Fire Extinguisher Market Expanding At CAGR of ~5.7% over the forecast period of 2021-2031

The fire extinguisher market was estimated to clock at 3.5% CAGR between 2016 and 2020. Fire extinguishers are pressure vessels that contain a specialized extinguishing agent that aids in the control or dousing of a fire. Portable fire extinguishers are simple to use, lightweight, and portable.
The demand for fire extinguishers is growing due to an increase in the number of fire fatalities in homes and businesses. Fire extinguishers are key units for fighting fire, especially in closed spaces. These products are designed to be simple to minimize fire risks in times of emergencies.

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Alternatives such as hydrant systems and automated fire sprinkler systems, require firefighting professionals or specialized infrastructure, which have limited reach in confined spaces. Even sprinkler systems are not very feasible owing to high costs.
Increasing regulations for building design codes in the residential sector, will also generate gains in the coming decade. Moreover, manufacturers are investing in R&D activities to offer innovative and technologically advanced product offerings. These factors are expected to positively influence growth in demand for fire extinguishers during the forecast period.

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Key Takeaways of the Fire Extinguisher Market Study
• Carbon dioxide extinguishers will account for the leading market share of over 30%, on the back of easy access to raw materials and efficacy in fire control.
• Dry chemical fire extinguishers are increasingly adopted, due to their superior efficiency in draught-free conditions.
• Germany will emerge as a key market for fire extinguishers on the back of the implementation of by stringent codes for ensuring better safety in buildings.
• The U.S. dominates the North America market, accounting for over 80% sales in the region.
• China will lead the East Asia market, exhibiting growth rate over 6.5% CAGR through the assessment period.

“With the ever-evolving requirements of the global construction industry, demand for fire safety equipment has grown rapidly. Fire extinguishers in particular, have been at the center of these developments in terms of economically feasible solutions. Innovative product offerings have been important for manufacturers to gain competitive benefits,” says an analyst of Future Market Insights.

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Competitive Landscape
The fire extinguisher market is highly fragmented. The penetration of local and regional players makes this market highly competitive. Companies operating in the market are trying various strategies to gain competitive edge, while maintaining their longstanding relationships with a number of equipment distributors and end users.
Some of the key players in the market include but are not limited to Kidde, Hochiki Corporation, NAFFCO FZCO, DESAUTEL SAS, HATSUTA SEISAKUSHO Co. Ltd, Yamato Protec Corporation among others.

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