January 27, 2023 07:40 ET | Source: Zion Market Research Zion Market Research
Kansas City, MO, Jan. 27, 2023 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Fire Pump Market By Power For Operating (Electric Fire Pumps, Diesel Fire Pumps, Steam Turbines, And Dual Fire Pumps). By Product Type (Horizontal Split Case, Vertical Split Case, Vertical Inline, Vertical Turbine, And End Suction). By Application (Irrigation, Sludge Handling, Wastewater, Boiler Feed, Stormwater Handling, And Others). And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022-2028” in its research database. Home Fire Pump
“According to the latest research study, the demand of global Fire Pump Market size & share in terms of revenue was valued at USD 1625 million in 2021 and it is expected to surpass around USD 2225 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 4.5% during the forecast period 2022 to 2028.”
What is Fire Pump? How big is the Fire Pump Industry?
Fire Pump Report Coverage & Overview:
The fire pump is a firefighting device that can be swiftly moved to a fire scene and turned on to supply massive amounts of water to the fire. A fire pump, which is driven by diesel, electricity, or steam, is also part of a fire sprinkler system's water supply. Its purpose is to boost the water's pressure or energy. One of the major factors driving the global fire pump market in the forecast period is the rising number of fires in both industrial and residential regions. In addition, governments are implementing public safety rules and regulations and putting in place the required infrastructure to deal with any fire breakout in crowded areas in order to prevent a fire outbreak. The demand for fire pumps will gradually rise as a result of this.
The expansion of the oil and gas industry, as well as an increase in oil and gas exploration, transportation, and processing facilities around the world, are projected to benefit the fire pump market in the following year. Strict standards and regulations are predicted to have a favorable impact on market growth across all manufacturing industries around the world. The rise in worldwide construction and infrastructure development activities, as well as the increasing availability of IoT-enabled pump controllers, are driving the market. Moreover, the market has grown as a result of increased industrialization in emerging countries. However, less adoption of fire pumps in developing countries could stifle the market's growth.
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The market is driven by factors such as the increasing construction of commercial and residential buildings, the growing awareness of fire safety, and the advancements in technology.
The commercial building segment is expected to hold the largest share of the market due to the increasing construction of office buildings, hotels, and other commercial facilities. The residential building segment is also expected to see significant growth due to the increasing awareness of fire safety in homes.
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Global Fire Pump Market: Growth Dynamics
Demand for fire pumps is predicted to increase as a result of the expanding industrial sector, which is expected to drive growth in the global fire pumps market over the forecast period. The oil and gas industry is anticipated to have significant growth in the not-too-distant future, which is another factor that will be driving players in the market for fire pumps. Companies all around the world are being compelled to invest in employee safety measures as a result of stringent regulations and laws.
In the coming years, it is also possible that this factor will assist in the widespread adoption of fire pumps all over the world. In the coming years, it is anticipated that the global market for fire pumps will benefit, not only from the optimistic rate of expansion of the oil and gas industry, but also from the rise in the number of facilities dedicated to oil and gas exploration, processing, and transportation all over the world. Because of the numerous regulations and requirements, businesses in every region of the world are being compelled to make financial investments in safeguards for their workforces. It is also anticipated that this factor will play a role in the widespread use of fire pumps in the coming years.
In the coming years, the global market for fire pumps is expected to benefit from the oil and gas industry's growth and the increase in oil and gas exploration, processing, and transportation facilities around the world.
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Fire Pump Market: Segmentation Analysis
The Fire Pump Market is segregated based on Power for Operating, Product Type, and Application. Based on Power for Operating, the global market is distinguished into electric fire pumps, diesel fire pumps, steam turbines, and dual fire pumps. Based on Product Type, the global market is distinguished into the horizontal split case, vertical split case, vertical inline, vertical turbine, and end suction. Based on Application, the global market is distinguished into irrigation, sludge handling, wastewater, boiler feed, stormwater handling, and others.
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The global fire pump market can be segmented by product type, application, and region, each of which can provide valuable insights into the market trends and growth opportunities.
Electric fire pumps are expected to hold the largest share of the market due to their high efficiency and low maintenance costs. Diesel fire pumps are also popular due to their reliability and durability, but may face challenges from stricter emissions regulations.
The commercial building segment is expected to hold the largest share of the market due to the increasing construction of office buildings, hotels, and other commercial facilities. The residential building segment is also expected to see significant growth due to the increasing awareness of fire safety in homes.
The global Fire Pump market is segmented as follows:
Browse the full “Fire Pump Market By Power For Operating (Electric Fire Pumps, Diesel Fire Pumps, Steam Turbines, And Dual Fire Pumps). By Product Type (Horizontal Split Case, Vertical Split Case, Vertical Inline, Vertical Turbine, And End Suction). By Application (Irrigation, Sludge Handling, Wastewater, Boiler Feed, Stormwater Handling, And Others). And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022-2028” Report at https://www.zionmarketresearch.com/report/fire-pump-market
Some of the main competitors dominating the global Fire Pump market include –
Key Insights from Primary Research:
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The industrial sector in North America is the primary driver of fire pump usage. Due to their widespread use in industries such as mining and construction, the United States and Canada are key markets for diesel-powered pumps in this region. Due to its abundant availability at low rates, gasoline engine power dominates the market in the region. Gasoline engines provide more energy than electric motors or diesel engines, making them more suited for commercial applications where water supply demands fluctuate considerably throughout the day. Thus, driving the market in the forecast period.
During the projection period, the Asia Pacific region is expected to increase at a significant rate. The Asia-Pacific area offers significant growth potential, with South Asia having the highest number of industrial and residential fire threats. The majority of these occurrences take place in India and Bangladesh. This is mostly due to hazardous working conditions in industries with insufficient fire-fighting equipment. Most factories lack even basic fire extinguishers and exits, resulting in countless fatalities on a yearly basis. In addition, the government has increased expenditure on fire pumps in order to improve working conditions and safeguard the safety of its employees. The above-mentioned factors will propel the growth of the market.
The global fire pump market has seen several recent developments, including:
Advancements in technology: Manufacturers are constantly developing new and advanced fire pumps with features such as remote monitoring and control, variable frequency drive, and smart controls, which can improve their performance and efficiency.
Growing demand for smart fire pumps: The increasing use of smart technology in fire pumps is providing new opportunities for market players to expand their offerings and improve their competitiveness.
Increasing awareness of fire safety: Governments and organizations worldwide are increasing their efforts to promote fire safety and awareness, which is driving demand for fire pumps and related products.
Growing construction industry: The construction industry is a major end-user of fire pumps, and the increasing construction of commercial and residential buildings is driving demand for fire pumps.
Stringent building codes: Stringent building codes and regulations are also driving demand for fire pumps as they are mandatory for new constructions.
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