ALBANY, New York, June 27, 2019 /PRNewswire/ -- The global portable fire extinguisher market is expected to witness a healthy growth over coming years, as predicted by Transparency Market Research (TMR). A fairly fragmented business landscape is existing in the global fire extinguisher market.
Global Portable Fire Extinguisher Market: Analyzing the Competition Dashboard
The competitive landscape of the portable fire extinguisher market is an interesting mix:
- Several startups and new vendors are entering this arena, especially in domestic markets. Small vendors are concentrating on providing cost-effective products in order to survive in the global portable fire extinguisher market.
- Further, vendors are leveraging the introduction of technology, by launching innovative products in order to capture the market shares. On this basis, key vendors such as United Technologies Corporation, Gunnebo AB, Morita Miyata Corporation, Johnson Controls International Plc., and Hochiki Corporation are accounting for a sizeable 20-25% of the overall market revenue.
- Mid-sized vendors in the global portable fire extinguishers market are shifting their focus towards expansion to regions with untapped potential. They are concentrating on ensuring product penetration in emerging markets. This is expected to help vendors in the global portable fire extinguisher market to gain momentum in the industry.
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However, due to minimal differentiation, vendors find it tough to offer features beyond a certain limit. This impels players to improve their production efficiency. This is a key trend observed in the global portable fire extinguisher market.
Other vendors involved in the global portable fire extinguisher market are Britannia Fire Ltd, Ceasefire Industries Pvt. Ltd, Amerex Corporation, Fest Fire Security, Flamestop Australia Pty. Ltd. and Fike Corporation.
Global Portable Fire Extinguisher Market: Let Numbers do the Talking
- TMR analysts predict the global portable fire extinguisher market to be worth US$ 73,000 Mn by 2027, the end of the forecast period, rising from US$ 52 billion in 2018.
- From 2019 to 2027, the global portable fire extinguisher market is likely to rise at a healthy 4% CAGR.
- Considering volume, the global portable fire extinguisher market is expected to rise to roughly 270,000.0'000 units by 2027, registering nearly 4% CAGR by volume during the forecast tenure.
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Global Portable Fire Extinguisher Market: Growth Dynamics
- Fire and Safety Awareness:
Nowadays, fire extinguishers are mandatory in commercial spaces, as well as large residential projects. This is on account of rising awareness regarding fire hazards and potential risks that could lead to uncontrolled fires, such as short circuits, etc. The growing awareness regarding fire safety, stringent compliances, and regular enforcements are expected to fuel the global portable fire extinguisher market.
- Leverage of New Technologies:
Several new innovations are being adopted in portable fire extinguishers. For instance, a recent development is the launch of sound-based firefighting technology. The surge in adoption of such technological innovations is projected to boost the global portable fire extinguisher market.
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- Surge in Construction Activities
Construction and infrastructure activities are experiencing a boom across the globe. This leads to high demand for fire extinguishers. This is expected to amplify sales in the global portable fire extinguisher market in coming years.
- Escalating Number of Fire-Related Accidents
The U.S. Fire Administration (USFA) reports that in 2017, there were 1,319,500 fires in the U.S. alone. Economic losses due to fire-related accidents rose from US$ 17.6 billion in 2008 to US$ 23.0 billion in 2017. Fire related deaths in the U.S. were reported to be 3400 in 2017 in U.S. The swelling numbers in fire-related accidents and associated losses are expected to spur the portable fire extinguisher market.
- Focus on Type Specific Extinguishers to be Key Trend
Vendors in the global portable fire extinguisher market are focusing on catering to type-specific products. For instance, vendors involved in production of dry chemical and carbon dioxide based extinguisher tend to stick to their offering instead of expanding their portfolio to water-based or foam based portable extinguishers. This is expected to lead to product differentiation, which is expected generate greater revenues in the global portable fire extinguisher market in the coming years.
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This review is based on TMR's report titled, "Portable Fire Extinguisher Market [Agent Type: Chemical & Powder Based, Water & Foam Based, CO2 Based, Metal Based, and Others; Fire Type: Class A, B and C, Class A and A&B, Class B&C or B, Class D, and Others; End-user: Residential, Commercial & Industrial, and Others; Distribution Channel: Online and Offline] – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027."
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The global Portable Fire Extinguisher Market is segmented along the following lines:
- Chemical & Powder Based
- Water & Foam Based
- CO2 Based
- Metal Based
- Class A, B, and C
- Class A and A&B
- Class B&C or B
- Class D
- Commercial & Industrial
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America
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