According to a new report Global Portable Fire Extinguisher Market, published by KBV research, The Global Portable Fire Extinguisher Market size is expected to reach $15.6 billion by 2026, rising at a market growth of 12.8% CAGR during the forecast period.
The residential category is expected to observe the fastest growth during the forecast period. The growth of the market is due to the increasing casualties, rising property damages, and increasing safety concerns among the consumers. According to the study conducted by the National Fire Protection Association (NFPA), cooking tools are the major causes for the residential fires, following the smoking materials. The increasing safety concerns among the people are raising the demand for portable fire extinguishers in the residential sector.
Dry chemical portable extinguishers witnessed the largest market share in 2019 and are estimated to be the fast-growing category during the forecast period. The demand for dry chemical among consumers is high due to their capability to use on class A, B, and C fires. Additionally, they are generally utilized in residential buildings as it can easily fight all three common household fire types. Low prices and high versatility are also propelling the growth of the market.
The Asia Pacific market dominated the Global Portable Fire Extinguisher Market by Region in 2019. The Middle East & Africa is expected to be the major growing regions during the forecast period. The demand in the region is majorly boosted by government initiatives, recovering oil prices, and revised fire and life safety codes. The expanding hospitality sector is the major vertical that drives the demand for a portable extinguisher in this region. North America is forecasted to observe a notable growth due to the growing fire incidents and property damages during the forecast period. The United States has stringent rules and regulations related to fire safety that contributes to the growth of the North America portable fire extinguisher market.
Full Report: https://www.kbvresearch.com/portable-fire-extinguisher-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Hochiki Corporation, Amerex Corporation (McWane, Inc.), Activar, Inc., Hatsuta Seisakusho Co., Ltd. (YOKOI Manufacturing Ltd.), Ceasefire Industries Pvt. Ltd., Yamato Protec Corporation, Flamestop Australia Pty. Ltd., Desautel SAS, Feuerschutz Jockel GmbH & Co., and Safelincs Ltd. (Nationwide Fire Extinguishers).
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