Portable Fire Extinguishers Market Predicted to Witness Steady Growth During the Forecast Period

 

Portable Fire Extinguishers Market Growth & Trends

The global portable fire extinguishers market size is expected to reach USD 19.98 billion by 2030, registering a CAGR of 9.1% over the forecast period, according to a new report by Grand View Research, Inc.the increasing awareness among customers about these products is expected to boost the industry growth. In addition, the rising product demand from the manufacturing industry and commercial & officebuildings is driving the industry. The COVID-19 pandemic affected the global economy. To break the chain and virus spread, lockdown orders were imposed by various countries around the world. This had a devastating impact on the supply chain, applications, and trade & development of the portable fire extinguisher industry.

Moreover, therewas a reduction in the number of installations of new fire extinguishers in commercial and industrial applications. The increasing demand for eco-friendly fire suppression systems is expected to open growth opportunities for the industry. For instance, in 2020, Win Time Technology of Taiwan introduced a revolutionary, eco-friendly fire extinguisher at the annual meet of NoAW (No Agriculture Waste), a European Horizon 2020 research & development project. Later on, the product received widespread recognition from more than 20 countries. In terms of value, the dry chemical segment dominated the industryin 2021.

Dry chemical extinguishers comprise a non-flammable substance that can extinguish different types of fires by forming a layer and cutting off the air supply. They are relatively cost-effective as compared to clean agent extinguishers, which may accelerate segment growth. Asia Pacific held the largest revenue share in 2021 owing to the high awareness levels about fire safety among end-users and the growth of construction activities in emerging economies, such as China and India. Moreover, the increasing demand for smart buildings and intelligent home automation systems, which deliver optimum safety and security, are expected to drive product adoption in Asia Pacific.

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Portable Fire Extinguishers Market Report Highlights

• The non-residential application segment led the industry in 2021 due to the rapid growth of the commercial and industrial sectors
• The class B fire type segment is expected to witness substantial growth over the forecast period
• Class B fire extinguishers are used for a fire involving flammable and combustible liquids
• Asia Pacific was the dominant region in 2021 and is expected to register the fastest CAGR over the forecast period
• The growth of the region is majorly attributed to the need for large infrastructures in developing economies, such as India and China

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Portable Fire Extinguishers Market Segmentation

Grand View Research has segmented the global portable fire extinguishers market on the basis of agent, fire type,application, and region:

Portable Fire Extinguishers Agent Outlook (Revenue, USD Million, 2017 - 2030)

• Dry Chemical
• Carbon Dioxide
• Water
• Foam
• Others

Portable Fire Extinguishers Fire Type Outlook (Revenue, USD Million, 2017 - 2030)

• Class A
• Class B
• Class C
• Class D
• Class K

Portable Fire Extinguishers Application Outlook (Revenue, USD Million, 2017 - 2030)

• Residential
• Non-residential

Portable Fire Extinguishers Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
• Central & South America
  • Brazil
• Middle East & Africa
  • Saudi Arabia

List of Key Players of Portable Fire Extinguishers Market

• Raytheon Technologies Corp.
• Johnson Controls International Plc
• Morita Holdings Corp.
• Hochiki Corp.
• Amerex Corp.
• Ceasefire Industries Pvt. Ltd.
• Activar Inc.
• Yamato Protec Corp.
• FlameStop Australia Pty. Ltd.
• Feuerschutz Jockel GmbH & Co.
• Britannia Fire Ltd.
• Minimax
• Kanex Fire

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.