NEW YORK, April 25, 2018 (GLOBE NEWSWIRE) -- According to the new market research report published by P&S Market Research, the global fire extinguishers market is projected to reach $6,452.3 million by 2023, the market growth is mainly driven by rapid industrialization, increasing construction activities for commercial purposes, and implementation of stringent fire safety norms for promoting public safety.
A fire extinguisher is a firefighting device that is used for controlling small fires, mostly in emergency situations. It comprises a cylindrical pressure vessel containing a fire-extinguishing agent, such as water, foam, carbon dioxide, or dry powder, which is discharged over a burning substance to extinguish the fire.
The category of dry chemical and dry powder extinguishers has been holding the largest share in the fire extinguishers market, as they are relatively cost-effective than clean agent extinguishers and can be used for different classes of fire, unlike water-based and foam-based fire extinguishers, which can only be used for one or two classes of fire.
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During the forecast period, the market for portable fire extinguishers is expected to witness higher growth. Being handy in nature, they can be instantaneously used during emergency conditions to douse the fire. Trolley-mounted extinguishers, on the other hand, find major application in large facilities, such as industrial plants and warehouses. This factor limits their demand in the fire extinguishers market.
Industrial facilities constitute the largest end-user base in the market, as adequate fire safety equipment is needed to be installed in manufacturing units in order to avoid any loss of life and property caused by fire. Moreover, in majority of countries, industrial facilities are required to strictly comply with fire safety norms. This is further driving the growth of the fire extinguishers market.
Globally, North America has been leading the fire extinguishers market and is estimated to contribute more than 30.0% share to the market in 2017 in terms of value. U.S. and Canada are two of the world’s most well-developed demand-generating regions that strictly adhere to fire safety norms. Besides, the development of new infrastructure projects in these countries is expected to boost the fire extinguishers market in the coming years.
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 during the forecast period.
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The fire extinguishers market in developed countries of the world is mature, owing to the high installation rate of firefighting equipment and strict compliance to fire safety norms. However, the adoption rate of fire protection equipment is still low in developing countries. Undergoing rapid economic transformation, characterized by the large-scale construction of housing projects, commercial centers, and industrial units, developing countries continue to offer growth opportunities to the players in the fire extinguishers market.
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.
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