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Fire Extinguisher Inspection Services Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global fire extinguisher inspection services market was valued at USD 4.3 billion in 2022 and is projected to expand at a CAGR of 6.1% from 2023 to 2030. The demand for fire extinguisher inspection services is driven by increasing safety regulations and fire prevention initiatives undertaken by governments around the world. The implementation of stringent safety regulations and the need for regular safety checks of fire-fighting equipment are propelling the growth of the fire extinguisher inspection services market. Furthermore, the increasing demand for fire extinguisher inspection services in the residential and commercial sectors is driving the market growth.
The growing awareness among end-users about the importance of fire safety solutions and the need for regular inspection and maintenance of firefighting equipment is expected to boost the growth of the fire extinguisher inspection services market. In addition, the increasing expenditure on fire safety solutions due to the growing incidence of fire accidents is driving the growth of the fire extinguisher inspection services market. Furthermore, the growing number of fire accidents in the industrial sector is fuelling the demand for fire extinguisher inspection services.
The increasing adoption of smart fire extinguishers and the growing popularity of wireless fire extinguishers are expected to contribute to the market growth. For instance, in August 2021, Kidde Technologies Inc. launched a new wireless fire extinguisher that is equipped with an alarm and an LED light. This new product is designed to provide extra safety for the user in the event of a fire. In addition, technological advancements such as the integration of artificial intelligence (AI) and the Internet of Things (IoT) in fire extinguishers are expected to fuel the growth of the fire extinguisher inspection services market.
Furthermore, rising consumer demand for the use of eco-friendly fire extinguishers is expected to drive the growth of the market. The growing demand for non-toxic, non-corrosive, and non-flammable fire extinguishers is encouraging manufacturers to develop eco-friendly products. For instance, in May 2021, BIOEX launched a new eco-friendly fire extinguisher that uses a foam-generating agent made from seaweed extract, which is biodegradable and non-toxic.
Moreover, the increasing demand for fire extinguisher inspection services from the oil and gas industry is expected to boost the market growth. The oil and gas sector is considered to be highly volatile and dangerous, and hence, the demand for fire safety solutions and services is increasing. Additionally, the growing demand for fire extinguisher inspection services from the military sector is expected to contribute to the growth of the market.
Product Insights
The fire extinguisher inspection services segment led the market and accounted for a share of around 34.8% in 2022. Fire extinguishers are an essential part of any fire safety program and are used to put out fires, prevent their spread and protect people and property from injuries and damage. These systems must be inspected and maintained regularly to ensure that they are in good working order. Therefore, fire extinguisher inspection services are gaining traction among users.
The fire alarm inspection services segment is anticipated to expand at the fastest CAGR of 8.5% over the forecast period. Fire alarm inspection services involve the periodic inspection, testing, and maintenance of fire alarm systems to ensure they are properly functioning. This helps to protect the safety of people and property and reduce the risk of fire-related incidents. The rising awareness of safety regulations in the workplace and the emergence of technological advancements in fire alarm systems are some of the key factors boosting the demand for fire alarm inspection services.
Distribution Channel Insights
The fire extinguisher service centers segment accounted for the highest revenue share in 2022. The fire extinguisher service centers segment is primarily driven by the rising demand for fire safety services. Fire extinguisher service centers are equipped with all fire safety services, such as fire extinguisher inspection, refilling, and maintenance. The presence of service centers all across the major cities, as well as in the rural areas, is further driving the segment growth.
The online segment is anticipated to expand at the highest CAGR of 11.3% over the forecast period. The rising penetration of smartphones and the increasing use of the internet have enabled the customers to purchase fire extinguisher inspection services online. The convenience of online purchasing has been a major factor for the segmental growth. Moreover, the presence of various e-commerce websites, such as Amazon, Flipkart, and Shopclues, has further driven the segment growth.
Type Insights
The portable fire extinguisher inspection services segment accounted for the largest market share of 63.6% in 2022. The growing awareness of safety among individuals and organizations is driving the growth of the portable fire extinguisher inspection services market. Also, the rising number of fire incidents is expected to increase the demand for portable fire extinguisher inspection services. Additionally, the increasing adoption of fire extinguishers in commercial and industrial sectors is also driving the growth of the global market. For instance, in March 2021, the National Fire Protection Association (NFPA) published a new standard to help reduce the risk of fire extinguishers overcharging.
