Fire Extinguisher Market Size to Grow at a CAGR of 5.70% During the Forecast Period

30 NORTH GOULD STREET, WYOMING, UNITED STATES, November 7, 2023 /EINPresswire.com/ -- According to a new report by Expert Market Research titled, “Global Fire Extinguisher Market Growth, Size, Share, Report and Forecast 2024-2032″, the global fire extinguisher market reached a value of about USD 4.74 billion in 2023. Aided by development of environmentally friendly fire extinguishers and growing industrialisation rates, the market is projected to further grow at a CAGR of 5.70% between 2024 and 2032 to reach a value of around USD 6.59 billion by 2032.

Fire extinguishers are imperative devices designed to combat small-to-medium fires, preventing them from becoming unmanageable. Typically, they consist of a handheld cylindrical pressure vessel containing an agent that can be discharged to suppress flames. Their importance in ensuring safety cannot be stressed enough, whether in commercial establishments, residential buildings, or industrial settings.

The relentless fire extinguisher market growth is largely influenced by the stringent regulatory norms and building codes that mandate the installation of fire extinguishers in public spaces and corporate entities. With the ever-present risk of electrical mishaps, short circuits, and general fire hazards, the need for easy-to-access fire safety measures has never been more pronounced, bolstering the fire extinguisher market demand.

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In tandem with the essential need for fire safety, the rise in urban infrastructure, skyscrapers, and densely populated residential areas further elevates the fire extinguisher market demand. It is anticipated that as urbanisation continues its steady march, there will be a consequent surge in the fire extinguisher market size, given the proportional relationship between building density and fire safety requirements.

Among various fire extinguisher market trends, one of the most notable trends is the evolution of technology within the domain. Modern fire extinguishers are not just limited to the conventional foam or water-based solutions. Today, there’s an array of extinguishing agents like clean agents, CO2, dry chemicals, and more, each tailored to address specific types of fires, be it electrical, liquid, or metal induced. The constant research and development in this sector ensures the availability of advanced solutions to tackle diverse fire emergencies.

Delving deeper into the fire extinguisher market analysis, the commercial sector emerges as a substantial contributor. Places like cinemas, shopping malls, educational institutions, and healthcare facilities have a high footfall, thereby having an increased responsibility to ensure the safety of the masses. The rigorous fire safety audits these establishments undergo periodically further reinforce the market’s prominence.

Increasing awareness about fire safety, particularly in emerging economies, coupled with government initiatives advocating fire safety, paints a promising picture for the future. Moreover, innovations like automatic fire extinguishers and IoT-integrated fire safety systems provide an exciting trajectory for the market, potentially heralding a new era in fire safety.

Read Full Report with Table of Contents: https://www.expertmarketresearch.com/reports/fire-extinguisher-market

Market Segmentation

The market can be divided based on product, extinguishing agent, fire, application, and region.

Market Breakup by Product

• Portable
• Knapsack
• Wheeled

Market Breakup by Extinguishing Agent

• Dry Chemical (Powder)
• Foam
• Carbon Dioxide
• Others

Market Breakup by Fire

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

Market Breakup by Application

• Industrial
• Commercial
• Residential

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global fire extinguisher market. Some of the major players explored in the report by Expert Market Research are as follows:

• Amerex Corporation
• The Desautel Group
• Britannia Fire Ltd.
• BRK Brands, Inc.
• Ceasefire Industries Pvt. Ltd.
• Others

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