Fire Pump Market Analysis, Drivers, Restraints, Threats & Growth Forecast To 2031
The Fire Pump Market was worth around USD 1625 million in 2021 and is estimated to grow to about USD 2225 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.5% over the forecast period. The report analyzes the Fire Pump Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Fire Pump Market.
A fire pump is a component of a fire sprinkler system’s water supply that can be powered by electricity, diesel, or steam. A static water source (tank, lake, and reservoir) or underground water supply piping is connected to the fire pump. The worldwide fire pump market is being driven by two key factors: rising population and an increase in natural disasters. In addition, the expansion is also fuelled by rising energy consumption and developing economies. The market is developing due to the increasing use of fire pump technology in commercial applications such as industrial plants, airports, and terminals. Demand for these products is expected to rise as the world becomes more industrialized. In the foreseeable future, rapid industrialization is likely to boost demand for fire pumps. Moreover, the market is being driven by an increase in global building and infrastructure development activities, as well as the increased availability of IoT-enabled pump controllers.
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During the pandemic, the global fire pump market suffered a significant setback. This can be attributed to substantial interruptions in their respective production and supply-chain activities as a result of numerous precautionary lockdowns and other restrictions implemented by governments worldwide. Furthermore, consumer demand has reduced as individuals are now more focused on cutting non-essential costs from their budgets since the epidemic has negatively impacted the general economic status of the majority of people. Over the forecast period, the aforementioned factors are likely to weigh on the worldwide Fire Pump market’s revenue trajectory. However, the global Fire Pump market is likely to rebound as regional government agencies begin to lift these enforced lockdowns.
The growing industrial sector is likely to boost demand for fire pumps, propelling the global fire pumps market forward throughout the forecast period. Another driving driver for the fire pumps market will be the oil and gas industry, which is predicted to increase significantly in the near future. Strict norms and laws are forcing firms all over the world to invest in human resource safety measures.
The less adoption of fire pumps in developing countries could stifle the market’s growth. In addition, the higher cost associated with the implementation of the Fire pump may impact the growth of the market. The negligence of managerial staff in the implementation of Fire pumps may pose a hurdle to the growth of the market. Moreover, the lack of knowledge about using the Fire pumps will negatively affect the market growth.
The Global Fire Pump Market is Segmented on the basis of Product Type, Application, And Geography.
Fire Pump Market, By Product Type
• horizontal split case
• vertical split case
• vertical in line
Fire Pump Market, By Application
• sludge handling
• boiler feed
• stormwater handling
Fire Pump Market: Competitive Landscape
Some of the main competitors dominating the Fire Pump Market include – Pentair, Grundfos, Flowserve, Sulzer, Rosenbauer, IDEX, Ebara, Waterous, ITT, KSB, WILO, Darley, SHIBAURA, Shanghai Kaiquan, Panda Group, LIANCHENG Group, CNP, PACIFIC PUMP, Shaanxi Aerospace Power, EAST PUMP, ZHONGQUAN Pump, GeXin Pump.
Throughout the projected period, North America is expected to dominate the worldwide fire pump market. Due to sluggish growth in end-use industries, North America is expected to grow at a steady pace. In addition, Due to the well-established oil and gas industry, the fire pumps market has significant growth opportunities over the report’s projected period in the region. Moreover, the increased availability of IoT-enabled pump controllers is expected to enhance the market growth.
The Asia Pacific region is predicted to grow at a substantial rate during the projection period. The Asia-Pacific region has a lot of room for expansion, with South Asia having the most industrial and residential fire dangers. This is primarily due to dangerous working conditions in industries with inadequate firefighting equipment. Furthermore, the government has boosted spending on fire pumps in order to improve working conditions and ensure employee safety. The market’s expansion will be fueled by the factors listed above.
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