Wilmington, Delaware, United States, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The portable fire extinguisher market size is prognosticated to reach a value of US$ 12.2 Bn by the end of 2031, as per a study by Transparency Market Research (TMR). This highlights that the market is estimated to develop at a CAGR of 4.0% during the forecast period, from 2022 to 2031.
The report by TMR offers in-depth data on the portable fire extinguisher market. Hence, it enlightens readers on important aspects on the market including the growth drivers, challenges, growth restraints, recent developments, emerging trends, and marketing strategy of fire extinguisher. Moreover, it sheds light on key statistics including the volume, share, and the most common portable fire extinguisher that are in high demand.
Manufacturers are focusing on providing best portable fire extinguishers to the end-users. Hence, they are seen increasing R&D activities and launching next-gen products. This aside, players in the portable fire extinguisher market are using organic and inorganic strategies such as collaborations, alliances, mergers, and acquisitions in order to stay ahead of the competition.
Portable firefighting equipment are gaining traction owing to their ability to restrict the level of pollution caused due to burning debris and smoke when suppressing fire, thereby aiding in the environment protection. Hence, the use of portable fire extinguishers has been rising globally. This is prognosticated to fuel the portable fire extinguisher market growth during the forecast period.
The portable fire extinguisher market in Asia Pacific is expected to maintain its dominating position during the forecast period. The growth of the Asia Pacific market is ascribed to rise in the infrastructure development activities in emerging economies such as India, the Philippines, Malaysia, and Singapore.
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Portable Fire Extinguisher Market: Key Findings
- Accidents related to fire generally occur due to several reasons including discarded cigarettes kept on flammable materials, faulty wiring, and defective products. In order to address such miss-events, the demand for portable fire extinguishers is being increasing from the commercial as well as residential buildings across the globe. This factor is resulting into significant opportunities for business in the global portable fire extinguisher market, note analysts at TMR. Moreover, the market players are likely to gain notable sales opportunities during the forecast period owing to a surge in the number of fire-related accidents due to improper functioning of the smoke detectors across places such as commercial buildings and residential areas.
- The government authorities of several developed and developing nations around the world are mandating the commercial as well as personal vehicle owners to install portable fire equipment. As a result, there has been a rise in the demand for such types of portable fire extinguishers globally, note researchers at TMR.
- The demand for dry chemical type of portable fire extinguisher is being increasing in application on the class A, B, and C fires. Some of the key factors making it the most common portable fire extinguisher include its cost-effective and highly versatile nature. Hence, rising adoption of this product is expected to boost the growth in the portable fire extinguisher market in the forthcoming years.
Portable Fire Extinguisher Market: Growth Boosters
- A surge in understanding among global people about fire safety is driving the sales growth in the portable fire extinguisher market
- Rise in the execution of fire-related regulations by government authorities of several nations across the globe is generating sizable avenues for manufacturers of portable fire extinguishers
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Portable Fire Extinguisher Market: Key Players
Some of the key players profiled in the report are:
- Amerex Corporation
- Morita Holdings Corporation
- Johnson Controls International Plc.
- Britannia Fire Ltd
- Ceasefire Industries Pvt. Ltd
- United Technologies Corporation
- Feuerschutz Jockel GmbH & Co. KG
- Fest Fire Security
- Flamestop Australia Pty. Ltd.
- Fike Corporation
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Portable Fire Extinguisher Market Segmentation
- Agent Type
- Chemical & Powder-based
- Water & Foam-based
- CO2-based
- Metal-based
- Others
- Fire Type
- Class A, B, and C
- Class A and A&B
- Class B&C or B
- Class D
- Others
- End-user
- Residential
- Commercial & Industrial
- Others
- Distribution Channel
- Online
- E-commerce Websites
- Company Websites
- Offline
- Supermarkets & Hypermarkets
- Specialty Stores
- Others
- Direct-to-Customers
- Online
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