The global fire extinguishers market is projected to reach $6,452.3 million in 2023, attaining a CAGR of 6.2% during forecast period 2017–2023. The market is expected to grow owing to the implementation of stringent fire safety norms and growing construction activities. A fire extinguisher is a cylindrical device that is made up of a pressure vessel that contains carbon dioxide, water, dry powder, or foam, which is sprayed on a burning substance to kill the flames.
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For many years, the fire extinguishing technology remained stagnant. However, solutions based on new and improved technologies are now making it to the fire extinguishers market. Advanced products such as sound-based fire extinguishers are expected to cause a revolution in the fire-fighting domain across the globe. Sound-based fire extinguishers work by producing acoustic waves that intensify the air velocity, limiting the boundary layer of the combustion source. The fuel surface is interrupted by these acoustic waves, leading to a series of events which ultimately puts out the fire by restricting the combustion.
Developed countries such as Canada and the U.S. and several in Europe have strict fire safety norms which mandate the installation of fire extinguishers in residential, commercial, and industrial facilities. Thus, the demand for fire extinguishers is quite high in these places. With increasing construction activities in emerging economies, such as Brazil, China, and India, the sale of extinguishers would increase owing to stringent fire-safety norms. The fire extinguishers market is expected to experience a boom during the forecast period due to growing awareness on fire safety in developing countries.
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Another driving factor for the market is the rapidly increasing construction activities across the globe. High-income nations, such as Saudi Arabia, Japan, the U.S., and the U.A.E., are investing in modernizing their infrastructure. Similarly, emerging economies are also investing to build better infrastructure facilities for both residential and commercial purposes. To ensure safety from accidental fires in the upcoming construction projects, the installation of fire extinguishers has become compulsory, which is aiding in the fire extinguishers market growth.
The market is segmented by region, portability, end user, and product type. Based on portability, the market is classified into trolley mounted and portable firefighting equipment. The former type is majorly used in large warehouses and industrial plants, whereas the latter has a more versatile application area. Owing to its better performance and less response time, portable firefighting equipment is expected to advance at a higher rate during the forecast period.
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