Global Fire Testing Market is Expected to Reach USD 9.47 Billion by 2026 : Fior Markets

New Jersey, NJ, Jan. 22, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global fire testing market is expected to grow from USD 5.79 billion in 2018 to USD 9.47 billion by 2026, at a CAGR of 6.01% during the forecast period 2019-2026.

A fire testing is necessary for determining whether fire protection products meet minimum performance criteria as set out in a building code or other applicable legislation. It measures how easily materials ignite, how quickly they burn, and how they react when burned. Fire testing laboratories use various testing methods, on the basis of international flammability testing standards and the type of material being tested.

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Global Fire testing Market Key Findings:

Factors such increasing infrastructure activity, rising concern regarding the fire safety of consumer goods and retail, increasing smart city projects across the globe, and growing automation in the building are expected to drive the global fire testing market growth during the forecast period.
The lack of awareness about fire testing services in the developing regions such as Middle East & Africa, South America, and some countries of Asia Pacific region is expected to hamper the market growth in the upcoming years.
The type segment is divided into testing, inspection, and certification. Certification is likely to hold the largest market share in the global fire testing market. Certification services is necessary to validate the result of inspection or a test against a range of pre-specified standards set by international standardization institutions, governments, or clients.
The sourcing segment includes outsourcing and inhouse. The outsourced segment is anticipated to grow at the highest CAGR of 6.3% over the forecast period. This is mainly because outsourcing of fire testing helps to save the cost and time, as compared to in house fire testing which requires high cost and more time.
The application segment is fragmented into consumer goods & retail, chemicals, construction & infrastructure, mining, and others. Construction and infrastructure are likely to hold the largest market share in the global fire testing market over the forecast period. The fire testing market for construction and infrastructure is driven by the increasing need for fire testing services in fire protection and control equipment and fire detection and notification equipment that is put to use across different industrial and commercial infrastructure across the world.
The regions analyzed for the global fire testing market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region emerged as the largest market for fire testing in the year 2018. In North America and European markets, there are regulations governing the import and sale of most products, including flammability standards such as the EU Toy Safety Directive 2009/48/EC. Most of the other well-developed consumer markets have similar regulations. Therefore, there are significant opportunities in these regions for the fire testing vendors, during the forecast period.
Key players in the global Fire testing market are Intertek, TUV SUD, SGS Group, Bureau Veritas SA, UL LLC, DEKRA SE, QIMA, Applus+, United Technologies, Element Materials Technology, and International Fire Consultants Group among others. Many companies have adopted key strategies such as merger and acquisition, geographical expansion, new product development, and innovation in product offering to gain a competitive advantage in the global fire testing market.
In September 2017, SGS announced the acquisition of U.S. based Govmark Fire Laboratories, to further extend its furniture flammability testing capabilities in the U.S., which already includes two facilities in China and one each in India and the UK.
In April 2019, Bureau Veritas, a world leader in testing, inspection and certification, and Microsoft, announced the global technical and business collaboration for the development of laboratory testing services based on artificial intelligence (AI).
In December 2018, Element Materials Technology announced the acquisition of Exova Group Ltd (Exova) last year, the Fire & Building Products Company, to further expand in the fire testing market.

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About the report:

The global fire testing market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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