A responsible business owner, manager, or residential property owner has already understood the importance of essential fire safety devices such as fire extinguishers. In accordance to the local codes and standards, he or she might have taken a smart decision to install extinguishers at multiple spots on the premises. Although this is a laudable step in the right direction, merely installing fire extinguishers will not get you all the way there. In order for any firefighting equipment to perform its intended task, frequent inspection and maintenance procedures are a must.
Here’s a look at the top trends in the fire extinguisher servicing industry including an analysis of the market as it stands today:
- Key segments in market
The fire extinguisher market can broadly be categorized based on various characteristics such as type of extinguishing agent, kind of fire, locality, region, distribution and supply chain, etc. It is fair to say that the growth and innovation experienced in the fire extinguisher industry is reliant on how these segments change and the dynamic trends that take off as a result. Several research studies that are accessible online study these segment-wise trends, while analyzing the comprehensive data, and try to portray a perpetual future for the portable extinguisher market.
2. Product trends
In general, fire extinguisher are one type of fire safety device whose popularity has grown worldwide. It is often marketed as one of the safest, viable, and affordable options when it comes to tackling fires and averting potential disasters. Being the most preferred type of product across the globe, there are a few fire extinguisher variants that experience greater number of sales figures as compared to others. Among portable, knapsack, and wheeled types of fire extinguishers, data shows that customers often opt for the portable kind. A host of other factors such as extinguishing agent (Dry Chemical, Foam, Carbon Dioxide, Dry Powder, etc.) or grade of fire also play a pivotal role in client decision.
The fire extinguisher market is one of the most competitive landscapes in the commercial sector. Since the devices hold a universal application, mainly due to the fact that fires are a universal concern, fire extinguisher manufacturers and services are not restricted by any tangible borders or rules. Survey data often shows that Asia Pacific and North America are two geographical fronts with substantial market shares but Europe is the largest fire extinguisher market in the whole world.
4. Size and share analysis
As mentioned earlier, the fire extinguisher industry is essentially boundless and limitless. Despite this, the industry does have some key players such as Amerex Corporation, United Technologies, Tyco Fire Products, etc. Current analytical figures show that firms in the Asia Pacific region take up nearly 55.03% of the fire extinguisher sales market, mainly due to the low cost of labor and raw material. India also features prominently in this statistic.
5. Growth and forecast analysis
It is true that a majority of fire safety measures and equipment has originated outside of India but that doesn’t mean that the country is not catching up. Studies conducted by fire safety and equipment organisations show that India is projected to grow by over 8% in the industry over the next few years. This is mainly due to the country witnessing rapid industrialization and urbanization.