As per a Future Market Insights (FMI) analysis, the fire extinguisher market is projected to be appreciated at over ~US$ 3.6 Bn in 2021, growing at a CAGR of ~5.7% over the prediction period of 2021-2031.
Increasing industrial and commercial sector applications of fire extinguishers, coupled with the implementation of stringent regulations and building codes are likely to result in increasing demand over the forecast period.
However, the ongoing crisis caused by the COVID-19 pandemic has severely impacted the global economy. It has resulted in a complete shutdown of the supply chain networks and manufacturing activities. This also has negatively impacted the overall operations in the fire extinguisher market.
The market is however expected to witness lucrative opportunities during the forecast period owing to increasing demand from commercial and industrial sectors. New unit sales and replacement/retrofit jobs will contribute to growth.
Increasing regulations for building design codes in the residential sector will also generate gains in the coming decade. Moreover, manufacturers are investing in R&D activities to offer innovative and technologically advanced product offerings. These factors are expected to positively influence the growth in demand for fire extinguishers during the forecast period.
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Key Takeaways of the Fire Extinguisher Market Study
Carbon dioxide extinguishers will account for the leading market share of over 30%, on the back of easy access to raw materials and efficacy in fire control. Dry chemical fire extinguishers are increasingly adopted, due to their superior efficiency in draught-free conditions. Germany will emerge as a key market for fire extinguishers on the back of the implementation of stringent codes for ensuring better safety in buildings. The U.S. dominates the North American market, accounting for over 80% of sales in the region.
China will lead the East Asia market, exhibiting a growth rate of over 6.5% CAGR through the assessment period. “With the ever-evolving requirements of the global construction industry, demand for fire safety equipment has grown rapidly. Fire extinguishers in particular, have been at the center of these developments in terms of economically feasible solutions. Innovative product offerings have been important for manufacturers to gain competitive benefits,” says an analyst of Future Market Insights.
Competitive Landscape
The fire extinguisher market is highly fragmented. The penetration of local and regional players makes this market highly competitive. Companies operating in the market are trying various strategies to gain a competitive edge while maintaining their longstanding relationships with several equipment distributors and end-users.
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Some of the leading players in the market include but are not limited to Kidde, AMEREX CORPORATION, Hochiki Corporation, NAFFCO FZCO, DESAUTEL SAS, HATSUTA SEISAKUSHO Co. Ltd, Yamato Protec Corporation among others.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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