According to the latest report by IMARC Group, titled “Fire Extinguisher Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 4.4 Billion in 2018. A fire extinguisher is a portable fire protection apparatus used in emergencies for putting out or controlling fires before the arrival of firefighters. It consists of a cylinder containing an extinguishing agent, nozzle, handle and pressure gauge. It works by expelling the extinguishing agent at high pressure, which helps by cooling the burning material; depriving the flame of oxygen; or interfering with the flame’s chemical reaction. Many fire extinguishers available today are labeled with more than one designator and can be used for different types of fires. With the increasing outbreaks of fire incidents across the world, the demand for fire extinguishers is continuously rising.
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Market Trends:
Governments of various nations have introduced stringent safety standards to avert any untoward incident due to fire outbreaks. This has led to an increase in the installation of extinguishers in restaurants, hotels, buildings, schools, hospitals, offices, houses and factories. Besides this, the leading manufacturers are focusing on launching eco-friendly gas- or powder fire-based extinguishers which do not release toxic gases or residue. They are also designing a more extensive product portfolio including compact, lightweight and cost-efficient fire extinguishers. Moreover, several companies are emphasizing on mergers and acquisitions (M&A) to expand their consumer-base and broaden their market operations worldwide. For instance, Kidde, a manufacturer and distributor of fire detection and suppression equipment, has acquired the manufacturing operations of the British specialty chemical company, Croda International, in Liverpool and Lyon. Looking forward, the market value is projected to reach US$ 5.9 Billion by 2024, expanding at a CAGR of 4.8% during 2019-2024.
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Market Summary:
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