LONDON, Feb. 14, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Portable Fire Extinguisher Global Market Report 2024, the portable fire extinguisher market is experiencing a significant upsurge, reflecting a trend of robust growth in recent years. The portable fire extinguisher market size is projected to increase from $7.54 billion in 2023 to $8.22 billion in 2024, boasting a compound annual growth rate (CAGR) of 8.9%. The portable fire extinguisher market size is expected to see strong growth in the next few years. It will grow to $11.16 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
Driving Forces Behind Market Expansion
Anticipated growth in the portable fire extinguisher industry is underpinned by several key factors. One such factor is the burgeoning adoption of the smart city concept worldwide. Smart cities, characterized by the integration of IoT technologies and data-driven solutions, prioritize efficiency, sustainability, and livability. Portable fire extinguisher systems play a pivotal role in ensuring the safety and security of smart urban areas by providing immediate response capabilities to contain small fires before they escalate. With thousands of smart city projects underway globally, including nearly 8,000 projects in India alone, the demand for portable fire extinguishers is expected to surge.
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Innovative Solutions Driving Market Trends
Manufacturers in the portable fire extinguisher industry are increasingly focusing on eco-friendly innovations to meet evolving market demands. Notably, there is a growing emphasis on the development of environmentally friendly water mist fire extinguishers. These extinguishers utilize de-ionized water as the extinguishing agent, offering a more sustainable alternative to chemical-based agents. For instance, Amerex Corporation recently introduced a new line of water mist fire extinguishers designed to be highly effective for Class A fires while minimizing environmental impact. These innovations cater to sectors such as healthcare, telecommunications, and clean room manufacturing, where traditional extinguishing agents may pose risks to sensitive equipment or environments.
Segmentation and Regional Insights
The Portable Fire Extinguisher Global Market Report 2024 segments the market based on agent type, fire type outlook, distribution channel, and application. Among these segments, powder-based extinguishers accounted for the largest portable fire extinguisher market share in 2023, followed by CO2-based extinguishers, which are projected to exhibit the highest growth rate during 2023-2028. Regionally, Asia Pacific emerged as the leading region in portable fire extinguisher market in 2023, driven by rapid industrialization and urbanization, followed by North America and Western Europe.
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Industry players seeking to capitalize on the burgeoning portable fire extinguisher market can leverage the insights provided in the Portable Fire Extinguisher Global Market Report 2024. By understanding portable fire extinguisher market dynamics, segment trends, and regional forecasts outlined in the report, businesses can strategically position themselves to seize emerging opportunities, drive innovation, and enhance competitiveness.
Portable Fire Extinguisher Global Market Report 2024 by The Business Research Company provides insights on the portable fire extinguisher market size, portable fire extinguisher market segments, portable fire extinguisher market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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