According to a new market report published by Industry Probe, the global potable fire extinguisher market is expected to reach US$ 25.6 Bn by 2027 and expand at a CAGR of 5.6% from 2019 to 2027.
New York, NY -- (ReleaseWire) -- 04/07/2020 --According to a new market report published by Industry Probe (www.industryprobe.com) titled 'Portable Fire Extinguisher Market (Type: Water, Powder, Foam, Chemical, CO2, and Others (Clean Agent etc.); Fire Type: Class A, Class B, Class C, Class D, and Class K; End-use: Residential, Commercial, Industrial, and Public Places; Distribution Channel: Online and Offline) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027,' the global potable fire extinguisher market is expected to reach US$ 25.6 Bn by 2027 and expand at a CAGR of 5.6% from 2019 to 2027.
The global portable fire extinguisher market was valued at US$ 15,895.9 Mn in 2018 and is expected to expand at a CAGR of 5.6% from 2019 to 2027. Increasing awareness about fire safety is expected to boost the global market of portable fire extinguishers in the near future. North America held a prominent share in the global portable fire extinguisher market in 2018 followed by Europe and Asia Pacific. Asia Pacific is expected to be a key upcoming market for portable fire extinguishers during the forecast timeframe. Significant expansion of construction industries and stringent government regulations are anticipated to be the key factors driving the growth of the portable fire extinguisher market in this region.
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Growing demand for portable fire extinguishers from industries such as manufacturing, utilities, petrochemical, mining, oil & gas exploration, energy & power, automotive, and construction is anticipated to drive the market. A number of developed as well as developing, regions such as North America, Asia Pacific, and Europe have implemented stringent regulations, which mandate the installation of portable fire extinguishers at industrial, residential, and commercial places. Strict regulations are imposed by various regulatory bodies for the implementation of fire safety procedures, thereby making it mandatory for organizations to use portable fire extinguishers at workplaces, which consequently increases the demand for portable fire extinguishers. Reconstruction activities and implementation of building safety codes against fire are assessed to positively influence market growth. Mentioning the market hindering factors, the report states that a portable fire extinguisher needs to be refilled after use. Generally, major countries across the world have a law to check the quality of a portable fire extinguisher if unused for a period of time. If it is found that the portable fire extinguisher is unfit for future use, it must be refilled for future use. All these factors restrict the penetration and growth of fire extinguishers in the global market.
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The report has segregated the global portable fire extinguisher market in terms of type, fire type, end-use, distribution channel and region. In terms of type, powder portable fire extinguishers are mostly preferred as powder portable fire extinguishers are suitable for Class A, Class B, Class C, Class D, and electrical fire type. In terms of fire type, Class A fire type is the major segment and is anticipated to dominate the market during the forecast period, followed by Class B fire type. Class A contributes major share to the portable fire extinguisher market and is anticipated to expand at a CAGR of 5.5% during the forecast period. Based on end-user, the commercial segment dominates the market. In terms of distribution channel, the offline distribution channel is expected to be the most attractive segment during the forecast period due to the preference of consumers toward offline shopping. In terms of region, North America holds a major share of the global portable fire extinguisher market, followed by Europe. Across Europe, governments have mandated strict regulations related to installation of portable fire extinguishers in public places. Awareness about fire safety and rising infrastructural activities are expected to increase the market attractiveness of portable fire extinguishers worldwide during the forecast timeline.
The portable fire extinguisher market is dominated by several players who are focused on the development of new products to cater to the rising demand for the product in the market.
The report includes the below mentioned pointers of major players operating in the portable fire extinguisher market:
- Competition Matrix
- Company Overview
- Product Profiling
- Market Share Analysis (2018)
- Product Innovation
- Product Comparison Analysis
- Business Strategies / Recent Developments
- Technological advancements
- Key mergers and acquisitions
- Expansion strategies
- Company Financials
Some of the major players operating in the portable fire extinguisher market are featured in this report to give a better competitive analysis of the market and these include Morita Holdings Corporation, Amerex Corporation, Britannia Fire Ltd, Johnson Controls International Plc., United Technologies Corporation, Ceasefire Industries Pvt. Ltd, Fest Fire Security, Feuerschutz Jockel GmbH & Co. KG, Fike Corporation and Flamestop Australia Pty. Ltd..
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About Industry Probe
Industry Probe is a global market intelligence and advisory firm with an unwavering purpose to help businesses achieve strategic objectives through a varied range of offerings. Based on a unique amalgamation of our big data technology and human intelligence, our services are dedicated to serve the businesses operating in the consumer goods and industrial machinery sectors. Our offerings comprises syndicated research, strategic consulting & advisory services, competitive intelligence, and full time engagement to bring true & actionable insights into our clients' business environment. Combining research & technology adoption, playing the perfect mix of the best data, and centered on consumer goods & industrial machinery sectors, Industry Probe believes in targeting one industry at a time.
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