According to the new research report published by The Insight Partners, titled “Fire Testing Market”, the global fire testing market is expected to reach US$ 10.08 Bn by 2027, registering a CAGR of 6.7% during the forecast period 2019-2027. In 2018, Europe was estimated to hold the largest market share.
The global fire testing market is anticipated to witness impressive growth during the forecast period. Driving factors such as necessity to adhere to the stringent fire compliances and regulations and significant growth of construction sector across the globe are propelling the fire testing market demand. However, less availability of skilled staff along with presence of counterfeit and forged products is anticipated to hinder the market in the coming years.
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As urbanization has increased, there have been increasing demands for commercial complexes, housing, and infrastructural constructions from the consumer segment. 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 across the globe. 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 market.
Currently, the global fire testing market continues to witness a significant proportion of mergers and acquisition between the leading market players operating in the fire testing market. Besides, the recent rise in emphasis towards the integration of digital technologies into the testing solutions is gaining significant traction and subsequently is projected to be the dominant market driving force during the coming few years. Furthermore, the continuous economic prosperity, along with growing infrastructural investment in emerging economies is also expected to provide attractive business growth opportunities for the market players during the coming years.
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