ECOWAS: Fire Extinguisher Market 2024

Fire Extinguisher Market Size in ECOWAS

The ECOWAS fire extinguisher market surged to $X in 2022, rising by 22% against the previous year. Overall, consumption posted resilient growth. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Fire Extinguisher Production in ECOWAS

In value terms, fire extinguisher production dropped to $X in 2022 estimated in export price. Over the period under review, production recorded resilient growth. The pace of growth was the most pronounced in 2017 when the production volume increased by 48%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Fire Extinguisher Exports

Exports in ECOWAS

In 2022, after two years of decline, there was significant growth in shipments abroad of fire extinguishers, when their volume increased by 58% to X units. In general, exports posted a resilient expansion. The pace of growth was the most pronounced in 2014 with an increase of 291%. The volume of export peaked at X units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, fire extinguisher exports soared to $X in 2022. Overall, exports saw a prominent expansion. The most prominent rate of growth was recorded in 2014 with an increase of 332% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Nigeria (X units), distantly followed by Senegal (X units), Cote d'Ivoire (X units), Ghana (X units) and Liberia (X units) were the major exporters of fire extinguishers, together mixing up 93% of total exports. Burkina Faso (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Liberia (with a CAGR of +26.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest fire extinguisher supplying countries in ECOWAS were Senegal ($X), Nigeria ($X) and Burkina Faso ($X), with a combined 69% share of total exports.

Among the main exporting countries, Burkina Faso, with a CAGR of +25.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, rising by 2.3% against the previous year. Over the period under review, the export price, however, recorded a mild shrinkage. The growth pace was the most rapid in 2017 an increase of 91% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Burkina Faso ($X per unit), while Liberia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+4.1%), while the other leaders experienced more modest paces of growth.

Fire Extinguisher Imports

Imports in ECOWAS

In 2022, the amount of fire extinguishers imported in ECOWAS surged to X units, increasing by 55% against the previous year's figure. Over the period under review, imports saw a prominent expansion. The growth pace was the most rapid in 2019 with an increase of 115%. The volume of import peaked at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, fire extinguisher imports contracted significantly to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 45% against the previous year. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Nigeria (X units) represented the largest importer of fire extinguishers, generating 51% of total imports. Ghana (X units) took the second position in the ranking, distantly followed by Cote d'Ivoire (X units) and Senegal (X units). All these countries together held near 38% share of total imports. Guinea (X units) and Burkina Faso (X units) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +1.9% from 2012 to 2022. At the same time, Senegal (+18.7%), Cote d'Ivoire (+13.7%), Ghana (+12.5%), Burkina Faso (+5.4%) and Guinea (+5.0%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +18.7% from 2012-2022. From 2012 to 2022, the share of Ghana, Cote d'Ivoire and Senegal increased by +12, +4.5 and +3.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest fire extinguisher importing markets in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X), together accounting for 61% of total imports. Senegal, Guinea and Burkina Faso lagged somewhat behind, together comprising a further 21%.

Senegal, with a CAGR of +14.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, declining by -53.8% against the previous year. Overall, the import price recorded a pronounced curtailment. The pace of growth was the most pronounced in 2021 an increase of 64%. As a result, import price attained the peak level of $X per unit, and then fell notably in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (-3.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform