Portland, OR, Jan. 13, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global fire hydrants market was pegged at $1.18 billion in 2019, and is expected to reach $1.57 billion by 2027, growing at a CAGR of 4.9% from 2020 to 2027.
Rise in number of industrial and commercial buildings, strict instructions regarding installation of fire protection systems, and surge in incidents of fire breakouts drive the growth of the global fire hydrants market. However, high installation as well as maintenance costs hamper the market growth. On the contrary, increase in demand for smart fire hydrants is anticipated to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The governments of several countries declared lockdown across the country to curb the spread of the infection, which led to postponements of construction activities of various commercial and industrial projects.
- The prolonged lockdown disrupted the supply chain and lack of raw material has hampered the manufacturing of fire hydrants.
- However, several governments have introduced relaxation on previous lockdown regulations, permitting the restart of construction projects.
The global fire hydrants market is segmented on the basis of product type, operating type, construction, end user, and region. Based on product type, the wet barrel segment is projected to register the highest CAGR of 5.4% during the forecast period. However, the dry barrel segment dominated the market in 2019, accounting for more than half of the market.
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Based on operating type, the market is classified into conventional and smart. The smart segment is estimated to register the highest CAGR of 9.6% during the forecast period. However, the conventional segment held the largest share in 2019, accounting for more than 90% of the total revenue.
The global fire hydrants market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across Asia-Pacific is projected to manifest the highest CAGR of 5.6% during the forecast period. However, the market across North America held the largest share in 2019, contributing to nearly half of the market.
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Leading Players :
The global fire hydrants market report includes an in-depth analysis of the major market players such as Compagnie De Saint -Gobain S.A., Grundfos Holding A/S, McWane, Inc., Mueller Water Products, Inc., American Cast Iron Company AVK International A/S, EJ Group, Inc., Kupferle Foundry Company, Rapidrop Global Ltd., Bocciolone Antincendio S.P.A., CSA S.R.L., Terminal City Iron Works Ltd., HAWLE BETEILIGUNGSGESELLSCHAFT m.b.H., Talis Management Holding GmbH, and IMP Armature D.O.O.
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