United States Fire Extinguisher Market Holds The Highest Revenue Potential - Future Market Insights

According to a Future Market Insights (FMI) analysis, the fire extinguisher market is anticipated to reach a value of over US$ 3.6 billion in 2021 and grow at a CAGR of 5.7% from 2021 to 2031. Demand is anticipated to increase over the forecast period as a result of increased applications of fire extinguishers in the industrial and commercial sectors as well as the implementation of strict regulations and building codes.

Future Market Insights has projected the U.S. to remain one of the most lucrative markets through the forecast period. According to the research, the market value was estimated at over US$ 1 Bn in 2021.

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The key factor supporting market expansion in the country is the rise in construction activities, and the enforcement of stringent fire regulations, by bodies such as the National Fire Protection Association (NFPA) which publishes codes and standards intended to minimize the possibility and effects of fire and other risks.

Furthermore, lucrative growth in the defence, marine, and tourism industries also paves the way for market growth in the country to the tune of 5.6% per annum.

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 the growth in demand for fire extinguishers during the forecast period.

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 stringent codes for ensuring better safety in buildings.
The U.S. dominates the North American market, accounting for over 80% of sales in the region.
China will lead the East Asia market, exhibiting a growth rate of 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 a competitive edge while maintaining their longstanding relationships with several 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.

Find More Valuable Insights

The research report analyzes the market demand trends of the fire extinguisher market. The global market estimation and growth projection are based on factors like end-use industries development, COVID-19 crisis impact, replacement ratio, and adoption rate of fire extinguishers. As per Future Market Insights' research scope, the fire extinguisher market has been studied and segmented based on pipe size, application, construction material and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market on both, the supply side and demand side.

Fire Extinguisher Market by Category

By Product Type

Water
Air-Pressurized Water
Water-Mist
Foam
Aqueous film-foaming foam
Compressed air foam system
Others
Wet Chemical
Potassium Acetate
Potassium Carbonate
Potassium Citrate
Dry Powder
Carbon Dioxide
Dry Chemical
Others

By Fire Type

Class A
Class B
Class C
Class D
Class K

By End Use

Residential
Commercial
Industrial
Public Areas
Others

Region

North America
Latin America
Europe
East Asia
South Asia & Pacific
The Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.

This release was published on openPR.