The global portable fire extinguishers market size is projected to touch USD 16 billion by 2025. It is anticipated to grow at 10.2% CAGR through the forecast period of 2019 to 2025. Demand for extinguishers that are lightweight is growing amongst the consumers. Rising number of casualties is a key factor propelling the demand for such extinguishers in commercial and residential premises. Governments are majorly focusing on strict measures to ensure safety, which is expected to have a positive impact on the growth of the market. Increasing awareness about property protection and safety amongst consumers is propelling the demand of the product. Increasing demand for compact extinguishers in automobiles is also uplifting the product demand.
According to the National Fire Protection Association (NFPA), there was property damage of USD 13.6 billion and 3,390 civilians succumbed to death because of fire incidents in 2016. The Independent Fire Engineering and Distributors Association (IFEDA) and Fire Extinguishing Trades Association (FETA) conducted a study showing the effectiveness of portable extinguishers in 2,100 fire cases in U.K. and came know that in 80% of the cases the flame was extinguished successfully and in 75% of those cases the concerned department was not required to attend. Manufacturers are concentrating on introducing these products on the basis of class A,B and C fire types.
Get Free PDF Sample (Including Full TOC, List of Tables & Figures, Chart and Covid-19 Impact Analysis): https://www.millioninsights.com/industry-reports/global-portable-fire-extinguisher-market/request-sample
Dry chemical dominated the portable fire extinguisher market in 2018. It is the most commonly used extinguisher because of its ability to douse class A,B and C types. They are comparatively priced at a low rate and are versatile in nature that makes them highly adoptable. It is expected to grow at the fastest CAGR in the forecast duration. CO2extinguishers are anticipated to witness considerable growth in the forecast period. Increasing use of these extinguishers in the commercial sector along with its high effectiveness on class B and K types of fire, is promoting its market growth.
The demand for the product is growing in the residential sector owing to the increasing number of casualties and property damages and increasing safety concerns amongst the consumers. According to the National Fire Protection Association (NFPA), cooking equipment followed by smoking materials are the main reasons for home structure fire during 2012-2016.
Impact of COVID-19
The COVID-19 outbreak has negatively affected the growth of the market. The pandemic has resulted in the imposition of strict lockdown in several parts of the world. Owing to the lockdown, the supply chain activities were severely affected, which in turn, halted the production of portable fire extinguisher. Also, companies have reduced their spending on research and development owing to low demand.
On the other hand, the COVID-19 outbreak has led to the set-up of various healthcare facilities across the globe, therefore, generating the demand for the product. In addition, the pandemic impact is for short term only and the market would continue its healthy run post-COVID period.
Table of Contents:-
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Portable Fire Extinguishers Market: Market Variables, Trends & Scope
Chapter 4 Portable Fire Extinguishers Market: Product Estimates & Trend Analysis
Chapter 5 Portable Fire Extinguishers Market: Application Estimates & Trend Analysis
Chapter 6 Portable Fire Extinguishers Market: End-use Estimates & Trend Analysis
Chapter 7 Portable Fire Extinguishers Market: Industrial End-use Estimates & Trend Analysis
Chapter 8 Portable Fire Extinguishers Market: Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
Chapter 10 Portable Fire Extinguishers Market: Manufacturers Company Profiles
Top Key Players of Global Portable Fire Extinguishers Market :
Amerex Corporation; Hochiki Corporation; Activar Inc.; Flamestop Australia Pty. Ltd.; Britannia Fire Ltd.; FeuerschutzJockelGmbh& Co. Kg; Ceasefire Industries Pvt. Ltd. and Hatsuta Seisakusho Co., Ltd.
Know More Insights @ https://newsonmarketblog.wordpress.com
No comments:
Post a Comment