Significant innovations along with advanced technologies meeting regulations, are expected to emerge as a product differentiator for the — fire extinguisher market which is anticipated to grow by ~6% annually through 2029 to ~US$ 6 Bn. High demand for advanced and cost-effective fire extinguishers from various industrial entities and implementation of the same in high-rise buildings is one of the leading factors for the market growth. Rising awareness of fire safety and stringent government regulations regarding mandatory installation of fire extinguishers at various locations in industrial plants or in centralized systems for low capacity plants will lead to the increasing investments in fire extinguishers.
Key Takeaways from Global Fire Extinguisher Market Study
Carbon dioxide-based fire extinguishers will continue to account for greater sales in the market, while the demand for dry chemical-based fire extinguishers are likely to witness significant growth, owing to their ability to smother a range of fire types.
Increase in demand for technologically-advanced fire extinguisher for industrial application is likely to work to the advantage of the market players.
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The ongoing technological advancements and investments for the infrastructure development in Western Europe are expected to grow significantly. Countries such as Norway and Sweden have government regulations mandating the use of fire extinguishers for residential purposes, thereby significantly influencing the market growth.
Manufacturers in the fire extinguisher market are focusing on improving their structures and offerings in Europe to gain distinct competitive edge.
Increase in demand for lightweight and durable fire extinguisher has led to the development of products with an inner three-layered container, which is woven with aramid fiber. In addition, a new breed of composite fire extinguisher is making a positive impact in the Western European market growth.
Wider product portfolios, reduction in prices, and establishment of long-term supply relations with customers belonging to different economic sections are the key strategies adopted by key players in fire extinguishers market to enhance their customer base and achieve stronger footprint. Aggressive marketing by the respective distributors in key countries of Latin America and Middle East and African regions could further benefit players in the market,” says the FMI analyst.
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Fire Extinguishers Market – Competitive Scenario
The global fire extinguisher market is highly competitive due to the presence of a large number of global and regional players. Tier-1 players include companies such as United Technologies Corporation, Johnson Controls International Plc., Morita Miyata Corporation, Hochiki Corporation and Gunnebo AB which hold a cumulative value share between 20%-25% in the global fire extinguisher market. These companies focus on the acquisition of small-scale companies with an objective to expand their business segment and penetrate into developing markets.
Due to their strong penetration in the local market, tier-2 players involve companies such as Naffco Fazco, Amerex Corporation, Yamato Protec Corporation and several others which are expected to hold major share of around 50%-55%.
One of the most crucial aspects of any residential, commercial, or industrial building is to ensure that all the essential fire safety measures are in place, which has potentially raised the demand for fire extinguishers across the globe. North America and Western Europe are the prominent regions where majority of sales has taken place due to increasing awareness towards industrial and residential fire safety and stringent government regulations regarding mandatory installation of fire extinguishers.
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Looking for More?
Global players in the fire extinguishers market are aimed at expansion of their footprints by establishing their distribution channels and manufacturing units in various regions. Improvement in the current designs of fire extinguishers with light weight properties are anticipated to show a strong growth in both developed and developing countries. Future Market Insights examines the sales prospects of fire extinguishers based on water, foam, wet chemical, dry powder, carbon dioxide, dry chemical, and others across seven key regions.
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