The fire extinguisher market is set to reach US$7.1bn by 2026, according to a new study published by Global Industry Analysts Inc., (GIA). The report, titled “Fire Extinguishers – Global Market Trajectory & Analytics, presents fresh perspectives on opportunities and challenges in a significantly transformed post Covid-19 marketplace.
Improving global GDP, resurgence in remodeling and renovation activity in developed economies, steady rise in new constructions in emerging markets, and stricter law enforcements are driving growth in the market.
Along with their expiration date, the existence of international, national, or local building regulations, laws, and codes implies that some of the fire extinguishers must be replaced annually, which generates enough demand to ensure the industry’s stability.
Additional opportunities generated by the demand for fire suppression technologies and other proactive fire management systems, hold potential for the industry’s growth. Although the construction industry remains the primary end-use sector for fire extinguishers, growth is forecast to improve from expanding applications in automobiles, military vehicles, and aircrafts. Growing emphasis on safety is fueling demand for automotive fire extinguishers and poised to benefit against this backdrop are small, portable and lightweight fire protection systems. The growing base of military vehicles, especially army ground combat vehicles, is forecast to benefit demand for fast-opening hand-held fire extinguishers (HFE) to safeguard against combat-induced fires.
Amid the coronavirus pandemic, the global market for Fire Extinguishers is estimated at $5.2bn in 2022, is projected to reach a revised size of $7.1bn by 2026, growing at a CAGR of 7.5% over the analysis period.
Dry Chemical & Dry Powder, one of the segments analyzed in the report, is projected to grow at a 7.4% CAGR to reach $5.1bn by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Carbon Dioxide segment is readjusted to a revised 9% CAGR for the next seven-year period. This segment currently accounts for a 14% share of the global Fire Extinguishers market.
Currently, the extensively used fire extinguisher type is the multiple use dry chemical, which is most efficient on class A, class B and class C fires. CO2 fire extinguishers, which can be deployed on Class A fires, put out fire by removing oxygen component from the fire triangle as well as eliminating the heat through an extremely cold release. These black colored fire extinguishers are ideal for electrical fires
The U.S. Market is Estimated at $1.4bn in 2022, While China is Forecast to Reach $1.2bn by 2026
The Fire Extinguishers market in the U.S. is estimated at $1.4bn in the year 2022. The country currently accounts for a 27.9% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of $1.2bn in the year 2026 trailing a CAGR of 9.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.3% and 7.5% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 5.5% CAGR while Rest of European market (as defined in the study) will reach $422m by the end of the analysis period. Market growth is primarily led by change in standard building codes and mandating necessary deployment of fire extinguishers coupled with strong construction sector in developing markets such as Asia-Pacific, Latin America, Middle East and Eastern European markets. Both China and India have been investing significantly in expanding their infrastructure in order to gain competitive advantage and support burgeoning economy and population. The recovery in the construction industry in the US, coupled with steady gains in construction spending in developing countries including BRICs and CIVETs, is expected to drive the demand for fire extinguishers in the next few years.
Meanwhile, the foam-based segment is set to Reach $658.5m by 2026. Foam-Based and Water-Based Extinguishers put out fire by eliminating the heat component from the fire triangle, while foam agents remove oxygen component from additional components.
Foam extinguishers are expensive, and suitable for diverse use except for Class C fires due to shock risk. There are Aqueous Film Forming Foam (AFFF) based and Alcohol Resistant Aqueous Film Forming Foam (ARAFFF) based extinguishers, known as Class A and B fire extinguishers for fighting chemical fires, which involve alcohol. In the global Foam-based segment, USA, Canada, Japan, China and Europe will drive the 6.8% CAGR estimated for this segment.
These regional markets accounting for a combined market size of $355m will reach a projected size of $559.3m by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $94.6m by the year 2026, while Latin America will expand at a 7.9% CAGR through the analysis period.