The market growth is mainly driven by rapid industrialization, increasing construction activities for commercial purposes, and implementation of stringent fire safety norms for promoting public safety.
New York, NY -- (SBWIRE) -- 08/10/2018 -- The fire extinguishers market has been growing at a steady pace and is expected to maintain that pace till 2023. Fire extinguisher is a firefighting device that is used to control small fires, mostly in emergency situations. The market for fire extinguishers is anticipated to grow on account of rapid industrialization, increasing construction activities for commercial purposes, and implementation of stringent fire safety norms for promoting public safety.
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Portable fire extinguishers are expected to continue holding a larger share in the fire extinguishers market during the forecast period, as they can be instantaneously used during emergency situations to douse the fire. On the other hand, trolley-mounted fire extinguishers are generally used in large facilities, such as industrial plants and warehouses, which are highly vulnerable to property loss on an event of a fire breakout.
The fire extinguishers market in developed countries of the world is mature, owing to the high installation rate of fire extinguishers and strict adherence to fire safety norms in these countries. However, the adoption rate of fire extinguishers in developing countries is low. Also, these countries are undergoing rapid economic transformation, which is characterized by the large-scale construction of residential, commercial, and industrial units. This is offering high growth opportunities to fire extinguisher manufacturers to tap into the market potential in developing countries.
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Europe is expected to continue holding the second-largest share in the global fire extinguishers market in the coming years. Germany is estimated to be the largest market for fire extinguishers in Europe in 2017, accounting for a market share of 21.1% in terms of volume. The demand for fire extinguishers in Germany is expected to grow at a rapid pace, as the country aims to increase its spending on various construction projects, including commercial and public utility buildings. To ensure fire safety in newly constructed buildings, project developers in the country are encouraging installation of fire extinguishers, which is giving a significant push to the fire extinguishers market.
Amerex Corporation, United Technologies Corporation, and Tyco Fire Protection Products are the leading manufacturers of fire extinguishers in the market. Amerex Corporation has a strong presence in North America, particularly in the U.S. United Technologies Corporation is another major player with prominent fire extinguisher brands such as Kidde and Badger Fire Protection. Tyco Fire Protection Products also holds a significant share in the global fire extinguishers market, owing to its strong global presence, which ensures the availability of its products in various parts of the world.
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