Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
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"The global market for fire extinguishers was valued at ~US$ 3.49 billion in 2019. During the forecast period 2020-2028, the market for fire extinguishers is expected to grow at a CAGR of ~6.2 %."
Governments in many countries have introduced strict safety standards to prevent any unexpected incident due to outbreaks of fire. This encouraged the installation of fire extinguishers, especially in homes, restaurants, hotels, schools, hospitals, offices and factories. The demand for fire extinguishers is further supported by an increasing level of industrialization, coupled with the construction of commercial spaces, particularly in developing regions. In addition, the market is influenced by insurance agencies, which make it compulsory to install a fire extinguisher in insured buildings.
In addition, the leading players in the industry are developing environmentally friendly, gas or powder-based fire extinguishers that do not release toxic gases. They are also expanding their product portfolio by including small, lightweight and cost-effective fire extinguishers. Many corporations are also involved in mergers and acquisitions (M&A) to grow their consumer base and broaden their retail operations around the world.
The industrial application of fire extinguishers is likely to result in increased market share by 2028.
By End User type, Industrial application is expected to hold the maximum share of XX% of the fire extinguisher market across the globe. Due to the increasing introduction of automation in the industrial sector, demand for cost-effective and innovative products is rising, which is putting pressure on manufacturers to deliver technologically advanced and unique product offerings. Due to increased incidents of fire-breaking in the industrial sector, many countries are focusing on the development of fire safety and fire-management regimes. The U.S. National Fire Protection Association (NFPA) has laid down various regulations regarding the compulsory installation of fire extinguishers. Another such legislation is NFPA10 for the compulsory use of portable fire extinguishers in kitchens. These government initiatives are expected to increase demand for fire extinguishers around the globe.
Rising fire safety standards in the global industry and strict government regulations are boosting the growth of the fire extinguisher market. The high cost of fire extinguishers, however, hinders the market growth. In spite of these obstacles, the demand for portable and automatic fire extinguishers by the building and healthcare industries is expected to open up various opportunities for new products and fuel market growth.
High Adoption of dry chemical, carbon dioxide and foam-based fire extinguishers in industrial and residential sectors
Due to their high performance, dry chemical, carbon dioxide, and foam-based fire extinguishers are increasingly being used in both the industrial and residential sectors for extinguishing purposes. However, these techniques are now becoming unreliable in dealing with the current regulations implemented by several countries and environmental organizations. These technologies are also feasible under certain conditions, which vary between industries and processes. This, in turn, has raised the need for the development of systems that are effective across a wide range of the spectrum. In fact, previously used halon gas fire extinguishers cause ozone depletion.
North America is expected to hold a relatively high share of revenue in the fire extinguishers market by the end of 2028.
North America will continue to be an opportunistic market for fire extinguisher manufacturers and distributors as industrial and infrastructure developments increase. The market for fire extinguishers in Western Europe is also expected to grow at a significant rate, in line with the increasing infrastructure development and strict regulations imposed by the government on fire safety in both the industrial and residential sectors.
Manufacturing activities in the Asia Pacific are expected to draw many new market players to invest in the region, while at the same time promoting a rise in the demand for fire extinguishers. These manufacturing industries are projected to have a medium-level effect on the fire extinguishers industry.
Competitive Landscape Analysis:
Strategies pursued by key players in the fire extinguishers industry are business expansion through mergers and acquisitions, product launches, partnerships, and alliances. Key market participants concentrate on strategies such as product extension and innovation through new dealership networks and partnerships.
The study analyzes the competitive market environment, along with the comprehensive profiles of key players operating in the industry. Some of these companies include Amerex Corporation, United Technologies Corporation, Tyco Fire Products LP, Minimax GmbH & Company KG, Britannia Fire Ltd., First Alert Inc., JL Industries, Inc., Ceasefire Industries Pvt. Ltd., Feuerschutz Jokel GmbH & Co. KG and Desautel.
Fire Extinguisher Market Segmentation:
By Extinguisher Agent
- Dry Chemical
- Carbon Dioxide
- Multipurpose Dry Chemical
- Regular Dry Chemical
- Portable Fire Extinguisher
- Automatic Fire Extinguishers
By End User
- North America
- Latin America