Fire Extinguisher Inspection Services Market Analysis, And Regional Outlook By 2028

Fire Extinguisher Inspection Services Industry Overview

The global fire extinguisher inspection services market size was valued at USD 3,523.1 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2028.

Rising awareness among consumers about the importance of effectively securing their buildings and homes in case of a fire emergency has driven the demand for fire extinguisher inspection services. According to the National Fire Protection Association (NFPA), a global self-funded non-profit organization, approximately 30% of portable fire extinguishers in use are not in good condition or working properly, which means, when in need, a fire extinguisher may fail to work. As a result, safety requirements make the involvement of fire extinguisher inspection service necessary.

Gather more insights about the market drivers, restrains and growth of the Global Fire Extinguisher Inspection Services Market

The COVID-19 (coronavirus) outbreak is likely to have a significant impact on the fire extinguisher inspection service market throughout the forecast timeframe, as has been noted through most of 2020. The growth of the inspection services market is directly related to that of the fire extinguisher market. The NFPA urged government officials and property owners (residential or commercial) not to aggravate the situation by ignoring the critical tasks and increasing the fire extinguishers inspection and maintenance in order to safeguard the building and people residing it from fire outbreaks. NFPA issued guidance for the inspection, testing, and maintenance of fire extinguishers in 2020.

The increase in the number of commercial construction projects across the globe is likely to have a positive influence on the growth of the fire extinguisher inspection services market in the coming years. According to Global Construction Perspectives and Oxford Economics, the global construction market will grow to USD 15.5 trillion worldwide by 2030, mainly driven by the U.S., China, and India. The U.S. construction industry was worth USD 1.3 trillion in 2019, according to the U.S. Census Bureau. According to Redshift by Autodesk, the global construction industry needs to build 13,000 buildings each day between 2019 and 2050, to support an expected population of 7 billion people living in cities.

The market is expected to benefit from lucrative opportunities in the technological space. The connected devices are now becoming a prominent part of the ever-changing fire extinguisher inspection service industry. These devices can provide accurate, efficient, and effective inspection and testing of fire extinguishers. Moreover, smart technology can be effectively used to alert the building owners about any changes or dangers.

Further, consumers are most adherent to fire codes of buildings and infrastructure; therefore, it is imperative for fire extinguisher inspection service providers to have flexible service options depending on inspection intervals and maintenance services. Most service providers in the industry have monthly, quarterly, and annual inspection and maintenance options depending on the regulations enforced across different countries.

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• Carbon Dioxide Market – The global carbon dioxide market size was valued at USD 3.68 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2030.
• Fire Protection System Market – The global fire protection system market size was valued at USD 72.72 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2022 to 2030. In 2020, the outbreak of the COVID-19 pandemic negatively impacted the market.

Market Share Insights

• June 2019: At the NFPA Conference, there was a talk about Smart Connected Things (SCoT) in fire protection systems, which will enable both the owner and service provider to determine system status and perform inspection and testing functions remotely.

Key Companies profiled:

Some prominent players in the global fire extinguisher inspection services market include

• High Rise Security Systems
• Cintas Corporation
• KOORSEN FIRE & SECURITY
• JOHNSON CONTROLS INTERNATIONAL PLC
• Reliable Fire & Security
• Chubb Fire & Security Pty Ltd. (A Carrier Company)
• Protegis Fire & Safety
• AAA Fire Protection, Inc.
• Jim’s Fire Safety
• Total Safety U.S., Inc.

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