LONDON--(EON: Enhanced Online News)--Technavio market research analysts forecast the global commercial building fire extinguishers market to grow at a CAGR of more than 12% during the forecast period, according to their latest report.
“The global commercial building fire extinguishers market is predicted to grow steadily due to developments in infrastructure. In terms of end-user, the hospitality segment is expected to contribute close to 25% of the overall market share in terms of revenues earned during the forecast period.”
The market study covers the present scenario and growth prospects of the global commercial building fire extinguishers market for 2016-2020. The report also lists dry chemical fire extinguishers, foam fire extinguishers, carbon dioxide fire extinguishers, and other fire extinguishers as the four major product segments for the global commercial building fire extinguishers market.
According to Bharath Kanniappan, a lead analyst at Technavio for automation research, “The global commercial building fire extinguishers market is predicted to grow steadily due to developments in infrastructure. In terms of end-user, the hospitality segment is expected to contribute close to 25% of the overall market share in terms of revenues earned during the forecast period.”
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Technavio industrial automation analysts highlight the following three market drivers that are contributing to the growth of the global commercial building fire extinguishers market:
- Increase in infrastructure development
- Safeguarding investment in assets
- Strict government regulations
Increase in infrastructure development
The world population is experiencing rapid urbanization as modern and advanced facilities are being developed to incorporate the growing population. It is estimated that by 2050, the population in China, India, Indonesia, Pakistan, and the US will cross 300 million.
With over 54% of the world’s population is living in urban areas, commercial and residential real estate has flourished over the past five years and is predicted to grow at a CAGR of over 9% during the forecast period. Fire extinguishers ensure a safe and incident free environment in buildings.
“With world population moving toward modernized and advanced infrastructure facilities, fire safety issue will gain more attention among end-users. The rising levels of urban development will drive the need for fire extinguishers,” says Bharath.
Safeguarding investment in assets
Firefighting and prevention have become a key concern for business owners not only due to the regulatory norms but also because owners realize the importance of protecting their assets within the commercial building.
A commercial building employs several assets like furnishings, electronic items, fittings and fixtures, documents, and other electro-mechanical equipment. Failure to timely extinguish a fire can compromise the safety of the occupants along with the assets associated with the facility. Fire incidents can be aggravated if there are other devices containing flammable materials in the same area. Such instances can lead to fatalities and huge losses, therefore mandating the need for fire extinguishers in commercial buildings.
Strict government regulations
Despite commercial buildings taking stringent measures to reduce the frequency of fire incidents and fatalities, there has not been a substantial drop in these accidents. This has resulted in government authorities imposing strict laws and regulations that building owners need to incorporate to operate their facilities and safeguard the interest of incumbents. In the US, the International Code Council (ICC) and National Fire Protection Association (NFPA) have laid out several codes like the International Building Code and Fire Code that govern all kinds of new and existing commercial buildings. This further necessitates the inclusion of fire extinguishers in commercial buildings.
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