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Fire Testing Market expected to be worth $8.6 billion by 2024

 

 


(IT-NEWSWIRE.COM, January 07, 2020 ) The report "Fire Testing Market by Service Type (Testing, Inspection, and Certification), Sourcing Type (In-house and Outsourced), Application (Consumer Goods & Retail, Chemicals, Construction & Infrastructure, Mining) Region - Global Forecast till 2024", was valued at USD 6.3 billion in 2019 and is projected to reach USD 8.6 billion by 2024; it is expected to grow at a CAGR of 6.4% during the forecast period. The major driving factors in the fire testing market are the adoption of safety systems in industries and growing automation in buildings.



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In-house market expected to hold largest share in fire testing market



Based on service, the fire testing market has been segmented into in-house and outsourced. In-house testing facilities enable the companies to perform fire testing services as part of the control and quality assurance. To perform testing activities in-house, a company must build in-house capabilities in terms of technology, test and measurement equipment, and skilled personnel. The majority of fire testing, inspection, and certification are conducted in-house. Several companies have their own in-house capabilities, including full-service laboratories offering fire testing services for different sectors such as consumer goods and retail, building and construction, IT and telecom, agriculture and foods, chemicals, energy & power, industrial and manufacturing, and medical and life sciences.



Consumer goods & retail is the fastest-growing application in fire testing market during forecast period



As fire safety and fire protection are major concerns in the consumer goods and retail industry, consumer goods must comply with different national and international regulations and requirements as failure to do so could result in unexpected costs, or worse, harm to end-users and irreparable damage. Consumer goods and retail products that require fire testing include hard goods, softlines and accessories, and toys and juvenile products, electrical and electronic products, textiles, apparel, and footwear industries that utilize or undergo fire testing services. Various types of fire testing methods include rate of flame spread, smoke development calorific value, self-ignition temperatures, flash ignition temperatures, non-combustibility, smoke density, flash over characteristics, and carbon monoxide concentration. The market for consumer goods and retail applications is the fastest-growing application as consumer spending is increasing globally.



Testing services to hold largest market share in fire testing market during forecast period



Fire testing allows manufacturers to understand the behavior of materials and products. The information on a product’s fire performance, including fire resistance, flammability, and flame/smoke spread characteristics, can help manufacturers design products that are safe. Many fire tests are run by official laboratories for the purpose of product certification. Fire testing service is increasing largely due to the development of oil & gas, consumer goods and retail, construction and infrastructure, industrial, and manufacturing industries. Also, changing laws and codes for fire safety and security equipment is another reason due to which the fire testing market is expected to increase in future



APAC held largest market share in fire testing market between 2019 and 2024



The growth of the fire testing market in APAC is driven mainly by the growth of consumer goods in the region. APAC is expected to hold the largest market share during the forecast period as consumer spending is increasing across the region. Also, APAC consumers are increasingly looking to brand identity to boost their social status due to which premium products, such as clothing, shoes, jewelry, and cosmetics, requires fire testing. Thus, an increase in consumer spending on premium products will foster the growth of the said market in the future.



Key Market Players



The key market players in the market are Intertek (UK), TUV SUD (Germany), IBM (US), SGS Group (Switzerland), Bureau Veritas SA (France), UL LLC (US), DEKRA SE (Germany), QIMA (Hong Kong), Applus+ (Spain), United Technologies (US), Element Materials Technology (UK), and International Fire Consultants Group (UK).



These players are increasingly undertaking service launches and developments, acquisitions, partnerships, and agreements to develop and introduce new fire testing services in the market.



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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.



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