The global fire testing market is expected to grow from USD 6.3 million in 2019 to USD 8.6 billion by 2024, 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 industries and growing automation in buildings.
Based on services, the market for fire testing services market is expected to grow at the highest CAGR. There is an increasing demand for fire testing services in most applications owing to the rising demand for good-quality, safe, and standard products across the industry. In the fire testing market, these services ensure that the products have met the quality, safety, and performance regulatory standards against fire tests.
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Based on sourcing type, in-house fire testing held the largest market share. In-house fire testing is particularly evident in applications such as life sciences, utilities, and public sectors. 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.
Based on application, consumer goods & retail is expected to grow at the highest rate. Fire testing plays an important role in the consumer goods & retail industry. Moreover, every consumer electronic product requires to be tested with respect to its functioning, safety, and performance prior to its commercialization. Fire testing services are implemented extensively across textiles, apparel, and footwear industries to certify and ensure the safety, quality, and performance of products and ensure compliance with national regulations. Testing companies offer services such as flammability testing that helps manufacturers understand and analyze the resistance toward flammability as per industry standards, such as IMO and EN. Fire testing helps to determine how devices react to extreme heat or fire to ensure the safety of consumers in case of fire
APAC fire testing market held the largest market share in 2018. The growth in APAC for the fire testing market is increasing due to rapid industrialization and urbanization in countries such as China, India, and Japan. Also, this region is one of the biggest exporters of goods, products, and services. The population in this region is also enormous, and the number keeps increasing at a steady rate. To sustain this, the manufacturing sector has to keep up with its growing demand for products and services. Thus, the growing demand for products and services will help to boost fire testing services in this region.
