According to a report by Future Market Insights, the fire extinguisher market is projected to exhibit a Compound Annual Growth Rate (CAGR) of 5.7% from 2023 to 2033. By the conclusion of this specified period, it is estimated that the market will attain a valuation of approximately USD 7 billion. Notably, fire extinguisher sales are expected to reach a significant milestone, surpassing USD 4 billion by the year 2023.
As the incidence of fire-related fatalities in both residential and commercial properties continues to rise, so too does the demand for fire extinguishers. These devices, with their simplicity of operation, play a pivotal role in mitigating fire hazards during critical emergency situations.
The installation and maintenance of hydrant systems and automated fire sprinkler systems necessitate the involvement of skilled firefighters or specialized equipment, both of which are limited in their applicability within confined spaces. Additionally, the implementation of sprinkler systems can be cost-prohibitive, rendering them inaccessible to certain entities.
Key Takeaways from the Market Study:
- From 2018 to 2022, the global fire hydrant market grew at a CAGR of 4.5%
- As of 2022, the fire hydrant market was valued at USD 3.8 billion
- The United States is expected to be an opportunistic market, accumulating a valuation of USD 1 billion in 2021
- Germany to account for 15.7% of the European fire extinguishers demand
- As of 2022, the market for fire extinguishers in China was valued at USD 560 million
- India to experience a CAGR of 6% from 2023 to 2033 with respect to fire extinguishers sales
- Around 1/4thof all fire extinguishers are expected to comprise dry chemicals
- By fire type, class A fires to generate incremental opportunity worth USD 1.6 billion
‘The global fire extinguisher business is expected to grow significantly. Increased construction activity for commercial spaces, new manufacturing plants, and the introduction of new housing developments, combined with the implementation of strict fire safety laws, are all influencing the global fire extinguishing market,’ says FMI analyst.
Competitive Landscape:
The global fire extinguisher marketplace is extremely competitive with numerous small-scale and local competitors present. Key players in the fire extinguishers market use tactics such as company growth through mergers and acquisitions, product launches, partnerships, and alliances.
- Ceasefire Industries Pvt. Ltd. unveiled an exclusive range of home extinguishers with a compact point-and-shoot construct in August 2022.
- SFP Holding, Inc. declared in June 2002 that its subsidiary companies, Summit Fire & Security and Summit Fire Protection, had just concluded ten strategic acquisitions.
More Valuable Insights:
Future Market Insights, in its new offering, presents an unbiased analysis of the global fire extinguisher market presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
The study reveals essential insights by product type (water, foam, we chemical, dry powder, carbon dioxide, dry chemical, and others), fire type (class A, class B, class C, class D, and class D), and end-user (residential, commercial, industrial, public areas, and others) across five major regions (North America, Latin America, Asia Pacific, Europe and Middle East & Africa).
Key Segments Profiled in the Fire Extinguisher Industry Survey:
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
- Asia Pacific
- Middle East and Africa
Access Report Details for More In-Depth Information!
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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