According to Custom Market Insights (CMI), The Global Fire pump Market Size was valued at USD 519.23 million in 2021 and is expected to reach USD 540.23 million in 2022, and is estimated to reach USD 708.23 million by the end of 2030 at a CAGR of approximately 4.2% during the forecast period 2022-2030. It is used to pressurize water once it has been transported from a source of supply, such as a pond or an outside fire hydrant.
In places with low-pressure natural gas lines and/or high-pressure service station shut-off valves during crises, this pressured flow is often diverted through hose connections onboard emergency vehicles to provide the necessary volumes for combating fires. Fire pumps also prevent the loss of hydrostatic heads by using open conduit systems that limit the maximum pumping speeds owing to variations in static elevation between various water sources.
Fire pumps are used to maintain the needed water pressure in the sprinklers and standpipes during a fire. It is a particular kind of specialized motor-driven application that is crucial to the operation of building security systems. In the near future, growing industrialization is predicted to benefit from the requirement for a fire pump. A spike in accidents over the past several years has increased the need for fire pumps in both residential and manufacturing settings. Throughout the anticipated timeframe, increased demand for fire pumps is expected to be caused by ongoing global industrialization. A rise in the industrial sector is anticipated to be prompted by the need for fire pumps.
Browse the full “Fire Pump Market Size, Trends and Insights By Power (Electric, Diesel, Gasoline, Others), By Application (Industry Application, Commercial Application, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/fire-pump-market/
Market Dynamics Drivers
The expanding industrial sector is projected to increase demand for fire pumps, driving growth in the worldwide market for fire pumps during the course of the forecast period. The oil and gas industry, which is anticipated to grow considerably in the near future, will serve as another major market driver for fire pumps. Firms worldwide are being compelled to invest in human resource safety measures by strict rules and regulations. In the upcoming years, this aspect is also probably going to help fire pumps become more widely used.
The global market for fire pumps is also anticipated to gain from the oil and gas sector’s promising pace of expansion as well as the rise in oil and gas processing, transportation, and exploration facilities throughout the globe. Due to stringent standards and laws, businesses everywhere are being obliged to invest in measures to preserve their human resources. Over the next years, it is also anticipated that this factor will support the widespread use of fire pumps. The oil and gas industry is expected to expand at a promising rate during the ensuing years, and there will likely be a rise in infrastructure for oil and gas exploration, processing, and transportation globally.
Over the next few years, digitalization and the Internet of Things will dominate industrial automation. IoT-enabled fire pumps will experience significant growth because of the desire for more sustainable options on both the supply and demand sides.
Leading companies have already adopted cloud-based fire pump monitoring solutions. Businesses may now use fire pump controllers to remotely monitor and get problem notifications for the operating characteristics and maintenance needs of their fire pumps via the Internet.
Behind every wall of a contemporary structure is electrical wiring for electricity and lighting. Unfortunately, there is a fire danger associated with electricity. A number of electrical or lighting issues might arise, including faulty wiring, overloaded circuits, poor connections, blown fuses, uneven electrical loads, and many more, which can cause overheating or sparks that start a fire. Hence, the expansion of the fire pump market is aided by the increase in commercial fire incidents.
Restraints.
The market’s expansion may be hampered by the lower adoption of fire pumps in emerging nations. Additionally, the increased expense involved with putting the fire pump into use might hinder market expansion. Many industries compromised their safety standards due to costs associated with their operations and installations. The installation of Fire pumps carelessly by management might hinder the market’s growth. Additionally, a lack of understanding about how to use fire pumps may hurt the market’s expansion.
Opportunities.
It is intended to include new technology into new fire pump machines to further improve them, such as an artificial fire pump system with several sensors that can assess and react appropriately without human assistance. It reduces the amount of time needed to solve the problem. New prospects for the fire pump market are anticipated to be driven by the advantages and viability of the related factors.
Challenges.
NFPA 25 mandates churn testing for the majority of electric fire pumps and weekly testing for diesel fire pumps. To make sure the fire pumps are operating correctly, technicians record pressure gauge readings, examine packing glands for discharge, tighten gland nuts, listen for unusual noises, and do other activities. Users have consistently complained about the high maintenance costs, especially for diesel fire pump systems, which have a negative effect on the market’s demand for fire pumps.
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Report Highlights.
On the basis of power for operating, the electric category is expected to grow at the greatest CAGR is and projected to be in a dominant position in the future due to the low cost associated with its operations. Compared to other pumps, such as diesel pumps, electric fire pumps will get the advantage of having more operational power. Electric pumps are far less expensive than diesel pumps, which is a key distinction between the two types of pumps. Diesel pumps require weekly run tests and routine checks of their batteries, oil intake, cooling system, engine, and hoses, whereas electrical pumps need specialized maintenance and may have high electricity bills. As a result, electric pumps are given a higher status, which raises demand throughout the course.
On the basis of application, the industry segment is the leading segment and is expected to make the largest contribution to the fire pump market. Fire pumps are used by the industry to deliver water for cooling purposes. The temperatures used to produce the fire and fuel are high enough to boil any nearby liquid, which may then be used as a coolant. It also has excellent heat-absorbing qualities; when more air is drawn into its path, it releases the heat it has absorbed, reducing overheating in the engine compartment. This makes them particularly valuable assets in large fires or other emergency circumstances when equipment can overheat if not continuously used.
Regional Snapshots.
North America held a dominant position and is predicted to be in the dominating state during the forecast period in the fire pump market. North America is anticipated to increase steadily due to the end-use sectors’ slow expansion. In addition, the region’s fire pump market has tremendous development potential during the time covered by the research due to the region’s well-established oil and gas industry. Additionally, the market expansion is anticipated to be enhanced by the rising accessibility of IoT-enabled pump controllers. Construction of new warehouse facilities and an increase in the sales of fire safety equipment are both being sparked by the expanding global warehouse inventory across all sectors and manufacturing sites. Fire pump installations are growing as a result in this region.
Key market players in the Fire Pump Market
- Pentair Plc.
- Cet Fire Pumps MFG Inc
- Shaanxi Aerospace Power Hi-Tech Co. Ltd
- Ebara Corporation
- Grundfos Pumps Corporation
- Canariis Corporation
- Xylem, Inc
- Liancheng Group
- Shanghai Zhong Quan Pump Manufacturing Co. Ltd
- Sulzer Saudi Pump Company LLC.
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