The Global Fire Pump Market is projected to reach U.S. $767.7 Million in 2032. Rising demand for industrial, residential, and commercial applications with growing awareness towards safety concerns from hazards, is driving the demand for Fire Pumps.
According to FMI, the Global Fire Pump Market is estimated to be valued at U.S. $528.7 Million in 2022 and is projected to increase at a CAGR of 3.8% in the forecast period from 2022 to 2032.
A fire pump is a water sprinkler system used as a fire extinguisher that can be operated with electricity, diesel, or steam. The fire pump is connected to a stationary water source (tank, lake, or reservoir) or an underground water supply line. It is also known as firefighting apparatus which can be easily transported to a location where a fire incident takes place and can operate for quick delivery of large water quantity to extinguish the fire. It is specially designed to increase the pressure of water which results in quick quenching of fire. Fire pumps play a key role in many water-based fire protection systems. It is mostly found in residential buildings, commercial complexes, and industrial areas that require spraying high-pressure water on heightened locations in case of a fire outbreak.
Rise in the sudden fire-catching incidents in various industrial and residential areas, fueling demand for fire pumps globally. With a rise in global manufacturing industries, fire hazard risk also rises simultaneously. This type of risk is highly associated with flammable manufacturing bases like chemical industries, petroleum refineries, and oil & gas industries. Similarly, most of the residential buildings have installed fire pumps at their building premises for safety purposes in case of any fire incident at their respective buildings. However, the speed of rapid global urbanization accelerates the growth of residential buildings which increases the demand for fire pumps simultaneously. Thus, the above-mentioned most prominent demand from the industrial and residential sectors drives the global fire pump market and is anticipated to grow at a consistent pace in the upcoming years.
Historic Market Outlook for Global Fire Pump Market
The analysis of Fire Pump demand from 2017 to 2021 showed a historical growth rate of 2.2% CAGR. The rise in firefighting equipment, growing investment and awareness of fire hazard & safety, and rise in an application in the industrial and commercial sector was the main factor driving the expansion of the Fire Pump market during the historic period.
However, The COVID-19 epidemic had a negative impact on the industrial automation and equipment sector, which also includes the market for fire pumps. A number of fire pump manufacturers have seen a decline in sales and production, owing to interruption in business operations as a result of stringent government norms about social distancing. Moreover, due to restrictions in the supply chain network, the fire pump market was seen to be affected in the historic period.
However, when virus infection gets lowered, when every sector in the world as well as industries runs normally as before from the start of 2022. As a result, FMI’s global Fire Pump demand projection predicts a CAGR of 3.8% by 2032.
What are the Various Factors Driving the Global Fire Pump Market?
The rising application sector and an increase in fire hazards that takes place globally are the two main drivers driving the global market for fire pumps. The expansion is also fueled by rising energy demand, developing economies, and rising applications in industrial locations, airports, terminals, business complexes, and residential buildings. Demand for this equipment increases simultaneously with growing urbanization and industrialization. The most hazardous industry like the oil & gas industry, refineries, and flammable product manufacturing industry demand fire pumps for safety purposes, which fuel the market. Additionally, the market is being driven by a rise in irrigation and sludge-handling activities around the world.
The market is also expanded due to the development and availability of IoT-enabled pump controllers, as a result, consumer demand has increased, which has had an impact on the growth in demand for fire pumps in the end-use sector. Also, the demand for hydraulic firewater pumps is expected to grow significantly over the projected period as a result of the numerous manufacturing sectors that are being established and planned industry expansions. In the world of expanding smart cities, there is always a risk of fire outbreaks due to short circuits and other reasons, owing to which every residential building is equipped with a fire water pump to extinguish the sudden fire. Also, a fire pump is most commonly used for feeding water to boilers in industry, as there is always a need for high-pressure pumps in industries, which increases its demand. Thus, the growth of many end-use sectors has had a direct impact on the need for fire pumps, which drives the global fire pump market.
What are the Opportunities for the Global Fire Pump Market Growth?
The market for Fire Pump is having rewarding opportunities in the forecasted period as a result of stringent government rules and regulations. The government's increased emphasis on the development of safety and hazard precautions will encourage the expansion of the Fire Pump market. The increasing government investment in fire hazards & safety to lower the economic losses that occurred due to fire outbreaks will pave the road for the market for Fire Pump to expand. Governments are imposing strict fire safety standards in factories and mandating the installation of adequate fire escapes and firefighting equipment in all industrial buildings. To achieve this goal, various nations are allocating funds from their budgets to install fire pumps in the industrial and domestic sectors, respectively.
The introduction of new technology is aimed at enhancing fire pump machines, like pumps having IoT-enabled controllers in them and artificial fire pump systems equipped with several sensors having the ability to assess and respond appropriately without human operation. This technical improvement saves time and allows for quicker resolution of the problem or carrying out any operation. This type of development is also producing lucrative opportunities for the market growth of fire pumps.
What is the Regional Analysis of the Global Fire Pump Market?
Geographically, in terms of Fire Pump sales, amongst all regions which are sub-segmented in the global market, North America and East Asia are the top regions and collectively account for a sizable portion of the global Fire Pump market in 2021.
The North American fire pump market is anticipated to maintain its dominance throughout the projected period in the global market. An increase in fire incidents in both the industrial and residential sectors in the region is primarily responsible for growth. For instance, in 2022 The latest Fire Loss in the US report released by the ‘National Fire Protection Association (NFPA)’ shows the largest number of home fire deaths since 2007, reflecting a 14-year high. Owing to this type of incident, the US government and National Fire Protection Association introduced new guidelines for the necessary installation of a fire pump or a multistage multiport pump in high buildings and every commercial complex in the country, which drives the fire pump market in the region.
The East Asia region also contributes to a prominent value share in the global market for fire pumps. East Asia has taken the lead position in the Asia region in terms of industrialization and urbanization contributing to around two-thirds share of the global GDP and a much higher share of industrial value-added and worldwide exports. The industrialization of East Asian nations, such as Japan, the Republic of Korea, Taiwan, and China has been made possible by the governments' substantial strategic interventions to increase domestic manufacturing capabilities. Thus, the market for fire pumps in the region is driven by federal regulations governing the industrial ecology, broad acceptance and awareness of safety and hazard precautions, and the region's rapidly accelerating urbanization.