With 6.4% CAGR, Fire Testing Market Growth to Surpass USD 8.6 billion

Posted by edwardzmusso on February 3rd, 2023

Fire Testing Market 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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Certification services segment is fastest growing market in fire testing market during forecast period

Based on service, the fire testing market consists of testing, inspection, and certification services. The certification standards differ from country to country for different sectors. The growth of fire certification services is expected to grow at the fastest rate as fire certifications for products and equipment help meet and demonstrate compliance to the relevant standards and legislation. Also, companies choose certification services to protect their supply chain, data, and operations, thereby encouraging the growth of certification services in the future.

Outsourced fire testing is fastest growing segment in fire testing market during forecast period

Outsourced/third-party fire certification provides an additional level of assurance of both the level and consistency of performance relevant to the intended application.  The market for outsourced testing services is projected to grow at the fastest rate during the forecast period owing to the increased regulations that make in-house testing a costly affair.

Also, within the consumer goods & retail sector, many large firms are increasingly outsourcing their consumer goods for fire testing needs as outsourcing services are cheaper than conducting them in-house, which allows the overall outsourced fire testing services market to grow rapidly.

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.

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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).

News also Covered: https://www.prnewswire.com/news-releases/fire-testing-market-worth-8-6-billion-by-2024---exclusive-report-by-marketsandmarkets-300973844.html