Market Research Report
Fire Extinguisher Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
|Fire Extinguisher Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027|
Published: February 12, 2022
IMARC Services Private Limited
Content info: 110 Pages
Delivery time: 2-3 business days
The global fire extinguisher market reached a value of US$ 4.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 6.8 Billion by 2027, exhibiting a CAGR of 5.4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
A fire extinguisher is a portable safety device, which is widely utilized for extinguishing small fires during emergencies and minimizing the potential destruction before the arrival of firefighters. It comprises a cylinder that has an extinguishing agent, a nozzle, a handle and a pressure gauge. It primarily works by expelling the extinguishing agent at a high pressure, which assists in cooling the burning material, depriving the flame of oxygen and interfering with the flame's chemical reaction.
Governments in numerous countries are introducing stringent safety norms to prevent any unexpected incident on account of fire outbreaks. This has encouraged the installation of extinguishers, especially in houses, restaurants, hotels, schools, hospitals, offices and factories. The demand for fire extinguishers is further supported by rising industrialization levels, coupled with the construction of commercial spaces, particularly in developing regions. Moreover, the market is influenced by insurance agencies, which make it mandatory to install a fire extinguisher in insured buildings. Apart from this, the leading players in the industry are introducing eco-friendly, gas- or powder-based fire extinguishers that do not release toxic gases. They are also expanding their product portfolio by including compact, lightweight and cost-efficient fire extinguishers. Various companies are also investing in merger and acquisitions (M&A) to expand their consumer-base and broaden their market operations around the world.
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