SAN FRANCISCO, Dec. 8, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Fire Extinguishers - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 17; Released: October 2021
Executive Pool: 504
Companies: 218 - Players covered include Amerex Corporation; BRK Brands, Inc.; Desautel; Gunnebo India Private Ltd.; Johnson Controls International Plc; Minimax GmbH & Co. KG; Nationwide Fire Extinguishers; Protec Fire and Security Group Ltd.; Siemens Building Technologies and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Dry Chemical & Dry Powder, Carbon Dioxide, Foam-based, Other Product Types); Portability (Portable, Trolley Mounted); End-Use (Industrial, Commercial, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Fire Extinguishers Market to Reach US$7.1 Billion by the Year 2026
Fire extinguishers are used as safety devices in homes and commercial/work places to put out or control small fires for minimizing damage until trained fire fighters arrive on site. Improving global GDP, resurgence in remodeling and renovation activity in developed economies, steady rise in new constructions in emerging markets, and stricter law enforcements are driving growth in the market. Along with their expiration date, the existence of international, national, or local building regulations, laws, and codes implies that some of the fire extinguishers must be replaced annually, which generates enough demand to ensure the industry's stability. Additional opportunities generated by the demand for fire suppression technologies and other proactive fire management systems, hold potential for the industry's growth. Although the construction industry remains the primary end-use sector for fire extinguishers, growth is forecast to improve from expanding applications in automobiles, military vehicles, and aircrafts. Growing emphasis on safety is fueling demand for automotive fire extinguishers and poised to benefit against this backdrop are small, portable and lightweight fire protection systems. The growing base of military vehicles, especially army ground combat vehicles, is forecast to benefit demand for fast-opening hand-held fire extinguishers (HFE) to safeguard against combat-induced fires.
Amid the COVID-19 crisis, the global market for Fire Extinguishers estimated at US$4.6 Billion in the year 2020, is projected to reach a revised size of US$7.1 Billion by 2026, growing at a CAGR of 7.5% over the analysis period. Dry Chemical & Dry Powder, one of the segments analyzed in the report, is projected to grow at a 7.4% CAGR to reach US$5.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Carbon Dioxide segment is readjusted to a revised 9% CAGR for the next 7-year period. This segment currently accounts for a 14% share of the global Fire Extinguishers market. Dry chemical based fire extinguishers put out fire mainly by disrupting the fire triangle's chemical reaction. These blue colored extinguishers are multi-purpose. Currently, the extensively used fire extinguisher type is the multiple use dry chemical, which is most efficient on class A, class B and class C fires. CO2 fire extinguishers, which can be deployed on Class A fires, put out fire by removing oxygen component from the fire triangle as well as eliminating the heat through an extremely cold release. These black colored fire extinguishers are ideal for electrical fires
The U.S. Market is Estimated at $1.3 Billion in 2021, While China is Forecast to Reach $1.2 Billion by 2026
The Fire Extinguishers market in the U.S. is estimated at US$1.3 Billion in the year 2021. The country currently accounts for a 27.9% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.2 Billion in the year 2026 trailing a CAGR of 9.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.3% and 7.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR while Rest of European market (as defined in the study) will reach US$422 Million by the end of the analysis period. Market growth is primarily led by change in standard building codes and mandating necessary deployment of fire extinguishers coupled with strong construction sector in developing markets such as Asia-Pacific, Latin America, Middle East and Eastern European markets. Both China and India have been investing significantly in expanding their infrastructure in order to gain competitive advantage and support burgeoning economy and population. The recovery in the construction industry in the US, coupled with steady gains in construction spending in developing countries including BRICs and CIVETs, is expected to drive the demand for fire extinguishers in the next few years.
Foam-based Segment to Reach $658.5 Million by 2026
Foam-Based and Water-Based Extinguishers put out fire by eliminating the heat component from the fire triangle, while foam agents remove oxygen component from additional components. Foam extinguishers are expensive, and suitable for diverse use except for Class C fires due to shock risk. There are Aqueous Film Forming Foam (AFFF) based and Alcohol Resistant Aqueous Film Forming Foam (ARAFFF) based extinguishers, known as Class A and B fire extinguishers for fighting chemical fires, which involve alcohol. In the global Foam-based segment, USA, Canada, Japan, China and Europe will drive the 6.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$355 Million in the year 2020 will reach a projected size of US$559.3 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$94.6 Million by the year 2026, while Latin America will expand at a 7.9% CAGR through the analysis period. More
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SOURCE Global Industry Analysts, Inc.