According to a Future Market Insights (FMI) analysis, the fire extinguisher market will be worth more than US$ 3.6 billion in 2021 and will grow at a CAGR of 5.7% from 2021 to 2031. Demand is expected to rise over the forecast period due to increased use of fire extinguishers in the industrial and commercial sectors, as well as the implementation of stringent regulations and building codes.
According to Future Market Insights, the United States will remain one of the most profitable markets throughout the forecast period. According to the research, the market value in 2021 is expected to exceed $1 billion.
The rise in construction activity and the enforcement of stringent fire regulations by bodies such as the National Fire Protection Association (NFPA), which publishes codes and standards intended to minimise the possibility and effects of fire and other risks, are key factors supporting market expansion in the country.
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Furthermore, lucrative growth in the defence, marine, and tourism industries also paves the way for market growth in the country to the tune of 5.6% per annum.
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.
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.
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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.
Some of the key 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.
Find More Valuable Insights
The research report analyzes the market demand trends of the fire extinguisher market. The global market estimation and growth projection are based on factors like end-use industries development, COVID-19 crisis impact, replacement ratio, and adoption rate of fire extinguishers. As per Future Market Insights’ research scope, the fire extinguisher market has been studied and segmented based on pipe size, application, construction material and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market on both, the supply side and demand side.
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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
- The Middle East and Africa (MEA
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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