continue its dominance till 2027.
The overall fire testing market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the fire testing market.
It also provides the overview and forecast for the global fire testing market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the fire testing market.
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