A research study published by technology advisory firm Technavio reveals that the global fire extinguisher market is expected to grow to over $5.14 billion in revenue by 2019.
The report breaks down the market into three areas;
- Commercial users
- Industrial users
The market for industrial users was valued at $1.64 billion in 2014, and with an increase in the number of manufacturing, research and testing facilities, and laboratories, further growth of this segment is expected.
Likewise, commercial users, which accounted for $879 in revenue in 2014, are expected to grow with the proliferation in demand for commercial property.
Much of the growth here, and in the ‘others’ category, which accounts for residential dwellings and vehicles, is being driven by regulation which stipulates the need for extinguishers.
Click here to read more about the report.
Amber Chourasia, one of Technavio’s lead analysts for lab equipment research said: “Various local safety authorities introducing stringent regulations and practices to ensure that the destruction caused by fire is minimized.
“These include occupancy limit, electrical codes, placement and maintenance of the correct type of fire extinguishers and fire alarms.
“Such stringent regulations in several countries demand a certain number of fire extinguishers to be present in residential buildings, commercial buildings, industrial facilities, and even automobiles.
“This has led to rise in demand for fire extinguishers over recent years, and with these regulations getting more restrictive, demand for fire extinguishers is expected to rise further over the forecast period.”