Fire Extinguishers Market Is Projected To Witness A CAGR Of 6.2% During 2017–2023

CITY, Country, 2019-Jul-16 — /EPR Network/ —The fire extinguishing technology remained stagnant for several years and was once characterized by a fire-pressurized canister that sprayed fire-absorbing chemical or water to control fire. However, innovative solutions, such as sound-based firefighting technology, have been developed, which are expected to revolutionize firefighting practices across the world. Upon their commercialization, sound-based fire safety equipment meant for enclosed spaces, cockpits of airplanes, and ship decks is expected to witness a boost in its demand in the fire extinguishers market.

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The adoption rate of fire safety equipment in industrial and commercial facilities is high, which can be attributed to stringent fire safety regulations governing these facilities. However, the number of residential users, particularly independent houses, installing the equipment continues to remain relatively low throughout the world. This is mainly because of the lack of awareness among independent house owners about fire safety norms and the lack of enforcement laws for the installation of fire protection equipment in residential units. This factor hinders the growth of the fire extinguishers market.

North America, Europe, and other economically advanced regions follow stringent fire safety norms, which mandate the installation of fire safety equipment in commercial, residential, and industrial facilities. This factor is driving the fire extinguishers market in these regions. Moreover, emerging countries, such as China, India, Brazil, and Indonesia, which are witnessing massive construction boom, are strengthening their fire safety norms in order to reduce the incidence of fire-related accidents. The growing adoption of strict fire safety norms in these countries is expected to drive the growth of the fire extinguishers market in the coming years.

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The construction industry, across the world, has witnessed rapid growth in recent years, as emerging nations, such as China, India, and Indonesia, continue to invest heavily in new infrastructure projects for commercial and residential purposes. Besides, high-income nations, such as the U.S., Saudi Arabia, Japan, and the U.A.E., are pouring fresh investments in construction activities to modernize their infrastructure with the development of smart cities. Upcoming construction projects, such as high-rise buildings, industrial plants, and commercial centers, are expected to drive the fire extinguishers market in the coming years.

Some of the major players operating in the global fire extinguishers market are Amerex Corporation, United Technologies Corporation, Minimax, Britannia Fire Ltd., First Alert Inc., JL Industries, Ceasefire Industries Pvt. Ltd., Feuerschutz Jockel GmbH & Co. KG, Tyco Fire Protection Products, and Desautel.

 

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