Major innovations along with advanced technologies are expected to emerge as a product differentiator in the fire extinguisher market which is expected to grow by six per cent annually through 2029 to a total of US$ 6 bn. High demand for advanced and cost-effective fire extinguishers from various industrial entities and the high-rise buildings is one of the leading factors for the growth.
Rising awareness of fire safety and stringent government regulations regarding mandatory installation of fire extinguishers at various locations in industrial plants or centralized systems for low capacity plants should lead to higher 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 is likely to witness significant growth.
- The ongoing technological advancements and investments in 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,” said study analyst.
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 per cent and 25 per cent in the global fire extinguisher market. These organisations focus on the acquisition of small-scale companies to expand their business segment and penetrate into developing markets.
Due to their strong penetration into the local market, tier-II players involve companies such as Naffco Fazco, Amerex Corporation, Yamato Protec Corporation and several others which are expected to hold a major share of around 50 to55 per cent.
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. This has raised the demand for fire extinguishers across the globe. North America and Western Europe are the prominent regions where most of the sales have taken place due to increasing awareness about industrial and residential fire safety and stringent government regulations.
These insights are based on a report on Fire Extinguishers Market by Future Market Insights.