Global Fire Extinguisher Market Overview 2018, Demand by Regions, Share and Forecast to 2023
united states, 10 August 2018 -- The global fire extinguisher market has witnessed a steady growth over the past few years. This can be attributed to strict fire security regulations in the developed nations along with increasing urbanisation and industrialisation in the emerging regions.
The recently published report by IMARC Group, titled “Fire Extinguisher Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global fire extinguisher market reached a value of US$ 3.4 Billion in 2017. Fire extinguishers are used in emergency situations for putting out or controlling fires before the arrival of firefighters. They consist of a cylinder containing an extinguishing agent, nozzle, handle and pressure gauge. Fire extinguishers work by expelling the extinguishing agent at high pressure which helps in cooling the burning material; depriving the flame of oxygen; or interfering with the flame’s chemical reaction. The different types of extinguishing agent include water, foam, carbon dioxide, dry chemical, powder, wet chemical and vaporizing liquid.
The demand for fire extinguishers has been maintained by the strict fire safety norms in developed regions mandating their installation in residential, commercial and industrial spaces. In the recent years, the improving regulations in developing countries have propelled the demand for fire extinguishers. This trend has further been supported by increasing industrialisation coupled with construction of commercial spaces in these regions. However, the high cost of extinguishers and low penetration in residential spaces represent the major factors impeding the market growth. In line with this, the manufacturers are investing in R&D activities so as to produce fire extinguishers that are lightweight, cheaper, eco-friendly and have a longer shelf life. Moreover, the demand for composite foam and cold fire extinguishers is increasing as they have diversified applications and offer reduced agent use. Looking forward, the market is projected to exceed a value of US$ 4.7 Billion by 2023, expanding at a CAGR of 5.3% during 2018-2023.
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