Press Release Description

Fire Pump Market Demand Graph to Upscale Due to Stringent Government Regulations

The Global Fire Pump Market size is valued at around USD1.5 billion during 2022 & is projected to grow at a CAGR of around 7.57% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The vital need to be averse to the risk of fire accidents, and thereby the damage to human life, commodities, buildings, etc., have pushed national governments across the globe to formulate & mandate stringent regulations. These regulations & standards set by the governments have been the key reason for the perpetual demand for fire pumps throughout the historical period.

Additionally, the periodic maintenance of the buildings has also played a major role in the replacement & upgradation of the advanced fire pumps in such spaces & is predicted to positively impact the market during the future period. The surging development of high-rise & modernized buildings has been directly proportional to the enhancement of the existing laws & regulations to keep up with the fire safety procedure of the complete building space. Thus, the regularly evolving fire safety standard across the globe would further drive the demand for new & state-of-the-art fire pumps in the forthcoming years.

Moreover, the growing construction of retail spaces, owing to the increasing world population & their surging demand for consumer products, has resulted in the consistent development of retail spaces such as shopping malls, complexes, supermarts, hypermarts, etc., across the globe. The increasing disposable income not only in developed nations but also in developing nations in recent years has further pushed investments in the development of retail infrastructures.

Furthermore, with the expansion of these structures, the risk of fire incidents also rises in the retail spaces. Thus, necessitating appropriate fire systems, including fire pumps & other equipment. Besides, the growing requirement to replace outdated fire pump systems with newer, technologically advanced models drives demand for fire pumps from end-user industries & is fueling the demand for IoT-based fire pumps in the future years, thus influencing the market growth, further states the research report, “Global Fire Pump Market Analysis, 2023.”.

Vertical Split Case to Account for the Major Share of the Global Fire Pump Industry

Based on the product type, the market is further bifurcated into Split Case, Vertical Turbine, In-line, and End Suction. Of all, the demand for Vertical Turbine Pumps is considerably rising, specifically in the US & Canada. As it is the only type of pump allowed by the National Fire Protection Association (NFPA) 20, Standard for the Installation of Stationary Pumps for fire protection in residential & commercial spaces. As the NFPA 20 standard is accepted globally, and the expansion of various end-user industries such as semiconductor manufacturing, food & beverage, etc., across North America, Europe, and Asia-Pacific, is witnessed, the demand for vertical turbine fire pumps is anticipated to rise in the forecast years.

Global Fire Pump Market

Asia-Pacific Would Hold the Prominent Share of the Global Fire Pump Market

Asia-Pacific region has been witnessing a surge in the construction of residential buildings owing to rapid urbanization & population growth during the historical years, which have further boosted the demand for the installation of fire pumps. According to the UN-HABITAT, around 54% of the global urban population, or nearly 2.2 billion population lives in Asia.

The surge in the population has also led to the emergence of a housing crisis in some countries of the region. Hence, to catalyze the challenge of the housing crisis, the government of several countries, such as Singapore, Vietnam, India, etc., have launched initiatives like Home Improvement Program (HIP), Affordable Housing Projects, Pradhan Mantri Awas Yojana, etc., for the construction of residential complexes.

Moreover, the rising urbanization, population, and housing crisis are expected to continue in the forecast years, which would continue to boost the government's focus on establishing new housing units, thereby would drive the demand in Asia-Pacific Fire Pumps Market.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Flowserve, Sulzer, Pentair, Grundfos, IDEX, Ebara, Roserbauer, ITT, KSB, WILO, and Others (Waterous, Shibaura, etc), are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the regions?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across various regions?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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