Every year, more than 180,000 people die of burns, according to the estimates of the World Health Organization (WHO). Moreover, as per the agency, “…the vast majority occur in low- and middle-income countries.”, which is attributed to the lax or non-existent fire safety standards in many developing and under-developed countries. In contrast, North America and European countries have stringent regulations regarding fire safety, which help avert numerous serious disasters each year.
As a result of both these factors, P&S Intelligence expects the market for fire extinguishers to grow from $4,487.0 million in 2017 to $6,452.3 million by 2023, at a 6.2% CAGR between 2018 and 2023. This is because a fire extinguisher is the basic that people and buildings can have to avert disasters. All types of buildings, be it industrial, residential, or commercial, in most of the developed countries are mandated to have such equipment on all floors.
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Coupled with the rampant construction activities, the surging awareness on fire safety and implementation of related rules, are expected to make Asia-Pacific the fastest-growing fire extinguishers market in the years to come. For instance, in India, all newly constructed buildings, be it apartment complexes, schools and colleges, office buildings, or hospitals, are mandated to have fire extinguishers. Moreover, to increase the awareness on fire safety, several government and private organizations conduct seminars and drills across the country, where the dos and don’ts in case of fire and instructions to operate an extinguisher are conveyed.
Hence, with the increasing construction activities around the world in response to the booming population and need to give it better facilities, coupled with the steps being taken to reduce the burn-associated mortality, sales of fire extinguishers will keep increasing.
Read More: https://www.psmarketresearch.com/market-analysis/fire-extinguishers-market
