Portable Fire Extinguisher Market to Grow with a CAGR of 7.4% through 2028
The global portable fire extinguisher Market is driven by growing number
of fire causalities in commercial and household premises, growing need for lightweight
and easy-to-move extinguishers.
According to the TechSci Research report, “Portable Fire Extinguisher Market – Global Industry Size, Share,
Trends, Competition, Opportunity, and Forecast, 2018-2028F”, the
Global Portable Fire Extinguisher Market stood at USD9.21 billion in 2022 and
is anticipated to grow with a CAGR of 7.4% in the forecast period, 2024-2028. The
portable fire extinguisher market is continuously evolving in response to
emerging technologies, environmental concerns, and changing fire safety needs.
In this article, we will explore eight major new trends that are shaping the
portable fire extinguisher market. These trends are not only transforming the
industry but also enhancing fire safety measures across various sectors.
Portable fire extinguishers are an essential component of fire safety
equipment, providing a quick and effective means of combating small fires
before they escalate into major disasters. As global awareness of fire safety
and regulations continues to grow, the portable fire extinguisher market is
experiencing significant growth and transformation. In this article, we will
explore the eight major drivers fueling the portable fire extinguisher market's
expansion and evolution.
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Portable Fire Extinguisher Market.”
The portable fire extinguisher market is experiencing a wave of
transformation driven by environmental concerns, technological advancements,
safety enhancements, and sustainability initiatives. These eight major trends -
environmentally friendly extinguishing agents, advanced fire suppression
technologies, non-toxic agents, integration with building management systems,
smart extinguishers, customization and aesthetic design, education and training
initiatives, and sustainable manufacturing practices - collectively enhance
fire safety measures and contribute to a safer and more sustainable future. As
the industry continues to evolve, it will play a crucial role in protecting
lives and property from the devastating effects of fires.
The portable fire extinguisher market is influenced by a multitude of
factors, including regulations, technological advancements, market players, and
emerging trends. In this section, we examine the current dynamics of the
market. The portable fire extinguisher market is heavily regulated worldwide to
ensure the safety and effectiveness of these life-saving devices. Regulatory
bodies such as the National Fire Protection Association (NFPA) in the United
States and the European Committee for Standardization (CEN) in Europe establish
standards and guidelines for fire extinguisher design, testing, and
maintenance.
These regulations mandate the presence of fire extinguishers in various
settings, including residential, commercial, industrial, and public spaces.
Compliance with these standards is a fundamental driver of the market, as
businesses and organizations are required to adhere to safety regulations.
The portable fire extinguisher market has witnessed steady growth in
recent years. Factors contributing to this growth include increasing
urbanization, rising awareness of fire safety, and the expansion of industrial
sectors. As cities grow, the demand for fire safety equipment, including
portable fire extinguishers, escalates.
In parallel, industrial expansion, particularly in sectors such as
manufacturing, oil and gas, and logistics, has driven the demand for fire
extinguishers. These industries recognize the importance of fire safety in
mitigating risks associated with their operations.
The global Portable Fire Extinguisher market is segmented based on product
type, application, material, distribution channel, and region.
The global industry has been divided into further categories based on
the agent type used, including dry chemicals, carbon dioxide, water, foam, and
others. With a largest market share, the dry chemical portable extinguishers
category led the global market in 2022. Due to the fact that these products can
be used to put out class A, B, and C fires, dry chemicals are quite popular
with consumers. Because they are effective against all three prevalent forms of
home fire, they are also frequently employed in residential buildings. In
addition, it is anticipated that the segment will grow as a result of the
comparatively low prices and considerable versatility.
Based on region, the market is segmented into North America, Europe,
Asia Pacific, Middle East & Africa, and South America. Among these, in
2022, Asia Pacific held a significant share of the market. During the projected
period, it is predicted that the region will continue to grow at the fastest
rate. The regional market is primarily driven by the need for substantial
infrastructure in growing nations like China and India.
Major companies operating in the global portable fire extinguisher market
are:
- Raytheon
Technologies Corp.
- Johnson Controls
International Plc
- Morita Holdings
Corp.
- Hochiki Corp.
- Amerex Corp.
- Ceasefire
Industries Pvt. Ltd.
- Activar Inc.
- Yamato Protec
Corp.
- FlameStop
Australia Pty. Ltd.
- Feuerschutz
Jockel GmbH & Co.
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“The portable fire extinguisher market is experiencing remarkable growth
driven by a confluence of factors, including stringent regulations,
urbanization, technological advancements, increasing awareness, a surge in fire
incidents, industrial expansion, emerging markets, and greater adoption in
residential spaces. As fire safety continues to be a paramount concern across
the globe, the demand for portable fire extinguishers is expected to remain
robust, fostering innovation and development within the industry to ensure the
safety and security of individuals and assets.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Portable
Fire Extinguisher Market By Agent Type (Dry Chemical, Carbon Dioxide, Water, Foam,
Others), By Fire Type (Class A, Class B, Class C, Class D, Class K), By Application
(Residential, Commercial), By Region, By Competition Forecast
& Opportunities, 2018-2028F, has evaluated the
future growth potential of the portable fire extinguisher market globally and
provides statistics and information on market structure, size, share, and
future growth. The report provides cutting-edge market intelligence and helps decision-makers
to make sound investment decisions. Besides, the report also identifies the
emerging trends along with essential drivers, challenges, and opportunities
present in the market of portable fire extinguisher globally.
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