Surging demand for fire extinguishers in industrial and residential sectors is encouraging the growth owing to the cost-effective methods and high efficiency foam-based techniques.
DUBAI, UAE / ACCESSWIRE / September 15, 2020 / Future Market Insights: The fire extinguisher market is expected to expand at CAGR of 6% through the forecast period (2020-2029). North America dominates this market with industrial sector covering up the major revenue share. With the rising development of infrastructures and rapid industrialization, Western Europe and North America stands at the top when we talk about fire extinguisher market.
"With Improving standards of living and inclination towards safer environment, there has been a surge in demand for fire extinguishers lately. Key companies are working hard and launching unique methods to grasp the opportunities that are popping-up in the development of residential and industrial sectors as well as in infrastructural developments ," states the FMI Analyst.
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Fire Extinguisher Market - Important Highlights
- Improving lifestyle and rapid urbanization in the developing as well as developed region is surging the demand and supply of fire extinguishers.
- On the basis of end-use, industrial sector is expected to hold the highest market share.
- North-America tops the list of usage due to industrial infrastructure which drives the market efficiently.
- There has been rising investment in the research and development part by the manufacturers and key players.
Fire Extinguisher Market - Critical Factors
- Use of fire extinguisher is largely noticed in huge industries and residential sectors where areas are prone to catch fire anytime.
- Owing to the high-efficiency, foam-based technologies and various advanced developments, fire extinguishers find employment throughout.
- Western Europe is seeing a significant surge in demand, therefore opportunities are likely to hype-up there too.
- For portable operation and treatment of emergency situations, compact extinguishers and NFPA10 are demanded in commercial sectors as well.
Fire Extinguisher Market - Key Restraints
- Halon gas fire-extinguisher is not safe for the environment as it is causing increased ozone-layer depletion.
- Dry chemical and foam-based extinguishers are not feasible in every sector and finds no employment due to restricted policies.
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Expected Impact on Market by Coronavirus Outbreak
The pandemic has surely affected production because trade was at a halt for a long time. Due to strict lockdown all across the globe, there has been a shortage of work force globally. Therefore, manufacturers are planning to revise the strategies to gain proper momentum.
North America still dominates the market and Europe has been presenting ample opportunities. The key players in this market include United Technologies Corporation, Johnson Controls International Plc., Hochiki Corporation, Gunnebo AB, Naffco Fazco, Amerex Corporation, Yamato Protec Corporation, Ceasefire Industries Pvt ltd., etc.
Companies are relying on ideas of product innovation and expansion of end-use and applications to help the market grow. North America and Western Europe ranks the highest in terms of value due to improved infrastructural development.
More on the Report
The report presents segmentation on the basis of type (Fire A, Fire B, Fire C), application (commercial, industrial, residential), form or product (liquid, dry, foam) region wise analysis (North America, Latin America, Europe, Asia)
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SOURCE: Future Market Insights