PUBLISHER: The Business Research Company | PRODUCT CODE: 1477064
PUBLISHER: The Business Research Company | PRODUCT CODE: 1477064
A portable fire extinguisher is a piece of equipment designed to extinguish a fire. It functions by releasing an extinguishing agent that cools the fuel, removes or displaces the oxygen, or stops the chemical reaction that causes the fire. This equipment is used for controlling or extinguishing small fires, often in emergency situations. Portable fire extinguishers are essential safety tools found in a variety of settings, including residential, industrial and commercial spaces. They are commonly used to address initial fire outbreaks before they escalate into larger, unmanageable fires, thereby playing a crucial role in fire safety and prevention.
The portable fire extinguisher market consists of sales of portable fire extinguishers by entities (organizations, sole traders or partnerships) that manufacture portable fire extinguishers.
The global portable fire extinguisher market was valued at $5,756.7 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 2.0%.
Rising Consumer Awareness For Personal Safety
The growing awareness among consumers regarding personal safety and property protection propelled the growth of portable fire extinguisher market during the historic period. Personal safety involves measures and actions taken to ensure the well-being and physical security of individuals during an emergency or disaster. Property protection refers to safeguarding physical assets and belongings during an emergency. The growing number of fire casualties on commercial and household premises boosted the demand for portable fire extinguishers. Consumers are becoming more conscious of the importance of fire extinguishers due to increasing property damage and safety concerns. For instance, in April 2022, according to the Fire Industry Association, a UK-based not-for-profit organization, the number of fires being successfully extinguished by portable extinguishers had increased to 93% in 2021 The fire department was not required to attend. Therefore, the growing awareness among consumers regarding personal safety and property protection contributed to the growth of the portable fire extinguisher market.
Innovation In Fire Extinguishing Devices With Improved Safety Features
Companies operating in the portable fire extinguisher market are focused on launching innovative fire extinguishing devices with enhanced safety features. Water mist extinguishers, for example, provide a fine spray that helps in reducing the scattering of burning materials and minimizes the risk of electrical shock, making them suitable for a wider range of applications. For instance, in August 2022, Kanex Fire, an India-based manufacturer of portable fire extinguishers, launched a new line of fire extinguishing devices, such as the Underwriters Laboratories (UL)-Listed Fire Extinguisher and Li-Ion fire extinguishers. A Li-Ion fire extinguisher includes a vacuum-dispensed (AVD) fire extinguishing chemical, which is effective at extinguishing lithium battery fires and preventing them from spreading further, particularly when administered as a mist. A UL-listed fire extinguisher uses particularly siliconized monoammonium phosphate to easily suppress the fire.
The global portable fire extinguisher market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 25.0% of the total market in 2022.
Portable Fire Extinguisher Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the portable fire extinguisher market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for portable fire extinguisher? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The portable fire extinguisher market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider portable fire extinguisher market; and compares it with other markets.