Exhibiting a 5.9% CAGR Anticipated for Fire Extinguisher Market During 2017-2027
Future Market Insights delivers key insights on the global fire extinguisher market in its latest report titled ‘Fire Extinguisher Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027.’ The long-term outlook on the global fire extinguisher market remains positive, with market value expected to increase at a CAGR of 5.9% during the forecast period (2017 – 2027). Global sales of fire extinguishers are estimated to be valued at US$ 2,903.1 Mn by the end of 2017, witnessing a Y-o-Y growth of 5.3% over the year 2016.
Fire extinguisher is an active fire safety equipment employed for extinguishing different classes of fires in emergency situations. Stringent government norms for mandatory installation of fire extinguishers are anticipated to boost the demand for fire extinguishers over the forecast period. Moreover, increase in infrastructural developments in developed and developing economies would further increase the demand for fire extinguishers in the coming years. Many fire insurance companies compel their customers to install fire extinguishers for residential and commercial purposes. This is expected to drive revenue growth of the global fire extinguisher market over the forecast period.
Technological developments have led to the introduction of compact and light weight fire extinguishers in the market. This is anticipated to attract new customers and further promote the growth of the market during the forecast period. In the current scenario composite fire extinguishers consisting of inner three layered cylinders made up of amarid fibre is trending the Europe region. Furthermore, many fire extinguisher manufacturers are strategically focussing on expanding their business activities in developed and emerging economies of the world. This factor is anticipated to promote further augmentation of the global fire extinguisher market over the forecast period.
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Segmentation Analysis & Forecast
Among product types, the dry chemical segment is expected to expand at a significant CAGR of 5.7% in terms of volume over the forecast period. The carbon dioxide segment is expected to hold a major share in terms of value among the product type segments.
Among fire types, the Class A and Class B segments are anticipated to witness high CAGR in terms of value over the forecast period. The Class A segment is expected to witness robust growth in terms of value over the forecast period. The Class A type extinguisher is expected to gain 230 BPS in market share in 2027 over 2017 owing to increased demand.
On the basis of end use, the commercial and industrial segments are anticipated to dominate the market in terms of value and volume over the forecast period. The commercial end use segment is anticipated to grow at a value CAGR of 6.3% over the forecast period.
Regional Analysis & Forecast
North America accounted for a prominent value share in the global fire extinguisher market in 2016 and this region is anticipated to retain its dominance throughout the forecast period. Growth of the North America fire extinguisher market is due to significant demand for fire extinguishers in upcoming infrastructural projects. North America and Western Europe are estimated to collectively account for about 48% value share of the global fire extinguisher market by the end of 2017.
Vendor Insights
The report highlights some of the top companies operating in the global fire extinguisher market such as Activar Inc., Amerex Corporation, Britannia Fire Ltd, Ceasefire Industries Pvt. Ltd, Desautel Sas, Feuerschutz Jockel Gmbh & Co. Kg, Fike Corporation, Flamestop Australia Pty. Ltd., Gunnebo Ab, Halma Plc, Hatsuta Seisakusho Co., Ltd., Hochiki Corporation, Jactone Products Limited, Johnson Controls International Plc, Naffco Fzco, Safex Fire Services Ltd., Siex 2001 S.L., United Technologies Corporation, Vítkovice Htb A.S., and Yamato Protec Corporation.