Fire Extinguisher Inspection Services Market Size, Share & Trends Analysis Report By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), And Segment Forecasts, 2021 - 2028

Report Overview                                                         

The global fire extinguisher inspection services market size was valued at USD 3,523.1 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2028. Rising awareness among consumers about the importance of effectively securing their buildings and homes in case of a fire emergency has driven the demand for fire extinguisher inspection services. According to the National Fire Protection Association (NFPA), a global self-funded non-profit organization, approximately 30% of portable fire extinguishers in use are not in good condition or working properly, which means, when in need, a fire extinguisher may fail to work. As a result, safety requirements make the involvement of fire extinguisher inspection service necessary.

The COVID-19 (coronavirus) outbreak is likely to have a significant impact on the fire extinguisher inspection service market throughout the forecast timeframe, as has been noted through most of 2020. The growth of the inspection services market is directly related to that of the fire extinguisher market. The NFPA urged government officials and property owners (residential or commercial) not to aggravate the situation by ignoring the critical tasks and increasing the fire extinguishers inspection and maintenance in order to safeguard the building and people residing it from fire outbreaks. NFPA issued guidance for the inspection, testing, and maintenance of fire extinguishers in 2020.

The increase in the number of commercial construction projects across the globe is likely to have a positive influence on the growth of the fire extinguisher inspection services market in the coming years. According to Global Construction Perspectives and Oxford Economics, the global construction market will grow to USD 15.5 trillion worldwide by 2030, mainly driven by the U.S., China, and India. The U.S. construction industry was worth USD 1.3 trillion in 2019, according to the U.S. Census Bureau. According to Redshift by Autodesk, the global construction industry needs to build 13,000 buildings each day between 2019 and 2050, to support an expected population of 7 billion people living in cities.

The market is expected to benefit from lucrative opportunities in the technological space. In June 2019, at the NFPA Conference, there was a talk about Smart Connected Things (SCoT) in fire protection systems, which will enable both the owner and service provider to determine system status and perform inspection and testing functions remotely. The connected devices are now becoming a prominent part of the ever-changing fire extinguisher inspection service industry. These devices can provide accurate, efficient, and effective inspection and testing of fire extinguishers. Moreover, smart technology can be effectively used to alert the building owners about any changes or dangers.

Further, consumers are most adherent to fire codes of buildings and infrastructure; therefore, it is imperative for fire extinguisher inspection service providers to have flexible service options depending on inspection intervals and maintenance services. Most service providers in the industry have monthly, quarterly, and annual inspection and maintenance options depending on the regulations enforced across different countries.

Region Insights                                                                                                  

Asia Pacific dominated the market and accounted for the largest revenue share of 38.2% in 2020. The Confederation of Fire Protection Associations - Asia, (CFPA-Asia), is a body of leading fire protection organizations from the Asia Pacific Region that have joined forces to collectively direct their resources at reducing the global fire problem and increasing life safety. CFPA-Asia has joined some 40 other organizations from around the world on the International Fire Safety Standards Coalition (IFSS). The coalition of local and international bodies and standard-setting organizations committed to developing and supporting a shared set of standards for fire safety in buildings in the public interest was launched at the United Nations in Geneva, Switzerland on 9 July 2018.

North America is projected to witness a compound annual growth rate (CAGR) of 5.2% over the forecast period. In Canada, municipal councils establish and fund fire departments to deliver local fire protection and prevention services. These services include running local public fire safety education and fire prevention programs. According to the government of Canada, all extinguishers are to be visually inspected each month and serviced once a year. Further, carbon dioxide extinguishers should be weighed annually and dry chemical extinguishers should occasionally be turned upside down and shaken. Similarly, fire extinguisher inspection is required for all fire extinguisher types across all U.S. states, which is in accordance with the state and local fire codes driven by the international fire codes and the National Fire Protection Association (NFPA).

Key Companies & Market Share Insights        

The key players in the market account for a considerable revenue share and have a strong presence across the globe. The market also comprises small-to-mid-sized players who offer a selected range of services and mostly serve local customers. Consumers prefer hi-tech products when it comes to safety. Thus, companies in the industry are focusing on technological advancements. Total Safety, for example, launched its new SafeTek worker safety technology solutions designed to aid in the protection of workers all around the world. Some of the prominent players in the fire extinguisher inspection services market include:

• High Rise Security Systems

• Cintas Corporation

• KOORSEN FIRE & SECURITY

• JOHNSON CONTROLS INTERNATIONAL PLC

• Reliable Fire & Security

• Chubb Fire & Security Pty Ltd. (A Carrier Company)

• Protegis Fire & Safety

• AAA Fire Protection, Inc.

• Jim's Fire Safety

• Total Safety U.S., Inc.

Fire Extinguisher Inspection Services Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global fire extinguisher inspection services market report on the basis of region:

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia