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Market research analysts at Technavio predict that the global commercial building fire extinguisher market will grow steadily during the next four years and post a CAGR of more than 12% by 2020. This market research analysis identifies the increased level of infrastructure development as one of the primary growth factors for the building fire extinguisher market. To incorporate the rising levels of population, countries across the globe are experiencing rapid urbanization, which results in an exponential increase in the number of residential and commercial buildings. This will increase the demand for construction activity in the coming years and will subsequently drive the demand for building fire extinguishers due to the increased awareness regarding occupational health safety and fire safety.
In terms of geography, Europe will account for the major revenue shares and dominate the market throughout the forecast period. This is mainly attributed to the implementation of stringent fire safety norms in several countries across the region. The European Union introduced regulations in 2011 that mandate every new building construction to undergo the fire performance test known as harmonized classification system for Reaction to Fire. The increase in commercial real estate activities in the region, especially in the countries of Central and Eastern Europe, will fuel the growth of the fire extinguisher market in the coming years.
The market is characterized by the presence of several established fire extinguisher manufacturers who offer portable and wheeled fire extinguishers and a number of other fire prevention systems. Since all vendors compete to gain a significant revenue share, the market’s competitive environment is intense. With minimal opportunities for product differentiation, vendors have the need to develop advanced products by adopting new technologies. As a result, the market players will start increasing their R&D investments to develop innovative products, which will help them have a competitive edge over their competitors.
The leading vendors in the market are -
The other prominent vendors in the market are Britannia Fire, Buckeye, Kidde, Safex, and Strike First.
Due to their wide range of application across various industries, the dry chemical fire extinguishers segment accounted for the major shares and dominated the commercial building fire extinguisher market during 2015. Dry chemical agents help reduce the fire by forming a barrier between fuel and oxygen. These extinguishers can be used on class A, B, C, and E type of fires and are known as multipurpose fire extinguishers.
This market study estimates that in terms of end-users, the hospitality sector was the major revenue contributor to the market during 2015. The need to comply with the health and safety regulations will drive the incorporation of fire prevention systems by the hotel industry during the next four years. Analysts predict that though fire sprinkler systems are increasingly being adopted by hotel owners as a part of building automation due to which the industry will continue to be the major revenue contributor to the market throughout the forecast period.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research and methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Market segmentation by end-user
PART 08: Geographical segmentation
PART 09: Market drivers
PART 10: Impact of drivers
PART 11: Market challenges
PART 12: Impact of drivers and challenges
PART 13: Market trends
PART 14: Vendor Landscape
PART 15: Appendix
PART 16: Explore Technavio
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