Global Portable Fire Extinguisher Market Size Set to Touch USD 11.6 Billion by 2029
Global portable fire extinguisher market is flourishing because of an increasing number of residential and non-residential building construction projects and growing awareness about fire safety.
Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated global portable fire extinguisher market size at USD 8.7 billion in 2022. During the forecast period between 2023 and 2029, Report Ocean expects global portable fire extinguisher market size to grow at a steady CAGR of 4.26% reaching a value of USD 11.58 billion by 2029.
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Major growth factors of global portable fire extinguisher market include increasing incidence of fires in both commercial and residential buildings. Strict government regulations mandating the installation of fire extinguishers are expected to further drive the growth of the industry in the coming years. The demand for lightweight and easy-to-transport portable extinguishers is also increasing, as they are often the first line of defense in controlling a fire. Additionally, consumers are becoming more aware of the importance of personal safety and protecting their property during emergencies, further boosting demand for fire extinguishers. The mandatory government regulations that require the installation of portable fire extinguishers are expected to continue driving growth in the market. Overall, an increased focus on personal safety and the protection of property during emergencies is expected to support the growth of the portable fire extinguisher market in the coming years. However, high-cost product is anticipated to impede the overall market growth.
Global Portable Fire Extinguisher Market – Overview
The global portable fire extinguisher market refers to the market for products designed to extinguish small fires in their early stages, such as those that may occur in homes, offices, or other small-scale environments. These fire extinguishers are typically lightweight, easy to operate, and portable, allowing them to be easily transported and used in various locations. The market includes a range of different types of portable fire extinguishers, including those that use dry chemicals, water, foam, or other materials to extinguish fires. The market is driven by a range of factors, including government regulations mandating the installation of fire extinguishers, growing awareness of the importance of personal safety and property protection during emergencies, and advancements in fire extinguisher technology.
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Impact of COVID -19 on Global Portable Fire Extinguisher Market
COVID-19 had a dual impact on the global portable fire extinguisher market. On the one hand, the pandemic increased the awareness of fire safety and the importance of having fire extinguishers in place. As a result, there was a rise in demand for portable fire extinguishers in some areas. However, on the other hand, the pandemic also caused disruptions in the global supply chain and led to temporary shutdowns of manufacturing facilities, resulting in a decrease in the production and availability of fire extinguishers. Additionally, the economic downturn caused by the pandemic led some individuals and organizations to prioritize spending on essential items, which may have decreased the demand for non-essential items, such as fire extinguishers.
Global Portable Fire Extinguisher Market – By Application
Based on application, global portable fire extinguisher market is bifurcated into residential and non-residential segments. The non-residential segment held a higher market share in 2022 and is expected to continue growing at a steady pace during the forecast period. This is due to the fast-growing commercial and industrial sectors that are driving the demand for the product. Additionally, strict government regulations for fire safety in public areas, commercial, and industrial buildings are boosting the demand for portable extinguishers. Furthermore, the construction of commercial buildings around the world is contributing to the growth of this segment. On the other hand, the residential application segment is expected to have the highest growth rate during the forecast period. This growth is attributed to the increasing number of fire-related deaths, rising concerns about safety among consumers, and property damage. The National Fire Protection Association (NFPA) found that cooking equipment is the primary cause of home structure fires, followed by smoking materials. As a result, consumers are more concerned about safety, which is increasing the demand for portable extinguishers in the residential sector.
Competitive Landscape
Major players operating in global portable fire extinguisher market include Raytheon Technologies Corp., Johnson Controls International Plc, Morita Holdings Corp., Hochiki Corp., Amerex Corp., Ceasefire Industries Pvt. Ltd., Activar Inc., Yamato Protec Corp., FlameStop Australia Pty. Ltd., Feuerschutz Jockel GmbH & Co., Britannia Fire Ltd., Minimax, and Kanex Fire. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Portable Fire Extinguisher Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Portable Fire Extinguisher Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Content
Chapter 1: Global Portable Fire Extinguisher Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Portable Fire Extinguisher market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Portable Fire Extinguisher Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Portable Fire Extinguisher market Size Forecast (2023-2030).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Portable Fire Extinguisher market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Portable Fire Extinguisher market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Portable Fire Extinguisher market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Portable Fire Extinguisher business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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