Fire pumps are one of the major components of a building's fire protection system, especially in high-rise structures. Fire pumps are mainly used in distributing water through sprinkler systems where water pressure from water mains & firefighting equipment are incapable to reach. They are an essential part of a fire sprinkler system, as they provide high-pressure water accessibility to the fire sprinkler system. It is mainly used to receive water from an underground water supply, a water tank, a lake, or a reservoir.
Furthermore, Latin American countries such as Brazil, Mexico, Argentina, etc., are continuously working towards their construction sector, including both industrial & commercial, to leverage their economies, which is further estimated to lead to the large-scale installation of fire pumps in the forecast years.
The Latin America Fire Pumps market is projected to grow at a CAGR of 2.78% during the forecast period, 2022-27. The prominent driver for the growth of the market is the rising demand for fire pumps in industrial applications such as mining, oil & gas, etc. The growing consumer awareness of safety hazards has resulted in the installation of fire pumps in both residential & commercial buildings throughout the Latin America region. Moreover, the rapid urbanization in the region has been catalyzing the construction of multi-story buildings & commercial spaces like offices, retail buildings, etc. As a result, the growing trend of high-rise residential buildings, corporate offices, and so on in countries such as Brazil, Mexico, and Argentina is expected to increase the deployment of fire pumps. For instance:
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Country Covered||Mexico, Brazil, Argentina, Colombia, Chile, Peru, Others|
|Key Companies Profiled||Wilo Group, Pentair, AC Fire Pumps (Xylem), Peerless, Patterson, SPP Pumps, Others|
|Unit Denominations||USD Million|
Based on End User:
Among them, Mining and Oil & Gas are expected to hold a significant share in the Latin America Pumps market in the forecast years, in line with the new oil & gas field discoveries in the countries such as Brazil, Mexico, Peru, etc. In 2022, the Brazilian petroleum industry Petrobas discovered a new accumulation of oil in the pre-salt of the southern portion of the Campos Basin. In parallel, the company reported the discoveries of three offshore oil & gas fields in Brazil in 2021.
Thus, such new oil & gas field discoveries in the region would support demand for fire pumps, owing to the safety & health hazard concerns during operations in the forthcoming period, thereby, driving the Latin America Fire Pumps market.
Geographically, the Latin America Residential Water Pumps Market expands across:
Of all the regions across Latin America, Mexico witnessed considerable growth in the Latin America Fire Pumps market during the historical period in line with the government initiatives to support the oil & gas sector of the country. In addition, the burgeoning investments in oil & gas facilities by the government of Mexico facilitated the demand for Fire Water Pumps. Along with this, fire pumps play an important role in Mexico's mining industry to provide a reliable water supply. Mining companies' increasing investment in exploration projects is expected to increase the demand for water pumps in the coming years.
Furthermore, the rising population, massive increase in urbanization, and improved finances of emerging economies across the region are expected to emerge as major factors driving the market growth. Factors such as the expansion of the oil and gas sector, as well as the increase in oil & gas exploration, processing, and transportation facilities, will drive up demand for fire pumps in the coming years.
Key Driver: Growing Development of Commercial Spaces
In Latin America, the construction of commercial buildings, such as airports, railway stations, etc., has been gradually increasing. This is due to the growing domestic as well as business tourism in countries like Brazil, Mexico, etc. Therefore, the ongoing construction as well as the proposed construction projects for airports, railway stations, etc., would increase the installation of fire pumps in the forthcoming years.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Latin America Fire Pumps Market is expected to grow at a CAGR of 2.78% in the forecast years.
A. The Commercial end-user is anticipated to hold a considerable share of the market during 2022-27.
A. The growing development of commercial spaces is estimated to be the key driving factor in the market between 2022-27.
A. Wilo Group, Ruhrpumpen Group, Xylem, Warson Group, Inc., Armstrong Fluid Technology, Franklin, KSB, Sulzer, CNP NM FIRE-fighting System Co. Ltd, Chamco, IRON Pump A/S, and Others are the top players in the market.
A. Mexico is anticipated to dominate the Latin America Fire Pumps Market during 2022-27.