Fire Extinguisher Market Foraying into Emerging Economies
Fire extinguisher is an active fire safety equipment that is employed for extinguishing fire in emergency situations. It consists of a cylinder filled with an extinguishing agent, pressure gauge, nozzle and handle. Different types of extinguishing agents such as water, foam, carbon dioxide, dry powder, and dry chemical are used for extinguishing different type of fires such as Class A, Class B, Class C, Class D, and Class K. Fire extinguishers are available in the market in different capacities of extinguishing agents. Furthermore, hand portable and wheeled fire extinguishers are predominantly used for extinguishing purposes in various areas such as schools, colleges, commercial buildings, commercial kitchens, and numerous industries across the globe.
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In terms of sales, the global fire extinguisher market is projected to grow at a healthy CAGR of 5.9% in term of value over the forecast period and will be primarily driven by rising demand from various end use industries.
Drivers and Trends
Stringent government regulations for mandatory installation of fire extinguishers in various commercial, industrial, residential, and public areas will certainly increase the demand for fire extinguishers over the forecast period. Moreover, increasing urbanisation in various countries will boost housing and infrastructure developments in these regions. This will increase the demand for fire extinguishers for installation in high rise buildings and commercial spaces.
This could act as a prime reason for the anticipated growth in demand in the global fire extinguisher market over the forecast period. Furthermore, many fire insurance agencies compel their customers to install fire extinguishers for residential and commercial purposes. This further increases the demand for fire extinguishers thus promoting the expected growth in revenue of the fire extinguisher market over the forecast period.
Technological developments and increasing competition between various manufacturers has led to the introduction of many compact and lightweight fire extinguishers in the market. This is expected to attract many new customers and further promote the growth of the fire extinguisher market over the forecast period. Manufacturers in Japan have introduced a new breed of throwable extinguishers that are mainly used for residential purposes. Furthermore, composite fire extinguishers are also gaining popularity in the Europe market, which is further expected to fuel the growth of the global fire extinguisher market in the upcoming years.
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High sales and demand for Class A and Class B fire extinguishers has led to higher market share in the fire type segment
On the basis of fire type, the global fire extinguisher market is divided into Class A, Class B, Class C, Class D and Class K. The Class A segment holds the highest market share and it is expected to improve further during the forecast period. The Class A segment is estimated to account for more than 40% value share of the global fire extinguisher market throughout the forecast period. The Class A extinguisher segment is forecasted to dominate the global fire extinguisher market in 2017 and will gain 230 basis points in market share till 2027. The large market share of Class A extinguishers can be credited to their increased demand in extinguishing fires spread due to ordinary combustible materials such as cloths, woods and plastics. The Class B segment is expected to hold the second highest market share over the forecast period.
The volume of Class A extinguishers sold globally in the fire type segment was pegged at 18,895 thousand units in 2016 and this is expected to reach 34,715 thousand units by the end of 2027. This segment is projected to expand at a CAGR of 5.7% between 2017 and 2027 in terms of volume. The Class A segment is projected to create a total incremental $ opportunity of US$ 1065.2 Mn between 2017 and 2027. The segment is expected to account for 47.4% share of the global market absolute $ incremental opportunity.
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