New York, NY, Sept. 21, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Fire Pump Market By Type (Diesel Engine Power, Gasoline Engine Power, Electric Motor Power, and Others) and by Application (Industry Application, Commercial Application, Field Emergency, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global fire pump market was valued at around USD 1406.61 million in 2017 and is expected to reach approximately USD 1789.07 million by 2024, growing at a CAGR of around 3.4% between 2018 and 2024.
Rapid industrialization is one of the key factors driving the global fire pump market during the forecast period. A fire sprinkler system consists of a fire pump which is powered by diesel, electricity, and steam. This pump is usually connected by underground water supply or any other reservoir such as a tank or lake. The fire pump has a main advantage in the fire sprinkler system; it helps in managing the water pressure in case of tall buildings. Furthermore, according to the Fire Installation Standard and Occupancy Hazard, fire sprinkler system should comprise a fire pump, which should be listed, tested, and certified by the accredited institutions and laboratories. Thus, it is expected to gain more share value during the forecast period.
Browse through 37 Tables & 18 Figures spread over 110 Pages and in-depth TOC on “Global Fire Pump Market: Size, Trends, Industry Share and Forecast, 2017 – 2024”.
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Rising fire incidence worldwide is a major driving factor for the global market growth. For instance, as per the European Data Portal, in 2017, there were around 55,619,400 cases of fire reported in England. In addition to this, the 5,424,800 cases were reported in Scotland and approximately 3,125,200 in Wales. Furthermore, in 2016, around 312,000 fires occurred across China. The fire resulted in direct economic losses of USD 537.2 million. Thus, to prevent such a fire outbreak government is implementing strict rules & regulations along with the fire safety measures across China. Thus, this will eventually increase the demand for fire pump in this region. The global fire pump market has been fragmented on the basis of the type, application, and region. Based on the type, the global fire pump market is segmented into diesel engine power, gasoline engine power, electric motor power, and others. Among which, the diesel engine is expected to attain the largest market share owing to the fact that the diesel internal combustion engine differs from the gasoline powered.
By application, the global fire pump market is divided into industry application, commercial application, field emergency, and others. Among which, the field emergency is projected to gain a higher share over the forecast period. Increasing fire incidences at the manufacturing facility and residential areas are positively contributing to the global market growth within the forecast period.
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North America is the fastest growing region in the global fire pump market owing to the rising cases of fire accidents. According to the National Fire Protection Association, in 2016, there were 1,342,000 fires reported in the U.S. The fire caused 3,390 civilian deaths, 14,650 civilian injuries, and USD 10.6 billion property damage. Thus, the data represent the huge need for fire pumps for protection purpose in this region. Therefore, it is expected to fuel the market growth of fire pump within the forecast period.
Followed by North America, Europe is projected to be the second largest region in the global fire pump market. The government initiatives for fire safety measures will create an opportunity for the market of fire pump. For instance, the Consumer Council, Austrian Standards Institute, commissioned the Netherlands Institute for Safety (NIFV) has implemented fire safety protocols in this region.
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The Asia Pacific is expected to show significant growth during the forecast period. In the Asia Pacific region, China is the leading country displaying significant growth within the forecast period. The government of the Republic of China has set up various forms of fire protection organization in light of the need for economic and social development and to strengthen such organizations to increase their ability to put out fires. Thus, it will act as a growth engine for the market growth in this region.
In the Middle East and Africa, initiatives by a number of organization and semi-government company include fire protection association of Southern Africa (FPASA) and Emirates Fire & Rescue Company (EFRC) aid to install firefighting equipment for fire safety measures and prevention in their respective region, which has been creating opportunities for the market growth.
Browse the full "Fire Pump Market By Type (Diesel Engine Power, Gasoline Engine Power, Electric Motor Power, and Others) and by Application (Industry Application, Commercial Application, Field Emergency, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/fire-pump-market
The report also includes detailed profiles of key players such as Pentair, Grundfos, Flowserve, Sulzer, Rosenbauer, Idex, Shibaura, Darley, Liancheng Group, CNP, Pacific Pump, Shaanxi Aerospace Power, East Pump, Zhongquan Pump, Ebara, Waterous, ITT, and KSB. The detailed description of players includes parameters such as company overview, financial overview, business strategies, and recent developments of the company.
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This report segments the global fire pump market as follows:
Global Fire Pump Market: Type Segment Analysis
- Diesel Engine Power
- Gasoline Engine Power
- Electric Motor Power
- Others
Global Fire Pump Market: Application Segment Analysis
- Industry Application
- Commercial Application
- Field Emergency
- Others
Global Fire Pump Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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