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Fire Extinguishers Market Overview
The global fire extinguishers market is estimated to value $6,452.3 million in 2023 and is projected to witness a CAGR of 6.2% during 2017–2023. Growing construction activities for the development of new industrial plants, commercial centers, and housing projects, and implementation of stringent fire safety norms for public safety are two key factors driving the market growth.
GLOBAL FIRE EXTINGUISHERS MARKET, BY PRODUCT TYPE, ‘000 UNITS (2016–2023)
Based on product type, the fire extinguishers market has been categorized into dry chemical and dry powder, carbon dioxide, foam-based, water-based, and clean agent fire extinguishers. In terms of revenue, the category of dry chemical and dry powder extinguishers is estimated to hold the largest share, accounting for more than 55.0%, in the market in 2017. The dominant market share of dry chemical and dry powder firefighting equipment can be attributed to its relatively low price and high versatility as compared to other product types.
On the basis of portability, the fire extinguishers market has been classified into portable and trolley-mounted firefighting equipment. During the forecast period, the market for portable fire extinguishers is expected to grow at a higher rate, as they have proven to be more effective for putting out fire requiring less response time. Trolley-mounted firefighting equipment, on the other hand, finds major application in large industrial plants and warehouses.
Based on end user, the fire extinguishers market has been categorized into industrial, commercial, residential, and transport. In terms of revenue, industrial users are estimated to hold the largest share, of more than 50.0%, in the market in 2017. This can be attributed to rapid industrialization in developing countries, such as China, India, Brazil, and Indonesia, which is fueling the demand for fire extinguishers.
North America has been holding the largest share in the global fire extinguishers market and is estimated to contribute more than 30.0% share in terms of value to the market in 2017. The U.S., in particular, is the largest fire extinguishers market in the world. This is mainly attributable to the expanding construction sector and implementation of stringent fire safety norms and regulations in the country.
Fire Extinguishers Market Dynamics
North America, Europe, and other economically advanced regions follow stringent fire safety norms, which mandate the installation of fire safety equipment in commercial, residential, and industrial facilities. This factor is driving the fire extinguishers market in these regions. Moreover, emerging countries, such as China, India, Brazil, and Indonesia, which are witnessing massive construction boom, are strengthening their fire safety norms in order to reduce the incidence of fire-related accidents. The growing adoption of strict fire safety norms in these countries is expected to drive the growth of the fire extinguishers market in the coming years.
The fire extinguishing technology remained stagnant for several years and was once characterized by a fire-pressurized canister that sprayed fire-absorbing chemical or water to control fire. However, innovative solutions, such as sound-based firefighting technology, have been developed, which are expected to revolutionize firefighting practices across the world. Upon their commercialization, sound-based fire safety equipment meant for enclosed spaces, cockpits of airplanes, and ship decks is expected to witness a boost in its demand in the fire extinguishers market.
The construction industry, across the world, has witnessed rapid growth in recent years, as emerging nations, such as China, India, and Indonesia, continue to invest heavily in new infrastructure projects for commercial and residential purposes. Besides, high-income nations, such as the U.S., Saudi Arabia, Japan, and the U.A.E., are pouring fresh investments in construction activities to modernize their infrastructure with the development of smart cities. Upcoming construction projects, such as high-rise buildings, industrial plants, and commercial centers, are expected to drive the fire extinguishers market in the coming years.
The adoption rate of fire safety equipment in industrial and commercial facilities is high, which can be attributed to stringent fire safety regulations governing these facilities. However, the number of residential users, particularly independent houses, installing the equipment continues to remain relatively low throughout the world. This is mainly because of the lack of awareness among independent house owners about fire safety norms and the lack of enforcement laws for the installation of fire protection equipment in residential units. This factor hinders the growth of the fire extinguishers market.
Fire Extinguishers Market Competitive Landscape
Some of the major players operating in the global fire extinguishers market are Amerex Corporation, United Technologies Corporation, Minimax, Britannia Fire Ltd., First Alert Inc., JL Industries, Ceasefire Industries Pvt. Ltd., Feuerschutz Jockel GmbH & Co. KG, Tyco Fire Protection Products, and Desautel.