The non-portable fire extinguisher inspection services segment is expected to register the highest CAGR of 11.9% over the forecast period. The growing demand for non-portable fire extinguisher inspection services from the industrial, commercial, and residential sectors is driving the growth of the segment. Additionally, the rising government initiatives toward the adoption of non-portable fire extinguisher inspection services are also creating growth opportunities for the segment. For instance, in November 2020, the Oregon Office of State Fire Marshal issued a notice that fire extinguishers must be inspected and serviced annually.
Regional Insights
The North America fire extinguisher inspection services market is expected to witness the highest growth during the forecast period. The region consists of a large number of fire extinguisher inspection service providers. Also, stringent safety regulations imposed by the Occupational Safety and Health Administration (OSHA) are expected to drive the fire extinguisher inspection services market in the region.
The Asia Pacific fire extinguisher inspection services market is projected to witness the second-fastest growth over the forecast period. The region is home to some of the rapidly developing economies, such as China and India, which are expected to have a positive impact on the fire extinguisher inspection services market. Also, rising awareness regarding fire safety and increasing adoption of advanced fire extinguisher solutions in the region are anticipated to fuel the demand for fire extinguisher inspection services in the region.
Financial Projections
In this part of the fire extinguisher inspection services business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your fire extinguisher inspection services. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a fire extinguisher inspection services business comes from providing fire extinguisher inspection services, and sales of fire extinguishers and fire safety equipment. The expected revenues should include a breakdown of each of these services and products.
Projecting Expenses
In this section, all the regular expenses related to keeping the fire extinguisher inspection services business running will be described. The list of operating expenses includes licensing, wages, maintenance and repairs, utilities, insurance policies, advertising, and others. Additionally, the expenses associated with purchasing, stocking, and shipping fire extinguishers and fire safety equipment should also be included.
Key companies & market share insights
Some of the key companies operating in the fire extinguisher inspection services market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, FireSafety Solutions launched a comprehensive fire safety services offering, including fire extinguisher inspection, maintenance, and repairs.
– In August 2022, Fire Extinguisher Inspection Company launched a fire safety inspection program that includes fire extinguisher inspections, fire alarm inspections, and other fire safety services.
– In October 2022, ClearFire Solutions launched an omnichannel fire safety inspection system that provides fire extinguisher inspections and maintenance services.
Some of the prominent players in the fire extinguisher inspection services market include:
– FireSafety Solutions
– Fire Extinguisher Inspection Company
– ClearFire Solutions
– Firetech Services, Inc.
– American Fire Protection Services, Inc.
– Fire Extinguisher Service Company, Inc.
– National Fire Extinguisher Service Company
– Fire Guards Services
– Fire Stop Solutions
– Fire Extinguisher Training & Inspections, LLC.
Global Fire Extinguisher Inspection Services Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global fire extinguisher inspection services market based on type, end-use, and region:
1. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Manual
– Automated
2. End-use Outlook (Revenue, USD Million, 2017 – 2030)
– Residential
– Commercial
– Industrial
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Market Size of Fire Extinguisher Inspection Services?
[A]: The global fire extinguisher inspection services market size is expected to reach USD 12.3 billion by 2027, exhibiting a CAGR of 5.4% during the forecast period.
[Q]: What is the Potential of Fire Extinguisher Inspection Services?
[A]: Fire extinguisher inspection services are gaining prominence due to the rising awareness about fire safety and the need for regular service and maintenance. Furthermore, increasing regulations governing the fire safety sector and the need for fire safety compliance are expected to drive the fire extinguisher inspection services market globally.
[Q]: Who are the Key Players in the Fire Extinguisher Inspection Services Market?
[A]: Key players in the global fire extinguisher inspection services market include ANSUL, Inc., Chubb Fire Limited, National Fire Equipment Ltd., The Hochiki Corporation, Tyco Fire Protection Products, United Fire Protection, Inc., and Viking Group Inc.
[Q]: What are the factors driving the Fire Extinguisher Inspection Services Market?
[A]: Key factors driving the fire extinguisher inspection services market include increasing regulations for fire safety compliance, growing awareness about fire safety, and rising demand for regular service and maintenance of fire extinguishers. Additionally, increasing adoption of fire safety solutions by commercial establishments is expected to propel the fire extinguisher inspection services market growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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