According to a market report published by Future Market Insights in its latest report titled ‘Fire Extinguisher Market: Global Industry Analysis and Opportunity Assessment, 2016 – 2026’. In terms of sales, the global fire extinguisher market is projected to grow at a healthy CAGR of 5.9% in term of value over the forecast period and will be primarily driven by rising demand from various end-use industries.
Increasing urbanization in emerging as well as developed countries has led to increase in constructional activities in many regions. Owing to this, migration of people from remote villages to cities has increased. This will increase the demand for fire extinguishers around the globe and simultaneously promote the fire extinguisher market to gain traction over the forecast period. Among the product types, the carbon dioxide fire extinguisher segment is projected to account a relatively large market share in terms of both value and volume, while the dry powder segment is expected to account a relatively low market share in terms of value by 2027 owing to low demand by consumers.
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Among all the regions, North America is projected to account a relatively large market share in terms of both value and volume, while Latin America Fire extinguisher market is expected to account a relatively low share in terms of value and volume by 2027. North America is expected to maintain its dominance in the global fire extinguisher market throughout the forecast period in terms of value and volume owing to the growing sale of fire extinguishers in the region.
The key players operating in the North American fire extinguisher market are strategically focusing on acquisitions and collaborations with other players with an objective of expanding their product portfolio and increasing their global reach. APEJ is usually referred as an emerging market and many global players are eyeing to expand their footprints by establishing their distribution channels and manufacturing units in the region. Carbon dioxide, pressurized water and dry chemical type fire extinguisher are witnessing an increasing demand owing to the jump in industrialization in countries such as India and China. The fire extinguisher market in Asia-Pacific is being driven by the expansion of manufacturing facilities with the general growth of automotive, construction and oil & gas industries in the Asian subcontinent.
The presence of large number of manufacturing companies in the Western Europe such as Jactone Products, Vitkovice HTB, Fireblitz ltd and Jockel GmbH has increased the production capabilities with world class requirements and facilities. The U.K. manufactures a large number of fire extinguishers attributing to the fact that many automobile and food and beverages industries are in operation in the Western Europe. The fire extinguisher industry is heavily reliant on the growth of the construction industry, growth of one will directly promote the growth of another. This will increase the demand for fire extinguishers in the MEA and trigger the growth of the fire extinguisher market in the region.
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Fire Extinguisher Market Participants: Examples of some of the participants operating in the global fire extinguisher market are Activar Inc., Amerex Corporation, Britannia Fire Ltd, Ceasefire Industries Pvt. Ltd, Desautel Sas, Feuerschutz Jockel Gmbh & Co. Kg, Fike Corporation, Flamestop Australia Pty. Ltd., Gunnebo Ab, Halma Plc, Hatsuta Seisakusho Co., Ltd., Hochiki Corporation and Yamato Protec Corporation. The large multinational companies are aiming to strengthen their foothold in the emerging markets. With the entrance of new manufacturers and distributors, the investment in fire extinguisher industry is expected to increase, which will directly affect the growth of the fire extinguisher market. The Occupational Health and Safety Administration is emphasizing on the safety aspects of the buildings and infrastructural projects. Along with that, it conducts various programs for increasing the awareness regarding industrial and residential fire safety. Such measures will drive the demand for fire extinguishers in infrastructural projects, thereby aiding in further augmentation of the market.