Pune, india, Nov. 08, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Fire Hydrants Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Dry Barrel and Wet Barrel), Operating Type (Conventional and Smart), Construction (Underground and Above Ground), End-User (Commercial and Industrial), and Geography,” the market is expected to grow from US$ 1.50 billion in 2021 and is projected to reach US$ 2.07 billion by 2028; it is expected to grow at a CAGR of 4.6% from 2021 to 2028.
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Fire Hydrant Market: Competitive Landscape and Key Developments
American Cast Iron Company; AVK International A/S; BOCCIOLONE ANTINCEDIO; EJ Group, Inc; IMP Armature d.o.o; Kupferle Foundry Company; McWane International; Mueller Co. LLC.; NEWAGE FIRE PROTECTION SERVICES PVT. LTD; and Rapidrop Global Ltd are among the major companies operating in the fire hydrant market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities in fire hydrant market.
In February 2021, the IMP Armature d.o.o. received the platinum certificate of creditworthiness from Dun & Bradstreet. This chart depicts a corporation above average in the business world and is based on numerous distinct metrics. This will continue to strive for success for business partners and staff.
Global Fire Hydrants Market Scope:
| Market Size Value in | USD 1.50 Billion in 2021 |
| Market Size Value by | USD 2.07 Billion by 2028 |
| Growth rate | CAGR of 4.6% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | Product Type, Operating Type, Construction, End User |
| Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Increase in Conceptualization of Smart Cities and Buildings to Propel Fire Hydrant Market Growth in Coming Years
With the growing economy, innovative technologies have been initiated to transform the urban landscape. The World Bank outlines a technology-intensive smart city with interconnected networks and sensing technologies. Most of the upcoming cities would have high-rise buildings and a dense concentration of buildings, which would make it mandatory to address fire situations to mitigate any loss of property and life. With the help of emerging technologies such as Internet of Things IoT, the effectiveness of fire response can be increased. An IoT-enabled sensing technology with gateways connected to a backbone cloud-based software and apps is an important requirement for smart cities and buildings to enable fire hydrants. The advancement of wireless technologies, majorly for IoT-enabled sensors, and easy access to internet connectivity and bandwidth are contributing to the adoption of fire hydrants. IoT sensors are installed to continuously monitor electrical systems and identify active heat sources. Once a temperature spike is identified, a notification is sent immediately to take necessary inspections to prevent potential catastrophes. The IoT temperature sensors overcome the challenges of old smoke detectors by identifying ignited fires before they emit smoke. Therefore, with the increasing conceptualization of smart cities, smart offices, and smart buildings worldwide, the scope of integration of IoT-based fire hydrants would also expand, thereby influencing the market growth.
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Fire Hydrant Market: Component Type Overview
The fire hydrant market, based on product type, is segmented into dry barrel and wet barrel. In 2020, the wet barrel segment held a large share of the market.
The growth of the fire hydrant system market is attributed to the upsurge in service expectations from industrial users and commercial customers. The enactment of strict fire safety regulations by governments is further propelling the demand for fire hydrant systems. Wireless sensors or smart nodes are used in fire hydrant systems to attain greater efficiency by consuming less water. Also, these safety systems exhibit cheap maintenance and lightning-fast action. At present, the market for safety systems has tremendous potential due to the severe implications surrounding fire hydrant systems installations in companies and organizations. The Startup India campaign led to an upsurge in the number of companies and offices in the country in the last few years, which will require fire safety measures.
Impact of COVID-19 Pandemic on Global Fire Hydrant Market
The COVID-19 virus outbreak has been affecting every business globally since December 2019. The continuous growth in the number of virus-infected patients has governments to put a bar on the transportation of humans and goods. The manufacturing and construction industries, academic institutes, shopping complexes, and office premises have experienced a temporary shutdown to curb the spread of the virus. In addition, due to a shortage of raw materials and workforce during the lockdown, the affected production activities of fire hydrants have come to a halt. Furthermore, no fresh consignments are being received by businesses in this industry. As a result, the global market has been hampered by a halt in construction operations and lockdowns for several months, and delayed recovery is expected during the projection period.
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