The fire extinguishers market is expected to witness market growth at a rate of 5.60% in the forecast period of 2022 to 2029 according to a Data Bridge Market Research report.
The market report provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth, with rapid urbanisation cited as a key driver for escalating the growth of fire extinguishers market.
Another cause for market growth is the increase in the number of fire fatalities in homes and businesses across the globe as the introduction of new safety norms by government to prevent any unexpected incident on account of fire outbreaks.
The expansion from prominent companies of product portfolio by including compact, lightweight and cost-efficient fire extinguishers, and investment in merger and acquisitions to expand their consumer-base is also likely to influence the market.
Additionally, increase in food expenditure, change in lifestyle, surge in the disposable income of people and growing awareness positively affect the fire extinguishers market.
Furthermore, increases in preference for eco-friendly and gas- or powder-based fire extinguishers are expected to extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
However, increased price of raw material is expected to cause issues for the market growth as the report says that risk in terms of mild respiratory, skin, or eye irritation is projected to challenge the fire extinguishers market in the forecast period of 2022-2029.
North America dominates the fire extinguishers market because of the rise in construction activities within the region.
Asia-Pacific is expected to witness growth during the forecast period of 2022 to 2029 due to the implementation of strict fire norms in the region.