Steady Adherence to Fire Safety Regulations to Drive Fire Extinguishers Market

The global fire extinguishers market is predicted to reach $6,452.3 million in 2023, growing at a CAGR of 6.2% during the forecast period (2017–2023). The market is progressing because of the increasing construction activities and stringent fire safety norms. A fire extinguisher is a firefighting device that is used to control small breakouts of fires. The device consists of a pressurized cylindrical vessel, which is filled with a fire-extinguishing agent, such as foam, carbon dioxide, water or dry powder. The fire-extinguishing agent is discharged over the burning substance to douse the fire.

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On the basis of product type, the fire extinguishers market is divided into carbon dioxide, water-based, clean agent, dry chemical & dry powder, and foam-based devices. The dry chemical & dry powder division was projected to hold the largest market share (more than 55.0% in terms of value) in 2017. This type of fire extinguisher is highly effective and multipurpose in nature, which makes it suitable for several classes of fire. Dry chemical & dry powder fire extinguishers are majorly used in industrial settings, such as manufacturing units and warehouses.

In terms of end-user, the fire extinguishers market is categorized into residential, transport, industrial, and commercial users. The industrial category is predicted to contribute the highest revenue to the market during the forecast period. This is because fire extinguishers are being increasingly installed in industrial facilities, such as assembly lines, processing plants, and manufacturing plants, to avoid major fire hazards. The residential category is expected to grow at the highest CAGR during the forecast period; housing societies, independent houses, apartments, and villas are the major residential users of fire extinguishers.

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The fire extinguishers market in developed countries is mature due to strict adherence to fire safety norms and high installation rate of such devices. Developing countries, however, provide a wider scope for market players as the adoption rate of fire extinguishers is currently low in these countries. Moreover, rapid transformation is happening in these countries because of the large-scale construction of commercial, industrial, and residential units. Due to this, emerging economies have an untapped market, which will create huge opportunities.

Rapid product development is a major trend in the fire extinguishers market. New technologies have made possible the development of new and ingenious products, such as sound-based fire extinguishers. In these, the acoustic waves that are produced intensify the air velocity; this reduces the boundary layer of the combustion source. Also, the acoustic waves increase the flame width, interrupt the fuel surface, and restrict the combustion, thereby resulting in the distribution of the heat over a larger surface, which eventually puts out the fire. Owing to these advantages, these devices are predicted to find application in the cockpits of aircraft, ship decks, and enclosed spaces.

One of the key drivers of the fire extinguishers market is stringent fire safety norms. Developed regions, such as Europe and North America, pay special attention to fire safety by making the installation of extinguishers mandatory in residential, commercial, and industrial facilities. In addition to this, developing nations, such as China, Brazil, Indonesia, and India, are focusing on making their fire safety norms stricter to reduce fire-related accidents, which would further raise the sales of firefighting equipment.

Hence, the untapped market in developing countries, technological advancements in the field, and stringent fire safety norms are leading to the growth of the market.

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