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Portable Fire Extinguisher Market Estimated to Experience a Hike in Growth by 2031
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Global Portable Fire Extinguisher Market - Overview
The portable fire extinguisher market is expected to reach a value of around US$ 73,000 Mn by 2027, expanding at a CAGR of nearly 4% from 2019 to 2027.
In terms of volume, the global portable fire extinguisher market is expected to reach nearly 270,000.0'000 units by 2027, expanding at a CAGR of nearly 4% during the forecast period.
Across the world, sustained government initiatives are increasing awareness about the benefits of portable fire extinguishers among the general public. Portable fire extinguishers are almost mandatory in commercial buildings across the world.
The Asia Pacific portable fire extinguisher market is a prominent market, followed by North America and Europe.
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Global Portable Fire Extinguisher Market - Driving Factors
Rise in both, commercial and residential construction, is increasing the demand for fire extinguishers, which subsequently is increasing the demand for portable fire extinguishers.
In various countries across the world, the installation of portable fire extinguishers is mandatory as per government regulations. Increase in commercial establishments, factories, manufacturing plants, warehouses, etc., are increasing the demand for commercial & industrial portable fire extinguishers.
Morita Group is a portable fire extinguisher manufacturer based in Japan. As per its investor presentation dated May 9, 2019, the demand for portable fire extinguishers is expected to rise, as the installation of fire extinguishers becomes mandatory in small-scale restaurants in Japan.
In various countries, transportation vehicles carrying inflammable and hazardous substances are mandated to carry portable fire extinguishers as per law.
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As per the Health and Safety Executive (HSE) of the U.K. Government as per ADR regulations, vehicles weighing 3.5 tons need to carry a minimum portable dry powder fire extinguisher of 2 kg and additional 2 kg. Vehicles weighing between 3.5 tons and 7.5 tons need to carry an 8 kg dry powder portable fire extinguisher. Vehicles weighing over 7.5 tons need to carry a portable fire extinguisher of total 12 kg. The rise in the number of transportation vehicles across the world is increasing the demand for portable fire extinguishers.
Global Portable Fire Extinguisher Market - Key Challenges
A portable fire extinguisher, when used even partially, is useless for all subsequent fire scenarios.
These fire extinguishers need to be refilled after use.
Generally, there is a law in major countries across the world to check the quality of a portable fire extinguisher if it is unused for a period of time. If it is found that the portable fire extinguisher is unfit for future use, it must be refilled.
All these factors restrict the penetration and growth of fire extinguishers in the global market.
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Global Portable Fire Extinguisher - Market Preference
In terms of agent types, portable fire extinguishers using chemical & powder agents are the most widely used, and hold a prominent share. Dry chemical portable fire extinguishers are one of the most widely used.
In terms of fire type, fire extinguishers of Class A, B, and C (that are effective against fire types A, B, and C) are the most widely used and hold a large market share.
North America is the second-largest portable fire extinguisher market, both, in terms of value and volume.
As per the U.S. Fire Administration (USFA), the number of fires in the U.S. were 1,319,500 in 2017.
The number of fire related deaths in the U.S. increased from 3,320 in 2008 to 3,400 in 2017, an increase of 9.6%. In the U.S., economic loss due to fire increased from US$ 17.6 billion in 2008 to US$ 23.0 billion in 2017, an increase of 12.0%.
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