Fire Safety Innovations Receive a Boost Supported by Recovering Construction Activity & Stringent Regulations

Technology/product innovations supported largely by the recovery in construction activity, implementation of stringent regulations and policies and the resulting programs and strategies in place for ensuring quick assessment and response to emergency events are poised to drive the global market for fire extinguishers to exceed US$8.3 billion by 2024.

A fire extinguisher comprises a handheld pressure cylinder filled with water, gas, foam or other fire antagonistic chemical agents to extinguish fire. As long as structures exist, risk of fire would always be there, to mitigate which, fire extinguishers would remain an inescapable need the world over. As a result, the fire extinguisher industry would continue to play an important role in the developed world. Market growth is led by change in standard building codes and mandating necessary deployment of fire extinguishers coupled with strong construction sector in developing markets such as Asia-Pacific, Latin America, Middle East and East European markets. Widespread increase in public construction activity helps greater consumption of fire extinguishers. Resurgence in infrastructure spends, particularly airports, rail terminals, etc., help bring growth into the fore in the global market. Rapid urbanization in developing countries has and will continue to drive growth in the fire extinguishers market, since strong urban concentration will trigger increases in infrastructure expenditures as well as urban planning. Rising incidents of fire accidents and the ensuing economic and social loss stemming from property damage and loss of lives, is driving the adoption of fire extinguishers in commercial and residential buildings. The growing focus on preventing business interruption and the resulting losses due to fire is spurring demand for both passive and active fire suppression equipment in the industrial sector. Although the construction industry remains the primary end-use sector for fire extinguishers, strong growth is forecast to come from expanding applications in automobiles, military vehicles, and aircrafts.

Along with their expiration date, the existence of international, national, or local building regulations, laws, and codes implies that some of the fire extinguishers must be replaced annually, which generates enough demand to ensure the industry’s stability. However, additional opportunities generated by the demand for fire suppression technologies and other proactive fire management systems hold the potential for the industry’s growth. In combination with the fire extinguisher segment, the demand for these technologies and systems would continue providing the industry adequate opportunity for sustaining its growth going forward. Fires extinguishers and safety systems hold crucial value as they provide users with the primary and versatile option to handle and suppress fire. The fire extinguisher industry has witnessed continuous advances that allow users fight fires more effectively with timely detection and suppression. Fire extinguishers based on innovative technologies are user-friendly, more effective, fast and safe. Several companies are leveraging video, detection technology and sound waves for developing fire extinguishers to fight fires more effectively in the 21st century. R&D efforts geared towards developing innovative products are also poised to fuel future growth in the market.

As stated by the new market research report on Fire Extinguishers, Europe represents the largest regional market worldwide. Led by recovery in construction starts, demand for fire extinguishers is on the growth curve in Europe. Developing markets, such as, Asia-Pacific, Latin America, Middle East and Eastern Europe are forecast to fuel future growth in the market led by the huge untapped potential offered by the low market penetration of fire extinguishers and relatively strong growth in construction activity. The Middle East & Africa is forecast to emerge as the fastest growing regional market with a CAGR of 8.6% over the analysis period.

Key players in the market include Amerex Corp., BRK Brands, Inc., Desautel, Gunnebo India Private Ltd., Jewel Saffire Products Ltd., Johnson Controls International Plc, Minimax GmbH & Co. KG, Nationwide Fire Extinguishers, Protec Fire Detection Plc, Siemens Building Technologies, and United Technologies Corporation, among others.

The research report titled “Fire Extinguishers: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, and other strategic industry activities of global companies. The report provides market estimates and projections of manufacturer’s level sales in US$ Million for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Middle East & Africa, and Latin America.

For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.

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