As per a Future Market Insights (FMI) analysis, the fire extinguisher market is projected to be appreciated at over ~US$ 3.6 Billion in 2021, growing at a CAGR of ~5.7% over the prediction period of 2021 to 2031.
Demand for fire extinguishers is expected to rise over the projected period as more industrial and commercial applications as well as the implementation of stricter building rules.
Yet, the ongoing COVID-19 pandemic issue has had a significant negative impact on the world economy. The production and supply chain networks have been completely shut down as a result. The overall operations in the market for fire extinguishers have also been significantly impacted by this.
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Despite this, the market is anticipated to experience profitable prospects throughout the course of the projection period due to rising demand from the commercial and industrial sectors. Growth will be aided by replacement/retrofit jobs and new unit sales.
Gains will also be produced in the next ten years as a result of tighter requirements for residential construction design guidelines. Also, manufacturers are spending money on R&D initiatives to provide cutting-edge and new product offers. During the forecast period, these factors are anticipated to have a positive impact on the growth in demand for fire extinguishers.
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.
Fire Extinguisher Market by Category
By Product Type
- Water
- Air-Pressurized Water
- Water-Mist
- Foam
- Aqueous film-foaming foam
- Compressed air foam system
- Others
- Wet Chemical
- Potassium Acetate
- Potassium Carbonate
- Potassium Citrate
- Dry Powder
- Carbon Dioxide
- Dry Chemical
- Others
By Fire Type
- Class A
- Class B
- Class C
- Class D
- Class K
By End Use
- Residential
- Commercial
- Industrial
- Public Areas
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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