Increasing industrial and commercial sector applications of fire extinguishers, coupled with implementation of stringent regulations and building codes are likely to result in increasing demand over the forecast period.
As per a Future Market Insights’ (FMI) analysis, the fire extinguisher market is projected to be valued at over ~US$ 3.6 Bn in 2021, expanding at a CAGR of ~5.7% over the forecast period of 2021-2031.
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However, the ongoing crisis caused by COVID-19 pandemic has severely impacted the global economy. It has resulted in a complete shutdown of the supply chain networks and manufacturing activities. This also has negatively impacted the overall operations in the fire extinguisher market.
The market is however expected to witness lucrative opportunities during the forecast period owing to increasing demand from commercial and industrial sectors. New unit sales and replacement / retrofit jobs will contribute to growth.
Market Outlook:
The fire extinguisher market was estimated to clock at 3.5% CAGR between 2016 and 2020. Fire extinguishers are pressure vessels that contain a specialized extinguishing agent that aids in the control or dousing of a fire. Portable fire extinguishers are simple to use, lightweight, and portable.
The demand for fire extinguishers is growing due to an increase in the number of fire fatalities in homes and businesses. Fire extinguishers are key units for fighting fire, especially in closed spaces. These products are designed to be simple to minimize fire risks in times of emergencies.
Furthermore, advancements in sound and gas based firefighting technology, will also influence the growth of the market in the near future. The global fire extinguisher market is estimated to be valued around US$ 3.6 Bn in 2021, exhibiting 1.1 X increase over the previous year. Future Market Insights expects the global Industrial Fire Extinguisher market to expand at over 5.5% CAGR through 2031.
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By Segmentation:
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
- Middle East and Africa (MEA)
COMPETITIVE LANDSCAPE
The global fire extinguisher market is highly fragmented in nature, with the presence of numerous small scale and regional players in the market. Strategies followed by key players in the fire extinguishers market include business expansion by mergers and acquisitions, product launches, collaborations, and alliances.
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Key market players also are focusing on strategies involving new dealership networks and collaborations. Investments in research and development for novel products are anticipated to boost the growth. For instance:
- In May 2021, First Alert released a new fire extinguisher aimed towards use in home settings and recreational spaces, as a low budget offering. The product has been designed to meet rechargeable REC 5 standards.
- In February 2021, Win Time Technology introduced a new, plant-based fire extinguishing agent at the No Agricultural Waste research and development project. The product is set o become an eco-friendly alternative to conventional fire extinguisher offerings.
- In January 2021, CASP Aerospace announced the release of a new range of environment friendly model 375H673 of fire extinguishers as an alternative to Halon 1211 fire extinguishers with a mounting bracket feature.
Some of the leading companies operating in the market are:
- Kidde
- ACTIVAR INC.
- AMEREX CORPORATION
- BRITANNIA FIRE LTD
- Ceasefire Industries Pvt. Ltd.
- NAFFCO FZCO
- Safex Fire Services Ltd.
- SIEX 2001 S.L.
- Yamato Protec Corporation
- GUNNEBO AB
- Hochiki Corporation
- Johnson Controls International Plc
- PASTOR – TVA – d.d.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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