Portable Fire Extinguisher Market Research and Forecast Identifying Market Trends and Growth Opportunities 2029 | Raytheon Technologies Corp., Johnson Controls International Plc, Morita Holdings Corp.

Global Portable Fire Extinguisher Market Report

The global portable fire extinguisher market is experiencing significant growth due to an increasing number of residential and non-residential building construction projects and growing awareness about fire safety. According to a recent study by report ocean, the market size for portable fire extinguishers was estimated at USD 8.7 billion in 2022. The market is expected to grow at a steady compound annual growth rate (CAGR) of 4.26% during the forecast period from 2023 to 2029, reaching a value of USD 11.58 billion by 2029. Several factors contribute to the growth of the global portable fire extinguisher market, including the rising incidence of fires in both commercial and residential buildings and strict government regulations mandating the installation of fire extinguishers. The demand for lightweight and easy-to-transport portable extinguishers is also increasing as they serve as the first line of defense in controlling fires. Additionally, increased awareness among consumers about personal safety and property protection during emergencies is boosting the demand for fire extinguishers. However, the high cost of the product is anticipated to impede market growth.

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Global Portable Fire Extinguisher Market - Overview:
The global portable fire extinguisher market encompasses products designed to extinguish small fires in their early stages, primarily in residential, commercial, and industrial settings. These fire extinguishers are lightweight, portable, and easy to operate, enabling users to transport and utilize them in various locations. The market includes different types of portable fire extinguishers that employ dry chemicals, water, foam, or other materials to extinguish fires. The growth of the market is driven by government regulations mandating the installation of fire extinguishers, increasing awareness of personal safety and property protection during emergencies, and advancements in fire extinguisher technology.

Impact of COVID-19 on the Global Portable Fire Extinguisher Market:
The COVID-19 pandemic had a dual impact on the global portable fire extinguisher market. On one hand, it increased awareness about fire safety and the importance of having fire extinguishers in place, resulting in a rise in demand for portable fire extinguishers. On the other hand, the pandemic caused disruptions in the global supply chain, temporary shutdowns of manufacturing facilities, and an economic downturn, leading to decreased production and availability of fire extinguishers. The decrease in demand for non-essential items, including fire extinguishers, due to financial constraints also impacted the market.

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Global Portable Fire Extinguisher Market - By Application:
The global portable fire extinguisher market is segmented into residential and non-residential applications. The non-residential segment held a higher market share in 2022 and is expected to continue growing steadily during the forecast period. The demand for portable fire extinguishers in the commercial and industrial sectors, driven by strict government regulations and the construction of commercial buildings, is fueling the growth of this segment. The residential application segment is expected to exhibit the highest growth rate during the forecast period. Increasing concerns about safety among consumers and property damage, along with a rise in fire-related deaths, are driving the demand for portable fire extinguishers in the residential sector. Cooking equipment and smoking materials have been identified as primary causes of home structure fires, leading consumers to prioritize safety measures.

Competitive Landscape:
Major players in the global portable fire extinguisher market include Raytheon Technologies Corp., Johnson Controls International Plc, Morita Holdings Corp., Hochiki Corp., Am.Corp., Ceasefire Industries Pvt. Ltd., Activar Inc., Yamato Protec Corp., FlameStop Australia Pty. Ltd., Feuerschutz Jockel GmbH & Co., Britannia Fire Ltd., Minimax, and Kanex Fire. These companies employ various strategies such as mergers and

acquisitions, partnerships, joint ventures, license agreements, and new product launches to enhance their market share.

In conclusion, the global portable fire extinguisher market is witnessing significant growth due to factors such as increasing construction projects, rising awareness about fire safety, and government regulations mandating the installation of fire extinguishers. The market is expected to grow steadily during the forecast period. The COVID-19 pandemic had both positive and negative effects on the market, with increased awareness offset by disruptions in the supply chain. The market is segmented by application, with the non-residential segment currently holding a higher market share and the residential segment expected to exhibit the highest growth rate. Key players in the market are employing various strategies to strengthen their market presence.

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