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The portable fire extinguisher market size is estimated to grow at a CAGR of 6.12% between 2022 and 2027. The market size is forecast to increase by USD 1,458.52 million. The growth of the market depends on several factors, including the implementation of stringent fire safety regulations, the rise in the development of commercial and residential buildings, and the rising governmental concerns about preventing fire hazards.
This portable fire extinguisher market report extensively covers market segmentation by distribution channel (offline and online), end-user (residential, commercial, and industrial), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The implementation of stringent fire safety regulations are notably driving the market growth, although factors such as the fluctuating raw material prices may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Implementation of stringent fire safety regulations is the key factor driving the growth of the global portable fire extinguisher market. The implementation of stringent fire safety regulations in developed regions such as North America and Western Europe is a major factor in the increased adoption of portable fire extinguishers. The rising number of fire accidents in the commercial and industrial sectors in the North American region has prompted various safety authorities in the countries in this region to introduce stringent regulations and practices to ensure that the damage from fire is minimized.
These practices include occupancy limits, electrical codes, and placement and maintenance of the correct type of fire extinguishers and fire alarms. Such measures have led to a rise in demand for portable fire extinguishers over the past couple of years in North America. In 2021, home fire incidents and deaths increased by 13% in the US as compared with 2020. Furthermore, with regulations getting more restrictive, the demand for fire extinguishers will rise further during the forecast period.
The rising number of mergers and acquisitions (M&A) is the primary trend in the global portable fire extinguisher market growth. The global portable fire extinguisher market is expected to register significant growth over the next few years, owing to an increase in product innovations and M&A. Strategic M&A and collaborations between vendors help them develop more efficient products as well as improve their profit margins. Investments are made either in the form of capital outflows to develop new product offerings or as the acquisition of other service providers.
For instance, In April 2022, Resideo Technologies announced that it had completed the acquisition of First Alert, Inc., a prominent provider of home safety products, from Newell Brands Inc. First Alert offers various safety devices, including smoke alarms, carbon monoxide (CO) alarms, combination alarms, and fire extinguishers and other suppression solutions. Such acquisitions will help the vendor to gain a competitive advantage over other vendors and, in turn, will propel the market in focus during the forecast period.
Fluctuating raw material prices is a major challenge to the growth of the global portable fire extinguisher market. Aluminum and steel are the primary raw materials required for the manufacturing of portable fire extinguishers. The prices of raw materials used for the manufacturing of fire extinguishers have been fluctuating over the past decade. Increased taxes and duties, the implementation of additional tariffs, and production outages in metal ore-producing countries have been affecting the prices of steel and aluminum. Hence, the fluctuating prices of raw materials and the increasing competition among vendors have resulted in a reduction in the profit margins of vendors.
As the cost of raw materials accounts for a major share of the total spending of manufacturers, any unanticipated fluctuation in raw material prices can pose a challenge to portable fire extinguisher manufacturers as it can affect their overall profit margins, operating incomes, and cash flows. Therefore, the volatility in raw material prices is posing a challenge to the manufacturers of portable fire extinguishers and will hamper the growth of the market in focus during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Portable Fire Extinguisher Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Activar Inc.: The company offers portable fire extinguishers such as Cosmic extinguishers, Galaxy extinguishers, and Mercury extinguishers.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. In this segment, while purchasing products from hypermarkets and convenience stores are convenience, significant SKUs, and a wide brand variety. Walmart Inc. (Walmart) is the largest hypermarket in the US, offering portable fire extinguishers. Popular department stores that sell portable fire extinguishers include Macy's and Sears Brands. Thus, the presence of various retail formats under offline distribution will drive the segment in the market during the forecast period.
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The offline segment was valued at USD 1,820.62 million in 2017 and continued to grow until 2021. The offline distribution channel includes specialty stores, hypermarkets, convenience stores, and department stores. Sales through the offline distribution channel have declined gradually due to a shift in consumer preference for shopping through the online platform. To drive sales through offline channels, vendors are directing their sales through local retail entities. Although the offline distribution channel is losing popularity, extensive marketing activities will propel the sales of portable fire extinguishers through the offline channel at a steady rate during the forecast period.
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North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Industries in the region are focusing on improving the quality of their products, safety, and productivity. Hence, they are adopting effective fire safety equipment such as portable fire extinguishers. Also, most of the manufacturers are focusing on providing continuous fire safety training to their workers to improve process efficiency and ensure maximum safety during manufacturing operations.
Such initiatives also help workers to protect themselves in case of fire emergencies. In addition, the number of new constructions in several developed and emerging countries of the region is on the rise. For instance, in 2021, the new US administration invested USD 2.3 trillion in infrastructure development projects, including the construction of airports, hospitals, and schools, which is expected to further propel the demand for portable fire extinguishers in the US during the forecast period.
COVID-19 negatively impacted the regional portable fire extinguishers market in 2020. The construction sector was majorly hit due to the pandemic. However, in 2021, various business and industrial activities resumed, such as the construction of buildings and cross-border trade between countries, due to the initiation of large-scale vaccination drives, which increased the demand for portable fire extinguishers in the region. In addition, rising demand for intelligent houses and smart buildings, which deliver optimum safety and increase awareness regarding portable fire extinguishers, are expected to foster the growth of the market in focus during the forecast period.
The portable fire extinguisher market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global portable fire extinguisher market as a part of the global housewares and specialties market (specialties are small household products) within the global household durables market. The parent market, the global housewares, and specialties market, covers a variety of product categories, including cookware, bakeware, tableware, kitchen electrics, and kitchen tools and accessories. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Portable Fire Extinguisher Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.12% |
Market growth 2023-2027 |
USD 1,458.52 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.76 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key countries |
US, China, India, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Activar Inc., Anaf Fire Protection SpA, Bavaria Fire Fighting Solutions, Britannia Fire Ltd., Buckeye Fire Equipment Company, Carrier Global Corp., Ceasefire Industries Pvt. Ltd., Dragerwerk AG and Co. KGaA, Feuerschutz Jockel GmbH and Co. KG, Gunnebo AB, H3R Aviation Inc., Hatsuta Seisakusho Co Ltd., Johnson Controls International Plc, McWane Inc., Morita Holdings Corp., Resideo Technologies Inc., Robert Bosch GmbH, Rusoh Inc, Safelincs Ltd., and Yamato Protec Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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