The Portable Fire Extinguisher Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Portable Fire Extinguisher Global Market Report 2024, The portable fire extinguisher market size has grown strongly in recent years. It will grow from $7.54 billion in 2023 to $8.22 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to stringent fire safety regulations, industrial growth, commercial infrastructure development, stringent fire safety regulations, increasing urbanization.
The portable fire extinguisher market size is expected to see strong growth in the next few years. It will grow to $11.16 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to smart fire safety solution, renewed emphasis on residential safety, e-commerce growth, rising construction activities, global climate changes. Major trends in the forecast period include strategic partnerships, technological advancements, IoT integration for monitoring, environmentally friendly extinguishing agents, advanced fire detection technologies.
The rise in the number of transportation vehicles is expected to propel the growth of the portable fire extinguisher market going forward. Transportation vehicles are designed and used to transport people, goods, or both from one location to another. Portable fire extinguishers are used as safety measures in many vehicles like buses, coaches, and minibuses to help combat fires on board. Also, it is mandatory for the government in a few countries to install portable fire extinguishers in those vehicles that carry or transport inflammable material to improve road safety. For instance, in January 2023, according to the National Automobile Dealers Association (NADA), a US-based trade organization, there were 13.7 million new light-vehicle sales in the United States, with 14.6 million new light-vehicle sales expected in 2023, representing a 6.6% increase above 2022 predictions. Therefore, the rise in the number of vehicles is driving the growth of the portable fire extinguisher market.
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The portable fire extinguishers market covered in this report is segmented –
1) By Agent Type: Chemical-based, Water-based, CO2-based, Metal-based, Powdered-based, Foam-based.
2) By Fire Type Outlook: Class A, Class B, Class C, Class D, Class K.
3) By Distribution Channel: Online, Offline.
4) By Application: Residential, Industrial, Manufacturing, Construction, Warehouse, Factories, Commercial, Vehicles.
Major companies operating in the portable fire extinguisher market are focusing on strategic partnerships to provide reliable services to customers. A strategic partnership is an arrangement between two or more companies or organizations that helps each other or works together to achieve their respective goals. For instance, in August 2023, Packaging and Crating Technologies, a US-based world leader in manufacturing industrial packaging and crating solutions, partnered with Fireproof Solutions Inc., a US-based company that supports fireproof packaging for shipping or storing lithium-ion batteries, to launch a fire extinguishing solution called Lion-X designed to instantly contain and destroy fires involving LIBs, battery packs, and chargers. Lion-X is a water -based, premixed substance that aspirates from a nozzle to generate a low-expansion foam. The solution can be sprayed manually or automatically using both wheeled and portable extinguishers. At temperatures as high as 1,600 degrees Fahrenheit, Lion-X can usually put out LIB fires in 30 seconds or less while absorbing more heat energy. Additionally, it changes the way that smoke is produced from lithium-ion burns so that almost no methane or hydrogen is created and discharged into the atmosphere.
The portable fire extinguisher market report table of contents includes:
1. Executive Summary
2.Portable Fire Extinguisher Market Characteristics
3. Portable Fire Extinguisher Market Trends And Strategies
4.Portable Fire Extinguisher Market analysis
5.Portable Fire Extinguisher Market Size And Growth
6.Portable Fire Extinguisher Segmentation
7.Portable Fire Extinguisher Regional And Country Analysis
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27.Portable Fire Extinguisher Competitive Landscape And Company Profiles
28.Portable Fire Extinguisher Key Mergers And Acquisitions
29.Portable Fire Extinguisher Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Hochiki Corporation
- Raytheon Technologies Corp
- Johnson Controls International PLC
- Morita Holdings Corporation
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