Fire Hydrant System Market Analysis, Key Players, Industry Segments & Forecast 2022 to 2032
From 2022 to 2032, the global fire hydrant system market is estimated to develop at a modest 3.2% CAGR. The target market is expected to grow from US$ 1,344.2 million in 2022 to US$ 1,846.3 million by 2032. The rising service demand from the industrial and commercial sectors is driving this development.
Furthermore, governments throughout the world are imposing stringent fire safety laws, which will contribute to higher sales for the fire hydrant system market during this observation period. The rising usage of smart nodes or wireless sensors has a significant impact on the market for fire hydrant systems.
Historically, the fire hydrant system market grew at a CAGR of 3.0% from 2016 to 2021, with predicted figures for 2022 and 2032 indicating that the market would continue to expand steadily. The introduction of cutting-edge technology into these systems bodes well for the market as a whole. The increasing integration of smart nodes and wireless sensors into fire hydrant systems creates new market opportunities. Furthermore, the current trend of using less water but more effectively has a beneficial impact on the market since it stimulates producers to focus on product development and the introduction of new items. These factors are expected to drive growth in the fire hydrant system market in the approaching years.
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Wireless sensors, or smart nodes, in fire hydrants, are leading to better and more efficient results. Smart nodes enable fire hydrants to take lightning-quick actions while being easier and less expensive to maintain. This factor strengthens prospects for the market. Many enterprises and organizations are also installing fire hydrant systems as fire safety measures which further aids the expansion of the fire hydrant system market. The market also benefits from increasing start-up activities that are taking place all over the world. The Startup India initiative in India has led to a surge in the number of startups in the country. These startups will undoubtedly add fire safety measures, thereby driving the fire hydrant system market.
It is estimated that the fire hydrant system market will witness standard growth but it will also face certain challenges. The expense of installation and maintenance as well as the need for testing and certifications will limit the growth of the fire hydrant system market in the upcoming years.
Key Takeaways:
Asia Pacific is unfolding as an opportunistic pocket for the fire hydrant system market owing to the rising number of factories and their need for fire safety measures. In 2022, North America held about 24% of the global market share and will continue to present robust growth over the assessment period due to the growth of the market in countries like Canada, the US, and Mexico. By product type, the wet barrel segment is expected to register a high growth rate for the forecast period. Based on end-users, the commercial sector will witness higher sales due to a surge in commercial construction.
Competitive Landscape
Tyco Fire Products, Mueller Water Products, K.B. Building Solutions, Naffco, Kennedy Valve, Akash Uni Safe Equipment, and Rapidrop, among others, are a few of the significant participants in the fire hydrant system market profiled in the full version of the report.
In a competitive environment, eminent market players are concentrating on adopting advanced technology to produce novel and innovative products. These enterprises also engage in mergers and acquisitions to enhance their market footprints. In recent developments, Mueller Water Products acquired i2O Water, a provider of pressure management solutions, in June 2021 to help the company accelerate its software offerings.
More Insights Into Fire Hydrant System Market
FMI offers the latest, unbiased, and detailed analysis of the global fire hydrant system market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. For a better understanding of the global market potential, growth, and scope, the market is segmented on the basis of product type, end-users, operation, and region.
FMI estimates that the segment, the commercial segment will generate greater demand for the fire hydrant system market as end-users. This is due to rising commercial constructions and growing awareness of asset protection. In terms of product type, the wet barrel segment will grow at a rapid rate during the projection period. Based on region, the fire hydrant system market in North America will present impressive growth. In 2022, the target market in this region accounted for 24% of the global market revenue. The extensive availability of corrosion-free hydrants, quick water storage for fire safety, and high demand for booster pumps that provide additional water to fire hydrants facilitate the growth of the fire hydrant system market in North America. In brief, increasing demand from the commercial sector, strict regulations regarding fire safety, and contributions of North America would drive the global growth of the fire hydrant system market.
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Key Segments Profiled in the Fire Hydrant Systems Industry Survey
Fire Hydrant Systems Market by Product Type:
Wet Barrel Fire Hydrant Systems Dry Barrel Fire Hydrant Systems
Fire Hydrant Systems Market by Operation:
Diesel-operated Fire Hydrant Systems Electric-operated Fire Hydrant Systems Hybrid-operated Fire Hydrant Systems (Diesel/Electric)
Fire Hydrant Systems Market by End Users:
Fire Hydrant Systems for Industrial Use Fire Hydrant Systems for Commercial Use
Fire Hydrant Systems Market by Region:
North America Fire Hydrant Systems Market Latin America Fire Hydrant Systems Market Europe Fire Hydrant Systems Market Asia Pacific Fire Hydrant Systems Market Middle East and Africa Fire Hydrant Systems Market