The fire testing market in Europe is expected to grow from US$ 1.96 Bn in 2018 to US$ 3.18 Bn by the year 2027. This represents a CAGR of 5.8% from the year 2019 to 2027.
The fire testing market is primarily driven by the increasing need to adhere to the stringent fire compliances and regulations. However, the lack of a skilled workforce and the presence of counterfeit products in the market are the major factors that might hinder the growth of the fire testing market. Several factors that are impacting the market as a whole the macroeconomic circumstances, which affect new constructions and correspondingly the latest equipment and service installations. The construction sector is witnessing a decent growth rate in recent times. 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.
Also, the legacy and existing cabling infrastructure used in commercial buildings, offices, malls, and other confined places have proven to be incapable of handling the current capacities. A small occurrence of fire could lead to fatal results. In the urbanization era, with the rise in the number of constructions, care needs to be taken of human lives and property as well. With an increasing number of constructions, there has been an increasing number of fire incidents being reported daily. 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 fire testing market.
The fire testing market by service is segmented into the testing, inspection, and certification. The inspection includes checking of goods for compliance with the required specifications. The process is often conducted at the manufacturing factory and chiefly emphasize checking construction, appearance, and basic product function. Another primary purpose of the inspection is to help identify and address quality defects in the products before final packaging. The process generally uses an acceptance sampling method such as an acceptable quality limit (AQL) for inspecting a random sample. The examiner can classify quality defects on the basis of their severity and issue a "pass" or "fail" result for the product using AQL.
The overall Europe fire testing market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the European fire testing market. It also provides an overview and forecast for the European fire testing market based on all the segmentation provided with respect to the European region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry experts 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 Europe fire testing industry. Some of the players present in the fire testing market are Applus Services, SA, Bureau Veritas SA, Dekra, Element Materials Technology, International Fire Consultants Group, Intertek Group plc, SGS SA, TUV SUD AG, UL LLC, United Technologies Corporation.