The fire testing market in Asia-Pacific is expected to grow from US$ 1.64 Bn in 2018 to US$ 3.08 Bn by the year 2027. This represents a CAGR of 7.6% from the year 2019 to 2027.
Several factors that are impacting the market as a whole the macroeconomic circumstances, which affect new constructions and correspondingly the new equipment and service installations. The construction sector is witnessing a decent growth rate in 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.
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, China is dominating the fire testing market in terms of installation, which in turn boosts the demand for the fire testing market in the region. Several multinationals operating in different sectors are targeting the Chinese market and opening their manufacturing facilities in the country. The presence of a robust manufacturing industry in the country, the demand for a fire testing market is anticipated to witness robust growth. GB standards are the Chinese national standards issued by the Standardization Administration of China (SAC), the Chinese National Committee of the IEC and ISO. The prefixed "GB" is a mandatory standard for fire testing. Whereas, recommended standards are prefixed "GB/T." GB standards are the basis for the product testing which products must undergo during the China Compulsory Certificate (CCC) certification. The various standards set for fire testing in China include Fire Test to Building material – Chinese Standard: GB 8624, GB/T 34749-2017, GB/T 9978.9-2008, GB/T 9978.8-2008, GB/T 9978.7-2008, GB/T 9978.6-2008, and others. The figure given below highlights the revenue share of Rest of Asia-Pacific in the Asia-Pacific fire testing market in the forecast period:
Rest of Asia-Pacific Fire Testing Market Revenue and Forecasts to 2027 (US$ Mn)
ASIA-PACIFIC Fire testing MARKET - SEGMENTATION
Asia-Pacific Fire Testing Market - By Service
Asia-Pacific Fire Testing Market - By Sourcing Type
Asia-Pacific Fire Testing Market - By Application
Asia-Pacific Fire testing Market - By Country
Asia-Pacific Fire testing Market - Companies Mentioned
| Report Attribute | Details |
|---|---|
| Market size in 2018 | US$ 1.64 Billion |
| Market Size by 2027 | US$ 3.08 Billion |
| CAGR (2019 - 2027) | 7.6% |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By Service
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Fire Testing Market is valued at US$ 1.64 Billion in 2018, it is projected to reach US$ 3.08 Billion by 2027.
As per our report Asia Pacific Fire Testing Market, the market size is valued at US$ 1.64 Billion in 2018, projecting it to reach US$ 3.08 Billion by 2027. This translates to a CAGR of approximately 7.6% during the forecast period.
The Asia Pacific Fire Testing Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Fire Testing Market report:
The Asia Pacific Fire Testing Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Fire Testing Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Fire Testing Market value chain can benefit from the information contained in a comprehensive market report.
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