Every year, more than 180,000 people die of burns, according to the estimates of the World Health Organization (WHO). Moreover, as per the agency, “…the vast majority occur in low- and middle-income countries.”, which is attributed to the lax or non-existent fire safety standards in many developing and under-developed countries. In contrast, North America and European countries have stringent regulations regarding fire safety, which help avert numerous serious disasters each year.
As a result of both these factors, P&S Intelligence expects the fire extinguishers market to grow from $4,487.0 million in 2017 to $6,452.3 million by 2023, at a 6.2% CAGR between 2018 and 2023. This is because a fire extinguisher is the basic that people and buildings can have to avert disasters. All types of buildings, be it industrial, residential, or commercial, in most of the developed countries are mandated to have such equipment on all floors.
Fire extinguishers are intended for smaller fires, and since many big fires start as small ones, these devices are extremely handy if used in the initial stage. They generally work by spraying a chemical or other agents on the burning substance, so that the fuel’s oxygen supply is cut; a fire cannot sustain itself without oxygen. Thus, depending on the burning substance, a range of agents are contained inside such devices. Therefore, fire extinguishers are classified into the carbon dioxide, dry chemical & dry powder, water-based, foam-based, and clean agent types.
All these types are widely used in the commercial, residential, industrial, and transport sectors. Among these, the industrial sector is their largest end user because factories carry a perpetual fire hazard owing to the high-voltage machines they use. In addition, a lot of industrial units use incinerators or ovens, which further highlights the necessity of fire control equipment. Thus, with large-scale industrialization taking place in developed as well as developing countries, the demand for fire extinguishers in this sector will keep growing.
Hence, with the increasing construction activities around the world in response to the booming population and need to give it better facilities, coupled with the steps being taken to reduce the burn-associated mortality, sales of fire extinguishers will keep increasing.