The increasing number of construction activities in the emerging economies is fueling the surge in the sales of fire extinguishers. In countries such as India, Indonesia, and China, huge investments are being made in the construction sector. These investments are also being made in many developed countries such as Japan, Saudi Arabia, and the U.S. With the rapid development of commercial centers, industrial plants, and smart cities, the requirement for fire extinguishers is predicted to soar in the coming years.
These regulations require the mandatory incorporation of fire safety systems such as fire extinguishers in residential, industrial, and commercial facilities. Additionally, emerging economies such as India, Brazil, and China are predicted to enact stringent fire safety policies and regulations in the forthcoming years to prevent the occurrence of fire hazards. This will massively push up the sales of fire extinguishes across the world in the future years. This will, in turn, fuel the expansion of the global fire extinguishers market in the future.
According to the forecast of P&S Intelligence, a market research firm based in India, the market value would increase from $4,487.0 million in 2017 to $6,452.3 million by 2023. Furthermore, the market is predicted to exhibit a CAGR of 6.2% between 2018 and 2023. Trolley-mounted and portable are the two main types of fire extinguishers sold across the globe. Between these, the demand for portable fire extinguishers was found to be higher in the past years.
Hence, it can be safely said that the sales of fire extinguishers would skyrocket all over the world in the upcoming years, primarily because of their growing requirement in commercial and industrial facilities and the increasing enactment of strict fire safety regulations in several countries around the world.
Read more: https://www.psmarketresearch.com/market-analysis/fire-extinguishers-market
No comments:
Post a Comment