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North America Fire Testing Market (2018 to 2027) - Regional Analysis and Forecasts - ResearchAndMarkets.com

The "North America Fire Testing Market to 2027 - Regional Analysis and Forecasts by Service; Sourcing Type; Application" report has been added to ResearchAndMarkets.com's offering.

Fire testing market in North America is expected to grow from US$ 1.34 Bn in 2018 to US$ 2.39 Bn by the year 2027. This represents a CAGR of 6.9% from the year 2019 to 2027.

In an event of a fire in buildings, consumer products, or in any means of transportation, the fire resistance time of the products and materials is the most critical variable and is expected to have a direct influence on the inhabitants' safety. Fire-resistant products are designed to support the structures to retain their least functions during the time needed to evacuate the people, even regardless of the extreme conditions of heat and pressure to which they are exposed. The manufacturers of these products, must evaluate product stability, resistance, and fire insulation based on the applicable regulation.

The majority of the advanced and developing economies have laid down stringent fire regulations regarding the development of consumer products and construction of new buildings in order to ensure safety for occupants. The concerned authorities have laid down heavy punishments in case of violence of the codes. Virtually every building, process, service, design, and installation is affected by NFPA's codes and standards. These codes and standards, reflect changing industry needs and evolving technologies, supported by research and development, and practical experience. The laying of such rules and regulations have been driving the adoption of fire testing market.

Several factors which are impacting the market as a whole the macroeconomic circumstances, which affects new constructions and correspondingly the new equipment and service installations. The construction sector is witnessing a decent growth rate in the recent time. 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. The fire testing market is competitive in nature with the presence of some of the major players operating in the fire testing market.

The fire testing market by sourcing type is segmented into the in-house and outsourcing. In-house service includes performing fire testing activities or operations within a company. It includes the company's employees as well as time by keeping a division or business activity, in-house. In-house services are implemented within the same business utilizing the company's employees and assets. In-house testing has several benefits, including, cost savings by not paying for external testing, saving on shipping costs, time-saving, and more flexibility. Additionally, it may enable the company to use higher levels of control for the activities performed by the testing divisions by observing the services and employees in direct control.

Reasons to Buy:

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America fire testing market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the North America Fire Testing market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

  • Stringent rules and regulations necessitating the adoption of fire safety measure

Restraints

  • Lack of skilled workforce and availability of counterfeit and forged products

Opportunities

  • The growing construction activities are expected to create lucrative market opportunities

Future Trends

  • Introduction to smart buildings

Companies Mentioned

  • 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

For more information about this report visit https://www.researchandmarkets.com/r/jt5mhe

View source version on businesswire.com: https://www.businesswire.com/news/home/20200527005784/en/

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