The fire protection industry has always, and will continue to, bank on fire extinguishers as the bedrock upon which a complete fire protection strategy is developed and executed. Being an intangible service and security, fire protection is undergoing constant advancements, and fire extinguishing technologies are constantly being enhanced. However, the lack of confidence among end users regarding the use and installation of conventional fire extinguishers is leading to a drastic change in the strategic outlook for manufacturers in the fire protection industry.
The sea of evolution in the fire safety landscape, in general, and the portable fire extinguisher market, in particular, are too important to be overlooked. Transparency Market Research, in its new research, lays bare the undercurrents that are likely to remain instrumental in the development of this landscape in the future.
Portable Fire Extinguishers: The First Line of Defense is Convenience
End-user perception about portable fire extinguishers is changing, as convenience drives the launch of new products. The rapidly-transforming fire industry is weighing fire safety and ease of using fire extinguishers on the same scale. Manufacturers have responded by leveraging the prowess of automation technology, along with equipping their offerings with portable components. End-users’ need to fight new fire hazards dictated by modern technologies while minimizing the risk of damage to life and property is pushing manufacturers to ring in the changes, and simplify the designs of portable fire extinguishers to facilitate ease of use with greater efficiency.
How the Portable Fire Extinguisher Market is Shaping Up
In the United States alone, property loss caused by fires increased from over US$ 14 billion in 2007 to around US$ 23 billion in 2017. The collective effort towards minimizing the number of international fire incidents has instigated a spurt in the adoption of fire extinguishers and other types of fire protection equipment.
In addition, governments across the world have been formulating strict rules that are boosting the sales of portable fire extinguishers. The portable fire extinguisher landscape recorded a sales of over US$ 52 billion in 2018, and the stringent regulatory environment is expected to continue to underpin the penetration of portable fire extinguishers in the coming years.
Impact of Undercurrents on Market Trends
Over 6 in 10 portable fire extinguishers are sold in the commercial and industrial sectors. Leading companies are incorporating tech-driven manufacturing strategies to foray into the most rugged industrial areas, such as mining, oil & gas, and waste management, where the risk of fire loss is the highest. Product design and development strategies are heavily impacted by the need for portable fire extinguishers so as to withstand harsh environments and severe corrosion conditions in these end-user segments.
With governing bodies in developing countries amassing to implement strict fire safety regulations for the residential sector, product penetration is projected to reach new heights in housing estates and condominiums. TMR’s study opines that, increasing growth of the construction industry and growing number of skyscrapers will create new business opportunities for manufacturers in the residential sector, in the coming future.
Manufacturers are also concentrating their efforts toward launching products that can be used for multiple types of fires, as it is impossible for any market player to launch a universal portable fire extinguisher. In lines with this, dry chemicals & powders and carbon dioxide are witnessing higher demand over water jet and foam-based agents in portable fire extinguishers. Manufacturers are adopting strategies to cater to the growing demand for chemical- and powder-based portable fire extinguishers that can be used in Class A, B, and C types of fire incidents.