Why is Fire Extinguishers Market Booming in Developing Countries?

Every year, 180,000 people are burned to death, with the major chunk of these burn cases being registered in low- and middle-income countries, says the World Health Organization (WHO). Many among who survive face long-term hospitalization, disability, and social stigma. A big reason behind this is that either the fire safety standards aren't strict enough or aren't followed properly. With the concerns on the issue growing, governments around the world are implementing even stricter regulations than before and making sure they are followed.

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Therefore, with the rising awareness on the issue of burn injuries and mortality, the fire extinguishers market is projected to grow from $4,487.0 million in 2017 to $6,452.3 million by 2023, at a 6.2% CAGR during 2018-2023 (forecast period). There are several types of fire extinguishers available these days: carbon dioxide, dry-chemical and dry-powder, water-based, foam-based, and clean agent. Among these, the dry-chemical and dry-powder variants are used most commonly, as, because of the dry nature of the contents inside, the damage to electrical wires and systems is minimal.

Presently, North America is the largest fire extinguishers market, as it accounts for some of the most stringent fire safety norms anywhere in the world. Additionally, the region is undergoing large-scale development of commercial, educational, and residential infrastructure, which is further creating a high demand for such instruments. In future, the sale of fire extinguishers is predicted to increase at the highest rate in Asia-Pacific (APAC), owing to the rapid development of infrastructure in regional countries, such as India, China, and Japan.

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According to government sources, 7 million people in India suffer some kind of burn every year, of which 140,000 people end up dead, while 240,000 more suffer disability. Further, almost equal numbers of males and females suffer burns, which is in stark contrast to many other injuries, where men carry a higher prevalence rate than women. To tackle this, the Indian Ministry of Housing and Urban Affairs (MoHUA) has released strict guidelines mandating the installation of fire extinguishers in offices and all other public buildings.

Some of the leading players operating in the market are Amerex Corporation, United Technologies Corporation, Minimax GmbH & Co. KG, First Alert Inc., Feuerschutz Jockel GmbH & Co. KG, and Desautel.

Recent Strategic Developments of Major Fire Extinguishers Market Players

Lately, several players in the fire extinguishers market have taken a number of strategic measures, in order to gain a larger share. For instance, in March 2018, Britannia Fire Ltd. won the contract to install its composite fire extinguishers at the Heathrow Airport. The company would replace around 5,000 traditional fire extinguishers at the airport. Under the contract, Britannia Fire Ltd. would also be invited for product promotion at the Heathrow Business Summit, which would lend the company a significant platform to market its products to potential customers.

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This release was published on openPR.