The global portable fire extinguishers market size is projected to touch USD 16 billion by 2025, according to a new report by Million Insights. It is anticipated to grow at 10.2% CAGR through the forecast period of 2019 to 2025. Demand for extinguishers that are lightweight is growing amongst the consumers. Rising number of casualties is a key factor propelling the demand for such extinguishers in commercial and residential premises. Governments are majorly focusing on strict measures to ensure safety, which is expected to have a positive impact on the growth of the market. Increasing awareness about property protection and safety amongst consumers is propelling the demand of the product. Increasing demand for compact extinguishers in automobiles is also uplifting the product demand.
According to the National Fire Protection Association (NFPA), there was property damage of USD 13.6 billion and 3,390 civilians succumbed to death because of fire incidents in 2016. The Independent Fire Engineering and Distributors Association (IFEDA) and Fire Extinguishing Trades Association (FETA) conducted a study showing the effectiveness of portable extinguishers in 2,100 fire cases in U.K. and came know that in 80% of the cases the flame was extinguished successfully and in 75% of those cases the concerned department was not required to attend. Manufacturers are concentrating on introducing these products on the basis of class A,B and C fire types.
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Dry chemical dominated the portable fire extinguisher market in 2018. It is the most commonly used extinguisher because of its ability to douse class A,B and C types. They are comparatively priced at a low rate and are versatile in nature that makes them highly adoptable. It is expected to grow at the fastest CAGR in the forecast duration. CO2extinguishers are anticipated to witness considerable growth in the forecast period. Increasing use of these extinguishers in the commercial sector along with its high effectiveness on class B and K types of fire, is promoting its market growth.
The demand for the product is growing in the residential sector owing to the increasing number of casualties and property damages and increasing safety concerns amongst the consumers. According to the National Fire Protection Association (NFPA), cooking equipment followed by smoking materials are the main reasons for home structure fire during 2012-2016.
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Further key findings from the report suggest:
• The non-residential application segment dominated the market in 2018 with the largest market share and is expected to continue with its lead in the forecast period because of the developing industrial and commercial segments and stringent measures for safety by the government.
• Asia Pacific dominated the market in 2018 because of rising number of infrastructure projects, rising construction activities and fire safety codes.
• Middle East and Africa was the fastest growing market in 2018 because of growing hospitality sector, recovering oil prices, revised life safety codes and government initiatives
• Major players functioning in the market include Amerex Corporation; Hochiki Corporation; Activar Inc.; Flamestop Australia Pty. Ltd.; Britannia Fire Ltd.; FeuerschutzJockelGmbh& Co. Kg; Ceasefire Industries Pvt. Ltd. and Hatsuta Seisakusho Co., Ltd.
Million Insights has segmented the global portable fire extinguishers market on the basis of product type, application and region:
Portable Fire Extinguishers Product Type Outlook (Revenue, USD Million, 2015 – 2025)
• Dry Chemical
• Carbon Dioxide
Portable Fire Extinguishers Application Outlook (Revenue, USD Million, 2015 – 2025)
Portable Fire Extinguishers Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia
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